If you are like me, then you have an interest in real estate investment and want to do the right thing by educating yourself so that you can obtain your first real estate investment cheque. I have spent thousands of dollars over the years trying to find the company that would help me accomplish this goal. So what did I do? I watched various infomercials on the television with amazing testimonials of real estate investment success. I quickly found that once I registered to attend, my information was sold to various marketing companies, and I was in receipt of invitations to other investment opportunities that I didn’t even know about. Okay. Now I have sifted through all the invitations and I am on my way to a one-day seminar.For the most part, the information delivered is tantalizing and I am hungry for more knowledge and the opportunity to start working on my first deal. I also find that the information delivered in the one-day seminar is in bits – for a beginner investor, it is not enough material to be useful. But what do I hear? I now have to register for a weekend workshop to learn more. Full of excitement and determination, I pay the $1500 to $2500 cost for the workshop and off I go. Again, the information presented is titillating and at least one of the presented methods is immediately implementable. The other participants and I followed the instructions given, but no results – we could not find a property matching the given search criteria. Therefore, the audience was not taught what the next steps would have been had we done so. Still filled with hope, I took careful notes and listened intently for the remainder of the workshop. What’s this I hear? I can have advanced training if I want, a coach to work with me one-on-one, and the almost guarantee that I would make money at that level? What’s the cost? Oh, only between $10 000 to $100 000. This is where I hit the proverbial brick wall. Where was I to find all that money, and for some of the workshops, the money had to be paid the very weekend! The long and short of the model is this; one has to spend anywhere from $1500 to about $100 000 without even doing your first real estate deal! It didn’t make sense.Wait a minute. I now found that most of the real estate investors, who were calling themselves and each other gurus, were doing a massive on-line marketing campaign during the market’s downturn, only this time downplaying the ‘guru’ title. They were all offering one-on-one coaching. Why? No one was attending the conventions and workshops as before. The personal coaching idea sounded good. I decided to check out a few of them and tried one of them. I tell you the truth, because I was a rookie, I didn’t know what to ask for or what to expect from this coaching. As you can imagine, I did not get my money’s worth. By the way, the coaching was through e-mail and sometimes instant messaging only, at a cost of USD $1000 per month. Now, I could have allowed all these disappointments to derail my vision and cause me to be bitter. I refuse. Instead, I decided to use the experience to help others in similar situations make better decisions, spend less, and actually make money in real estate investment.The sum of it all is this: not having the right real estate investment education will cost you money and just as truly; obtaining the right real estate investment education will cost you money. However, obtaining the right education is an investment, not a liability. What should one look for in a real estate investment coach/coaching program? What questions should be asked? Here are a few to consider:• Before any money exchange hands, an outline should be provided to the student to ensure that both parties/sides understand what will be offered.• Costs should be clearly defined and explained.• Discuss funding. Will the coach/organization provide funding for your real estate deals? If not, will the coach/organization provide you with information that will allow you to access funding? What type of funding can you expect? Will it be transactional funding, hard money, private money, other?• Discuss if there will be or is there an option to partner on deals. Will the coach/organization put up the funding for the real estate deal while the student does the ‘ground’ work? If partnership is an option, discuss and agree on the split. Will it be a fifty-fifty split?• Discuss availability of the coach: Does the student have telephone, e-mail, and/or text access? What response time might the student expect? Does the student have to pay the fees for services like Skype or is it included in the coaching fee?• What are all the things included in the coaching fee?• If the coach is not available, is there a mentor or someone else that will be available?• Is this a stand-alone coach or is there a professional team available to the student? Is there a lawyer, accountant, contractor, et cetera that are a part of the team? If the coach is a one-man-band, then this might not be a good option for you.• Is there creative financing for property acquisition?• What are the payment options for the coaching costs? What are the financing terms?• How will the education be delivered? Will it be delivered through webinars, CDs, mp3’s, other? For how long does the student have access to the education?• How current are the strategies being taught? Is there proof?• Relative to the cost, how long is the coaching? How many hours of one-on-one coaching?• Will the student be provided with a virtual assistant?• What peripheral costs are entailed in the program? For example, LLC, websites, 800 numbers, et cetera. What other additional costs might the student expect to pay/cover?