MIAMI, FL – Marcus & Millichap Real Estate Investment
Services notes success in investment real estate, as in any other industry,
comes down to hard work, smart choices, and maybe a little luck.
“As we begin a new year full of promise and potential, we
asked Marcus & Millichap Senior Vice President Investments Evan P.
Kristol to share the top habits of highly successful real estate
investors,” states a company newsletter.
Kristol recommends that investors establish these five
essential habits to guide every transaction:
1.Start with a goal. We need goals in all aspects of
our lives so that we can evaluate our progress and reach our full potential.
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| Evan P. Kristol |
Our most successful clients set specific goals for what they
want to accomplish each year. Goals create expectations that motivate you to
stay focused and work harder and, hopefully, smarter.
They also facilitate analysis. If your goal was to buy six
assets and you only bought four, you can ask, "Why?" and find an
answer.
2.Establish a realistic business plan. A business
plan is your roadmap to success. It's a living, breathing thing that should be
modified constantly — whether you're meeting, surpassing, or falling short of
your goals.
The plan must be realistic and achievable. Don't set yourself up
for failure with overly ambitious targets. Instead, make a realistic plan for
success and amend it as needed.
3.Acquire a deep, thorough knowledge of the market you
invest in. In real estate, information is essential for success. Because
location is the one thing investors can't change with their checkbooks,
successful investors know their markets.
Market knowledge protects you from
making poor acquisition or disposition decisions.
Smart investors know about
the submarkets, the job market, new developments, changes to laws and
ordinances, companies going out of business, what's on the market, and what
actually trades. Any one of these factors (and many others) could significantly
impact the value, or even the liquidity, of your assets.
4.Find the right capital or financing. It's important
to be on top of the capital markets because debt has a significant impact on
value. That means not only knowing where the treasuries are at the moment, but
also who the best and most active lenders and mortgage brokers are.
5.Maintain high ethical standards and service levels for
your tenants. As a real estate agent who sells assets for many different
owners, I have the opportunity to observe many different management styles.
Some owners are hands-off, some are hands-on.
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Either way, truly successful real estate investors practice
friendly professionalism, value integrity, and maintain high ethical standards
in all their dealings.
It's easy to start off the year with fresh resolve, but it
takes good habits like these to maintain that momentum and focus. What kind of
year would you like to have — and what will it take to get there?
For a complete copy of the company’s news release, please
contact:
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