Becoming a real estate investor and attempting to thrive in the industry for passive income entails many challenges. There are various factors to consider and mistakes to avoid. In fact, real estate investing guru Noelle Randall says that some of these commonly overlooked problems can lead to sales losses.
According to Randall, these are ten common mistakes that aspiring real estate investors make and how to avoid them:
10. Taking One Deal at a Time
When real estate investors only work one deal at a time, they are not maximizing their potential earnings. Instead, real estate investors can boost their chances of closing a sale and making money by following many leads.
9. Getting Stuck on a Lead
It’s essential to ensure that a lead turns into an actual sale, but avoid clinging to a potential lost cause. A real estate investor should always look for other deals and pursue multiple potential clients simultaneously.
8. Visiting too many properties
“An address is just an address. It is not a deal,” Randall says.
Randall recommends that real estate investors utilize technology and other resources to save time and effort. For example, instead of visiting all addresses, she suggests having photos and videos sent to the investor.
7. Not Enough Outgoing Calls
Being a successful real estate investor entails going beyond what is readily available to close more deals. “Don’t just rely on people calling you and you answering when they call. You will have to make outgoing calls because you need to speak with people to close deals,” Randall expounds.
6. Not Calling Back Leads
Paying for ads and marketing is essential for growing a real estate business, but these ad spends can go to waste if real investors fail to take the time to get back in touch with the leads. She reiterates, “You spent money to make that phone ring; make sure you answer the phone and call people back.”
5. No Follow-Ups
Failing to follow up can lead to a lot of missed potential opportunities. A client may not turn into a closed sale at the time, but they can be the next big deal in the next couple of weeks or months.
“How many times did I talk to someone, and I was supposed to follow up, but I forgot? In the beginning, I had almost no system in place in my business, which was a big mistake because I lost far too many leads. I could have doubled the deals if I followed up properly during my first year as a real estate investor,” Randall recalls.
4. Not Attending Real Estate Social Events
These social events are great ways to grow as a real estate investor and learn new industry standards to help close future deals. Failing to attend them might mean getting left behind on trends or missing out on possible connections.
Responsible real estate professionals should regularly attend these events as they offer potential business opportunities with other like-minded investors and opportunities to learn. Randall emphasizes that investors should never stop learning.
3. Not Telling Everybody
Friends, families, and peers can do one or both of these things: become a client or provide a costless word-of-mouth marketing.
“One of the biggest mistakes I made early in business was that I didn’t tell everybody what I was doing. If everyone knows what you do, they will always refer deals to you. If you stay in the real estate business, old cousins, friends, and co-workers will call you back and refer you to potential clients,” Randall shares.
2. Using Personal Savings
There are several reasons why real estate investors should not spend personal funds to finance their investments. First, it jeopardizes personal finances if the business fails; second, keeping track of business expenses when they come out of your personal account can be challenging.
1. Not Building Business Credit
Randall strongly recommends building business credit immediately. Business credit can help real estate investors receive better terms and prices on loans, credit cards, and other financial products. It can also help create a good business credit history, which will be helpful should an investor need to borrow money in the future.
About Noelle Randall
Noelle Randall is a thriving entrepreneur with over 20 years of experience. She has written multiple books and maintains a YouTube channel that assists aspiring entrepreneurs in building their wealth.
Randall will also be holding her Manifest Event on October 1, 2022. This all-day session will teach people how to have a millionaire mindset and develop the necessary habits and behaviors to live a successful life. Both in-person and virtual attendance/tickets are available. For more information, visit ManifestWithNoelle.com.
Learn more about Noelle Randal, her courses, upcoming events, and her coaching services through her official website: NoelleRandall.com.
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