Investing in the real estate market has become increasingly complex, especially for first-time investors. However, two industry experts shared their tips for becoming a successful investor in real estate.
Tony Accardo-a founding agent of the Compass South Bay Los Angeles office and the Accardo Real Estate Associates-and Jennifer Caskey-a top realtor in South Bay and the founder of the Jen Caskey Group at Compass-spoke to USA Today to share their secrets on making a successful real estate investment.
Know Your Neighborhood
One of the first tips Accardo and Caskey gave was understanding your neighborhood, as several factors in the area can affect a property's value. For instance, a property found in the city could have a higher market value if it is located in an area with good-quality schools, access to public transportation, and recreational amenities.
Stay Ahead of Real Estate Trends
Accardo emphasized the need to stay ahead of the latest trends in the real estate market using various tools such as artificial intelligence and pricing systems. These tools, he said, could help home sellers set the right prices for their properties and connect with potential buyers. In addition, some of the tools could help home sellers create marketing plans that make their properties stand out from the competition.
Be Honest
Both real estate experts agree that honesty is crucial to becoming successful in the real estate industry. For home sellers, this means disclosing even minor issues to potential buyers and ensuring transparency throughout the transaction.
Customize Your Approach
Caskey emphasized the need to tailor your approach to suit the goals and needs of each client. For instance, a real estate agent working with a retiree should focus on finding properties that offer ease of living. On the other hand, an agent working with a family should focus on offering properties near good schools.
Be Flexible
Both experts recommend being flexible and being prepared to make decisions quickly. For home sellers, this means having your home ready for viewing and bracing yourself for possible multiple offers from buyers.
Network
Lastly, Accardo and Caskey recommend forging connections and building trust with real estate agents and clients. Maintaining relationships can open opportunities such as exclusive deals and insights into the market that you would otherwise not have access to.
