The real estate industry can be very challenging and highly competitive but also quite lucrative if you are successful. There are several key elements that will enable persons to keep a viable business afloat. It is almost like a scientific formula, which comprises of in-depth knowledge of the facets and peculiarities of the trade, as well as experience.
Though some key foundation principles still apply, the market has evolved over time. In my conversation with Thomas Coffman, a very successful Real Estate Mogul, he shared some valuable tips and insight on how to conquer today’s real estate market.
Thomas, who started his career in college football, worked some time at another real estate firm before creating his own company, Miracle Real Estate in 2018. Over the years, he has found success and has acquired much experience, knowledge, and wisdom which, fortunately, he has been kind enough to share with us.
Thomas first recommends that people create what he calls a “Rockstar Brand”, which is basically packaging yourself, as the face of your business, as a celebrity, a superstar of sorts and someone that people are highly interested in and will want to patronize. To do this, he has effectively established a strong media presence, by placing many advertisements for his business both in print and digital/social media.
This ensures that when people think about real estate, your name and face come to mind, it also tells people that his brand is one that they know and can trust. By ensuring that the masses see and know your face, they feel a personal connection in their business dealings and feel comfortable that they have a trusted agent to enter into major financial transactions with, who will help them to buy or sell their properties. Thomas emphasizes that building clients’ trust, using your personal brand, is essential in today’s real estate market.
The second pointer is to ensure that your knowledge is comprehensive and in-depth. Successful people in the real estate industry know the business and properties inside-out. You must, therefore, study the value of properties and their locations and be able to project or analyze return on investment for your clients. In other words, it is not enough to know just the dollar value of the property you are selling, rather the average value of other properties in the neighborhood and what is happening in the current market.
To properly advise your clients on their potential investments, you should also have ideas on how the property could be improved to yield the most profit. When purchasing property, it is not just about how nice something looks but more importantly, the value and how wise of an investment it is. You must always keep in mind the expectations of the clients and what they are hoping to achieve in the end.
Thirdly, Thomas advises that when purchasing real estate, that persons visit the potential properties and do thorough walk-throughs and inspections. Oftentimes buyers will purchase blindly, based on numbers and information provided without seeing the properties for themselves. In visiting the property, you will often spot issues and details that would not have been advertised. A keen eye for detail is therefore needed when investing in real estate.
Thomas’ company continues to expand into different regions. He notes that the real estate industry is based on strategy and encourages investors to apply wisdom about who they gain knowledge from about the business and in the investments they make. It is important that you are guided by the real facts and inform yourself well.
As a highly successful real estate mogul, Thomas is a face you can trust when investing in property. For real estate investors and potential investors, he believes that the three key points covered are important building blocks for success in your real estate career.