• What real estate investment qualifications does the coach have? If the coach is reticent to discuss this, then that might be a cue to not sign up with that particular coach/organization. Also, if the coach has a bad attitude, then you should reconsider using him/her.• Research the coach on-line. Look at reviews. Check out Facebook, MySpace, YouTube, LinkedIn, et cetera. Also use these sources to review his/her profile. Hint: If the coach has less than five hundred contacts in their profile, then that could be proof of inexperience.• What is the approximate turn-around time from the time the student signs up and follows all coaching instructions, to the time the student does his/her first deal?• How many hours per day/week is the student required to invest?• How are deals analyzed? Does the coach personally review them? How many exit strategies does the coach utilize per deal?• What is the coach’s real estate investment specialty: wholesaling, fix and flip, buy and hold, et cetera?• What real estate strategy are you expected to start with? Will this complement or go against your current financial situation?• How much money is the student expected to have on hand to do his/her first real estate deal?• If student does not make any money in say the first three months of the coaching, what is the next step? Will the current real estate investment strategy be changed or adjusted?• What guarantees does the coach/organization provide?• Is there a rescission period? What is it?• Can the student do the coaching with his/her spouse or business partner at no additional cost?With these points to consider, you should be well on your way to making the right decision as to your real estate investment education and coaching. I am sure that as you read through the points, they caused you to think of other questions that you might ask. Good.All in all, I am very thankful that I have finally found an organization that is indeed the complete package for real estate investment education and coaching – and the price is right! Working with a team of experienced real estate investors does make a difference in performance and results! For more information please visit www.sell-buy-or-rent-to-own.com.
TIP 1: Buy a holiday home that has the wow factor
Holiday rentals are a competitive marketplace. There needs to be something that will make your property stand out from the rest. You will stand a greater chance of success if you choose a property that you can see will definitely have wow factor from the outset. That could be through the situation, the views, the amount of space or the character of the property.. There is only so much you can add to a property through decor and furniture, so invest in the right house from Day One rather than buy something average thinking you will be able to inject the wow factor. This will be much harder to achieve and you may never manage it.
TIP 2: Don’t skimp on kitting out your property
Today’s visitors can be really demanding and standards are generally high. So do not be tempted to cut corners on quality fittings and furniture. Invest in quality and they should last, so opting for the cheap alternatives can turn out to be a false economy. .What’s more, you should aim to add thoughtful extras and little touches that can make the property feel welcoming and improve the visitors’ enjoyment. Inexpensive but well chosen extras like books, DVDs, umbrellas, bicycles and games can make all the difference to customer satisfaction and your level of repeat bookings.
TIP 3: Market, Market, MarketStart thinking about your marketing early and plan a course of action. Make full use of the internet, including social media, like Facebook and.Twitter. This is free and is often neglected by owners, although it can be a useful way of raising awareness of your holiday home and driving traffic to your website or web page. Use photography and even video in your web promotion. The single most important thing to do is put yourselves in the shoes of your potential target customer. What are their concerns and motivations? Think these through and then make sure your marketing speaks to your target customer about the things that matter to them.
TIP 4: Astound the customer!Your visitor will arrive with high expectations. Set out to exceed them.
All aspects of property management from smooth key holder services to the quality of the cleaning services and the welcome pack needs to be outstanding. Don’t just aim for everything to be OK, you have to aim for it to be exemplary. You do not need to deliver all of this yourself, which can be impossible in any case if you live far away from the holiday home. However, do not risk leaving important items that contribute to the holiday experience to neighbours. To be sure of professional standards, employ a holiday homes services specialist. Consider seeking one that also provides holiday concierge services, so that you can provide an even more astounding service to visitors.
TIP 5: Having won a customer, retain them
The most common mistake owners make is focussing on winning new bookings and forgetting to pay enough attention to encouraging existing customers to make a repeat visit. Many people like visiting the same place again and again, so make it easy for customers to decide to do that. For example, offer a discount if customers book again before leaving the holiday home or put in place a system to keep up regular communications with them, such as through email newsletters or even Christmas cards..If you make an effort to keep your property top of mind, you will reap the rewards.