A property entrepreneur now has several tools and techniques for finding prospective properties and for networking with other property entrepreneurs. A website is bare minimum requirement and they are knowledgeable about using social networking sites like MySpace.com, FaceBook.com, etc for finding prospective partners from within the country and from abroad.
The road before a property entrepreneur is not as smooth as it appears. In fact, it takes 2-5 years just for learning the tricks of the trade. Many people, in the hope of becoming a property entrepreneur, take a seminar on property buying, selling and managing finances. What happens next is they quit the scene in 3-6 months, even before they put their feet in the waters.
A property entrepreneur clearly knows investment doesn’t bring overnight riches and real estate investment is not a get rich quick program. If it was, everyone in the country could be a property entrepreneur.
A property entrepreneur need not be filthy rich. He or she can start as a property entrepreneur who just wants to supplement regular income or for making some major purchase like a car. There however is limited scope of making it big with real estate investment, if you go part time. Going full time is the way to and you will be surprised at the level of success you can have.
Property entrepreneurs know property investment is slow process. It is also high volume cash transaction involved in buying and selling property. If sourcing money from a mortgage lender, a property entrepreneur also needs to worry about changing interest rates. Taxes are other expenses. A successful property entrepreneur identifies the potential areas of investment and come up with a workable investment plan that they stick to.
Professional property entrepreneurs also specialize in the type of property they invest. While some prefer buy to rent, others prefer buy to sell. Then again, some others invest in holiday homes, cottages and in areas of development potential.
A property entrepreneur has his/her choices clear in mind, before initiating first interaction with the seller. Without this, it is easy to lose focus as a property entrepreneur. A property entrepreneur also knows the importance of follow up. A sale can be closed in fourth or fifth call. Professional property entrepreneur has automated systems for telephone or email follow up and in most cases he/she will close the deal with a motivated seller.
Property entrepreneur sees investing in property as investing for the future. That is, an investment made today can bring in some passive income in the form of rents. However, in the long run, appreciation of the property is what a property entrepreneur puts his/her sight on.