2020 has been a rocky year for real estate investors. The good news is that things haven’t gotten as bad as most people initially feared. With so many investors breathing a collective sigh of relief, it’s an excellent time to make plans for the new year. Before getting started, consider the following pieces of advice:
Explore REIT Opportunities
As previously mentioned, the real estate market hasn’t tumbled the way most analysts predicted. Most properties have maintained their value throughout the year. By comparison, real estate investment trusts remain undervalued on the stock market. In other words, it’s a great time to invest in REIT shares. The discrepancy between the price of shares and property values can generate lucrative profits in 2021. Still, you have to act now before the stock market catches up with the situation on the ground.
Keep Things in Perspective
While it’s been a challenging year for real estate investors, let’s not forget it’s been a tough time for just about everyone on the planet. Investors must keep their struggles in perspective as we enter the new year. You’ve got your work cut out for you, but don’t lose sight of what’s most important. Are your loved ones healthy? Do you get to spend time with your family during the week? Is money still coming in, even if it’s not as much as you hope? If so, let 2021 be the year where temporary setbacks fail to incite anger and despair. When things get tough, remember what you have and what matters most in life.
Seek Knowledge
The wisest people are those who never stop learning and remain open to new thoughts and ideas. Real estate investors with a lifelong love of learning tend to go farther and achieve more than if they had a bunker mentality approach to business matters. It’s an incredibly valuable trait to have when analyzing the success of others. For instance, up-and-coming Manhattan real estate developers can visit HFZCap.com and either feel envious or inspired. The choice depends on whether they see learning as an asset or a liability.
Incorporate CDC Guidelines Into Showings
Virtual property tours via videos and 360-degree views are useful tools in the age of social distancing. Still, prospective buyers will insist on seeing the property in person before making a bid. Since most experts believe coronavirus will remain a public health concern for most of 2021, real estate investors need to ensure the appropriate measures get taken during property showings. For example, open houses should be “fever-free” by checking temperatures at the front door. Simultaneously, markers on the floor should guide visitors through the property while maintaining proper distance from other visitors. Everyone should wear face masks at all times, and hand sanitizer stations should be located at all entrances. Lastly, surfaces should be cleaned after every showing.
Revamp Online Presence
If property sales are slow, spend the spare time improving your website, social media accounts, and other parts of your online presence. It’s a good time to polish your brand in time for the new year. That way, when business picks up in the spring and summer, you’ll be in a better position to generate leads and gain interest in your listings.
Ignore Distractions but Stay Alert
There’s always going to be breaking news and unprecedented events happening around the globe. Rather than get rattled enough to abandon your current plans and projects, stay the course. With that said, don’t let tunnel vision keep you from seeing the writing on the wall. It’s a balancing act, but one in which investors have to master in any market.
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