If you stick with real estate long enough, you’re going to be very thankful that you did. While Real Estate is very rewarding it is a lot of work. There is no 9–5.
But you will see, only 10% real estate businesses sustain in the first 60 months
Sounds Alarming, Isn’t It ?
Real Estate Investment Adviser and Strategist, Hirav Shah Opines- To survive in real estate, you need to look at your marketplace from a strategic standpoint. Just being interested in your career isn’t enough.
Can you explain your market trends easily? Do you truly know your market? What’s selling? What’s not? You need to be able to answer the questions and those like them in a split second.
When you’re interested, you do things when they’re convenient. Success in real estate is all about diving in head first, being fully committed; this means doing whatever it takes as long as it takes to achieve your goals, says India’s most trusted and leading Real Estate Financial Adviser Cum Real Estate Astrologer.
Now, Hirav Shah outlines the factors which are considered to be real estate problems, real estate issues and current issues in real estate.
1. Lack Of Funds / Budgeting Issue /Losing Money
a.Budgeting- A major reason why most people fail in their first year in the business is that they run out of money. Knowing how to budget your money is essential. Remember to lead with revenue in your first year.
For instance, don’t spend money on items that won’t yield a return, like buying leads. There are plenty of ways to meet people for free.
b. Lack Of Funds- However, many real estate businessmen fail because they don’t realize that it costs money to run their business and when they realize it does, they don’t have enough money to live on. Not having money to make car payments, student loan payments, buy groceries, or to buy other necessities is another reason why they fail.
So, before selling real estate, it’s extremely important you have enough money saved so that you can pay your bills and have money to also buy necessities. It’s highly recommended that before you attempt to sell real estate full time with no other means of incoming capital, that you have at least 12 months of money saved to pay all your bills.
c.Losing Money – It is completely unacceptable to lose money on a deal. If you use a margin of safety, avoid mistakes, and only do great deals you won’t lose money.
Hence, strategizing and planning ahead is imperative. Successful people spend money to build their business because they know how important it is.
Plan your money to live your dream life, Quotes Hirav Shah.
2. Unable to Deal Tough Times/ Not Being Thick Skinned
There are dozens of reasons why real estate markets are different, in fact, markets can be significantly different even if they’re close in proximity. This means that one market could be strong while another is weak. Another reason why people fail to make it in the business is because they can’t make it through the tough times.
While a real estate market is strong, it’s common to see the majority of people doing well and thriving in the business. Since real estate is cyclical, it’s inevitable that a tough market is in the future, which is when you get to see if a real estate agent is going to fail or not. Many people fail because they cannot power through a poor real estate market.
Hence Leading Real Estate Astrologer and Strategist, Hirav Shah advises to always plan for tough times ahead.
Shah Adds- It’s extremely important to continually grow your pipeline, number of contacts, and your overall business even during a strong market. Successful businessmen are always learning and evolving how they can market themselves to strengthen their business further.
Bottom line, don’t get complacent during a strong real estate market and be thick skinned, so that nothing affects you, Quotes Shah.
3.Unrealistic Expectations / Immediate Results
People in Real estate business fail to make it long in the business not only because they don’t work hard, but they also believe that being successful is easy. The top people in any real estate market didn’t get to where they are easily, in fact, they’ve likely worked for years and years perfecting their skills and talents.
Being successful in real estate is anything but easy.Being a successful real estate entrepreneur takes a lot of hard work meaning long hours and lots of blood, sweat, and tears, also working many nights and weekends and being approachable and available via phone or e-mail all the time.
Bottom line -Even though there is a common misconception that top real estate entrepreneurs get to where they are easily, don’t fall for this misconception. Being successful in real estate is not easy and also doesn’t happen overnight!
Never overnight-Asserts Hirav Shah.
The first 60 months of real estate business are a storm, now that we know,
but what next and what’s the way out !
The 3 key components in the Real Estate Business and making strategies for the same are TIMING, TIMING AND TIMING.
Yes, timing is everything. Right from when and why to buy land to announcing the project to construction or to advertising or marketing or selling of projects. Yes timing plays a pivotal role in making success possible.
How do you increase your certainty in TIMING??
By Getting to Know the Results in ADVANCE!!
Astrology is the only TOOL where you get to know things in advance before making any strategies or taking any massive action. And when you gain certainty, you can execute with more potential, Concludes Hirav Shah, Celebrated Property and Real Estate Astrologer.