From Part-Time to Full-Time: Becoming a Property Pro
You’ve taken your first steps into the world of property, but how can you transition from being a Realty Rookie into a Property Professional?
Whether you have been treating your property business as a side project for a few years or if you’ve only just got into the game; there are several ways in which you can transform your passion into a fully-fledged career.
Read on, to find out about the 8 steps you can take towards making property your full-time profession.
Research, Research, Research
Like any enterprise, it is vital that you carefully research every facet of the profession you are looking to step in to – in this case, property investment.
Property investment is a broad subject that includes everything from how to identify potential properties, to planning building or refurbishment work, marketing your project to investors, property maintenance and more.
By researching all these things, as well as the property market itself, you are ensuring that you are well prepared for your property business venture.
You can learn all about capital growth, predicted market price changes, rental yields and tenant demand. These are all components that you will need to understand to help you to identify solid property investments, and will be key indicators in your investment strategies.
Be Prepared to Put the Hours in
There is no substitute for hard work.
Starting any new business requires a lot of hard graft – particularly at the start of the venture – and the world of property investment is no different.
Though you want to build a career around property investment, this can take a bit of time as you find your feet and streamline your investment and property strategies. Building a network, making business connections and learning about the different areas of property investment will also take some time, but you will find that these practices become second nature once you have done them a few times.
In the early stages of your property business, you may want to continue to work a second job until you have built yourself a portfolio that is strong enough, and generates enough revenue, for you to go into property full-time. This could be a part-time shift job, making it easier to manage your time so that you can go and view properties, manage your existing properties, network with investors and anything else you need to do to progress your business.
Set Yourself Targets
Targets help us to focus on where we are going, how we are going to get there, and help us to monitor our progress along the way.
Your targets can be anything from how many properties you plan to visit each week, to how much profit you aim to make by the end of the year.
It can be particularly beneficial to set yourself several targets that have different timescales so that you can monitor your progress periodically.
One of the benefits of being a Sourced franchisee is that you will be partnered with a dedicated support person. This support person can help you to plan out your property strategy and set yourself monthly targets.
Know What Your Purpose is and What You’re Looking For
You might think that the answer to this is simple; “I want to build a career out of property investment and to maximise my profits”.
However, you will find that as you get more involved in the property market, different opportunities will present themselves and you will need to decide which ones are worth pursuing.
To do this, you will need to know what the main driver is behind your property business plan.
For example, are you looking to build a portfolio of rented properties where you generate income from rent? If so, you may want to target areas that have above average rental costs in order to maximise your profits.
On the other hand, do you want to use property investment as a means of building a comfortable nest egg for your retirement? In this instance, you should be looking for properties with higher capital growth prospects. This way, you can sell the property once you reach retirement age and could receive handsome returns on your investment if the property has grown in value over time – as well as the rental returns that you have earned over the years.
Get Training
Finding a high-quality training course should be at the forefront of your priorities when first starting your property journey. There are a variety of resources and training programmes available to support you and your development.
The knowledge that you gain from completing training courses will be invaluable and can provide you with a solid base to build your business upon.
It is also beneficial to continue to participate in training courses throughout your property career. There are always new things to learn, new perspectives to be gained, and – with the world of property ever-changing – new ideas and strategies being developed.
There are multiple ways in which you can undertake training courses. Some courses are run by companies over several days, and some courses you can complete online at your own leisure.
In fact, Sourced run an ongoing training programme for all franchisees. This includes a training course for all new franchisees, and further schemes that are open to all franchisees throughout the year. We have in-house training days as well as online resources that franchisees can refer back to at any time.
Be Supported
Although you may want to build your property empire on your own – and this is certainly possible with the right devotion and motivation – it is much easier to find success with the support of a property investment company and other property professionals.
Knowledge is a wonderful thing, and many property investors are eager to share their experience with people who are just starting out in the sector. This knowledge can be indispensable as you can learn from their successes, and their mistakes, and incorporate their strategies into your own.
Similarly, many property investment companies, such as Sourced, offer a range of support to help people start their own property business. From comprehensive and ongoing training programmes, to helpful resources and one-to-one support, property investment companies can help you get your foot in the door.
Get in the Lead
Leads are what help you to develop your property business. Part of building a property portfolio is the ability to source your own leads. Whether this is you finding leads for properties to work on, or finding available properties and creating leads for others while taking a finder’s fee, lead sourcing is how you will start to generate an income.
Finding leads is all about being able to identify properties that have a high potential. This can be regarding the location of the property (if it is in a location that is likely to increase the value of the property over time), the potential for extending the property or completing any other renovation works, what the average rental cost are in the area, and more. All these variables affect the potential value of the property and how profitable they will be for you.
Finding Funding
To complete any property development project, you’re going to need funding to back you. This funding will have to help you to cover the purchase cost of the property as well as the cost of any works that need doing.
Asking people for money is something that most of us aren’t particularly comfortable with. However, as a property professional, you will have to be prepared to source your funding from investors if you want to complete any property developments.
There are lots of events that you can go to that will allow you to network with investors and to showcase your leads and projects.
Furthermore, Sourced franchisees have access to Sourced Capital – our lender platform. Through Sourced Capital, franchisees can find funding for their project from our pool of investors. Sourced helps franchisees to market their projects and to network with lenders, making it easier for you to receive the funding you need.
Sourced Make it Simple
There are lots of steps that you will need to take in order to turn your property business into a full-time venture. This may seem daunting at first, however stepping into the world of property can be highly rewarding and exciting.
Another option available to you that can help to make your life a bit easier when you start out, is to become a Sourced franchisee.
Being a Sourced franchisee means that you have access to a range of comprehensive resources that can offer you knowledge and support on every step of your journey.
You will also receive expert training from industry professionals, all of whom have a track record of success in the property market. This training includes a course when you first register, as well with ongoing training for as long as you remain a franchisee.
Every Sourced franchisee is assigned a designated support person who can assist you with anything from property visits to strategy planning and everything in between. Utilising your support person effectively can help you to quickly build your property portfolio.
Another benefit of being a franchisee is that you can easily find leads and funding. Our network of franchisees and investors provides you with the ability to find properties that you like and the financial backing you require. This will save you the time and hassle of having to source leads and investment yourself – allowing you to spend more time viewing properties, finding other deals, and maximising your profit.
If you are looking to step out into the world of property and would like to find out more about how Sourced can help you to achieve your property dreams, download our prospectus here. You can also call us and chat to one of our in-house support team.
