5 Key Knowledge Categories For Hybrid Real Estate Professionals
Focus on these skills to gain a competitive advantage
Hello & welcome back fellow Hybrids!
Believe it or not, we are already two weeks into 2023.
In today’s newsletter, I’ll share the 5 key skill categories you should focus on to gain a competitive edge as a hybrid real estate professional.
(Today’s issue takes ~3 minutes to read)
One key characteristic of a hybrid real estate professional is the ability to learn & apply diverse skill sets to achieve specific goals.
In a world of rapidly evolving digital transformation, you need to constantly survey your surroundings and adapt your skillset accordingly.
Unfortunately, most people aren't positioning themselves to learn the right skills to succeed as real estate investors in today's digital world.
Of course, "learning new skills" sounds great, but WHICH skills will truly equip you to succeed as an investor? The biggest problem is not knowing where to focus.
I know because I wasted countless hours and thousands of dollars on courses and workshops trying to pick up new skills, often only realizing after the fact they didn't apply to my goals.
But, my loss is your gain.
Here are 5 categories of skillsets (and some resources you can use) to focus on building a competitive edge in your investing journey:
1. Financial Acumen
A strong understanding of financial concepts is crucial when it comes to investing in real estate.
Some examples of financial skills:
Analyzing financial statements
Creating budgets for your properties
Understanding financial risk
Best Book: Real Estate: By The Numbers by J. Scott & Dave Meyer
Best Podcast: On The Market by BiggerPockets
2. Negotiation Skills
The ability to negotiate is key when it comes to buying and selling real estate
Specifically:
Learning the motivations of your buyer or seller
Understanding when & where to seek concessions
Coming up with creative solutions to satisfy both parties
Best Book: The Book on Negotiating Real Estate by J. Scott, Mark Ferguson & Carol Scott or Never Split The Difference by Chris Voss
Best Podcast: Negotiate Anything with Kwame Christian
Best Newsletter: The Sunday Minute by Harvard Program on Negotiation
3. Project Management Skills
Investing in real estate often involves managing multiple projects at once, from buying and renovating properties to managing rental properties.
This includes:
Managing lease documents & contracts with tenants
Preparing project plans for renovations & repairs
Organizing receipts & documents to prepare taxes (unfortunately, this is unavoidable)
Best Newsletter: The Minimum Viable Project by Jasper Polak
Best Online Tool(s): Stessa (Reporting & Tax Prep), Zillow Rental Manager (leasing & document management), NuVuw (renovations & project management)
4. Marketing Skills
A rental property does you no good if you can't attract tenants to rent it.
You'll need the following marketing skills:
Learn to write a compelling listing for your rental properties
Create photos & video walkthroughs to showcase your unit's unique value
Keep a pulse on which sites & distribution channels have the most reach in your market
Best Articles: How to list a rental property: A simple step-by-step guide or 10 Ways to Market Your Rental Property
5. Networking Skills
Finally, building a strong network of industry professionals can be incredibly helpful when it comes to investing in real estate.
These are the folks you'll want to focus on building relationships with:
Real estate agents
Property managers
Mortgage brokers/local bankers
Real estate attorneys
General contractors, handymen, and other service vendors
Networking in real estate can feel daunting, especially when you are new. Remember, there are two sides to every interaction.
Ask thoughtful questions, don't overstay your welcome, and ALWAYS thank people for their time.
You'd be surprised how generous people are willing to be with their time if you are respectful with your approach.
Best Online Forum: BiggerPockets remains the largest online gathering point for real estate investors. You’ll need to fight through some of the noise, but this is a good FREE way to make some new connections.
Best Twitter List: Here is a list of my favorite RE follows on Twitter.
By developing these skills and applying them to your real estate investments, you can set yourself up for success in this exciting and lucrative field.
If only I had discovered them sooner…