02 Apr The Challenges to Growing Your Real Estate Business (And How to Overcome Them)
Although seemingly straightforward, the real estate industry is full of pitfalls that may prevent many from investing. There are challenges to growing your real estate business, but you can overcome them.
Monica just finished our QLS self-guided course, in which a lot of what she heard was foreign to her. That’s not surprising since real estate was new to her.
But, as she moved through the program, Monica began to recognize the key ideas and language. And it wasn’t long before she could completely follow everything we were saying.
Now, why am I telling you this?
First, real estate is not easy, particularly if you want to achieve outstanding success. It requires a basic understanding of deal structures and enough expertise to do your first deal.
Real estate is challenging and, as to be expected, there are thousands of courses out there supposedly aiming to make the journey easier for new investors. However, few of them actually prepare you to call a buyer or seller and land the deal for sure.
We don’t want that to happen to you.
Our mission is to lead you through all the challenges that you may encounter and be there for you when you start making calls.
You can start with this article. Find out in advance three of the critical challenges that lie in the way.
The Three Challenges
Before going further, I’d like to introduce Mike Makredes, one of our High 6 Associates who’s also a certified coach with SREC. This makes him one of the top authorities on how to overcome real estate challenges.
In fact, Mike was so successful that he chose to leave his career in sales and start doing real estate full time.
He developed his skills and expertise to the point where he’s comfortable with going without his weekly paychecks from an employer. And a huge part of Mike’s success is the confidence built through overcoming challenges.
But what are those main challenges? We’ll talk about three of them and you’ll learn more about how we helped Mike with each.
Challenge #1 – What Happens If a Buyer Can’t Cash Out?
This is a question that our support department at Smart Real Estate Coach keeps getting. So, here’s the 10,000 foot view of the situation.
It may happen that the tenant buyers suddenly say that they can’t buy the property. Maybe they’ve found out that they have a problem with their credit.
This is a situation Mike ran into early on. So, let me give you the scoop.
The principal payment on Mike’s property was $11,100; a pretty large sum. And the buyer was supposed to finance the deal within 18 months, though Mike knew that it was a tight window.
Initially, the buyer tried to fix their credit situation and applied to the credit enhancement program. But then some life events came along and caused them to give up the deal.
So, what did Mike do?
He decided to put the house on the market conventionally. After all, he didn’t worry too much about it because he knew the property was a winner.
And Mike was right.
It wasn’t long before he sold the house for a profit.
Challenge #2 – Worrying About Sellers in Acquiring Properties
Mike stresses that one of his most significant “a-ha” moments in the industry had to do with worrying about sellers in acquiring properties.
At the time, he wasn’t thinking too far ahead about the upkeep of his portfolio. That was an aspect of the business that he wasn’t expecting. Nonetheless, that didn’t make the upkeep any less critical.
To avoid this lapse and stop worrying about sellers, Mike suggests you follow certain steps that he learned from us.
It’s a system that’s designed to ensure you stay one step ahead of all challenges and minimize stress for you as an investor. This system also gives you guidance about the upkeep of your portfolio.
Also, we’ll tell you how to avoid worrying about sellers in acquiring properties. After all, there are procedures and actions that you can take to protect your investment and portfolio.
Challenge #3 – Juggling Schedule
If you’re working full-time, know that your schedule is going to be one of the biggest challenges to growing your real estate business that you’ll face when it comes to making real estate investing work. And Mike had this problem as well.
But he was determined to juggle everything. More importantly, he had the discipline to keep at it until he decided to leave his job and become a full-time real estate professional.
So, how did he do it?
Mike made use of his long commute to make calls. And it was all happening on the road while he was going or coming back from work.
Now, the biggest challenge was scheduling everything to fit his commute and actually getting things done. But then, he also had to make room for his family.
That he did, as he found a way to schedule his weeks, finish the tasks, and still have some time for his family.
The best news is that Mike’s schedule massively improved since he started doing real estate full-time. He now has much more time for himself and his family, seeing as there’s no daily commute.
With a real estate business, your schedule isn’t going to be fixed. In fact, Mike’s evolved with his business. But he’s confident that he’s found an efficient way to complete his week and spend plenty of time with his family.
Addressing the Challenges
For anybody getting started in real estate, the challenges may seem overwhelming. In fact, it’s not uncommon for new investors to struggle and worry about whether buyers or sellers can deliver on their promises.
But as both Monica and Mike showed us, this is perfectly normal. Nobody expects you to enter the industry with the confidence and knowledge of a veteran investor.
Always keep in mind that you’re not in it alone. Real estate professionals who’ve been there and done that have plenty of tips to share. You just need to reach out to them.
Get started with the Quantum Leap System, part of our Smart Real Estate Coach Academy, today and prepare to see your life change before your eyes.
Navigate all the challenges of growing your real estate business and land the most lucrative deals.