December 29, 2016 rummy 0Comment

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Whether you’re thinking about getting out of the rat race or you’ve already dipped your toes into the investment pool, information is a tool that you cannot afford to build a foundation without. Alongside fear, overconfidence is responsible for hindering the success of many entrepreneurs. Think about it. What keeps most people from investing or being able to bounce back from a setback? The fear of failure keeps the majority of Americans stuck in what they believe is ‘job security’, when in fact a high percentage of the population is one medical emergency away from being on the street.

So what about overconfidence? You can’t have too much confidence right? Wrong. An overconfident person that doesn’t know what they’re doing is dangerous to themselves and others.

Imagine you’re pretty good at baking some delicious chocolate chip cookies. Your cookies are so good that family, friends, and co-workers keep telling you that you could make a fortune selling them. You know your cookies are that good so one day you decide to quit your job, buy a nice little store front and sell cookies and cakes full time. Here’s the catch you never did your research.

A few months go by and you’re bleeding money by the day. When you opened your store, you didn’t realize that there were two more well-known bakeries down the block.  In addition you never learned how to properly market and promote your business.

Now it’s too late. One more bad week and you’ll be completely bankrupt. This could have all been prevented had you just took the time to take do your homework and seek the advice of one or two #experts in the field. Now let’s look at this from a #realestate perspective.

Real estate is one of the best investments you can make.  Certain gadgets, cars, and clothes are big sellers but they will always go in and out of style. People will always need a place to stay.

No one ever goes into any business venture without hitting some bumps in the road, but it’s how you maneuver the vehicle afterwards that determines how smooth the trip to your destination will be.

When it comes to being a Landlord it will be highly beneficial for you to learn from others mistakes. One of the biggest mistakes is failing to properly screen and approve qualified tenants. Trust in the fact that it is better to have no tenant then to have bad one.

Here are some great TIPS:

1.       Congratulate the prospective tenant(s). Letting them know that they beat out others and are now being given the opportunity to move forward will help them realize that this is really happening. This also gives you the opportunity to analyze their reaction to the news. I would be looking for a little excitement here. 

2.       Set the appointment as soon as possible. You don’t want them looking at other properties or thinking too much.

3.       Make the appointment at a professional setting such as an office, and tell them what they will need to have with them. This ensures that you not only have the necessary documents, but it also shows the tenants that you are a professional.

4.       Make sure all decision makers will be there. You don’t want a husband or wife calling you back later because their spouse disagrees with something. You also don’t want to have to repeat yourself or chase them down to get signatures and documentation.

5.       Do not accept personal checks. You are changing possession of a property here, you need to make sure all funds are cleared. Think about it, if you have to wait for a check to clear anything can happen and that means the deal is not closed. Cash, money order or bank check ONLY.

6.       Get picture ID. This should be obvious.  You want to make sure the person is who they are saying they are. There are people who will buy a house in your name without you even knowing about it until it’s too late. It happens more often than you would think.

The only way to lose is by doing nothing. If you align yourself with the right people and use your common sense to analyze the information you receive anything that goes wrong after that can be chalked up to learning. I hope the information provided here today has given you the thirst for knowledge that is necessary to succeed in world of real estate. I also hope you realize that this is just a small percentage of the knowledge we possess and wish to provide to you in the near future.

Contact us to get an Experts to Rent your Unit Out with any Hassle !


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Rummy Dhanoa - Broker with New York Real Estate Experts