Why Researching Real Estate is the Key to Success in 2023
No one will ever know everything. With the constantly shifting dynamics of the real estate market, assuming that any individual investor will be equipped with all of the right answers is simply unreasonable to assume. However, if you learn how to find the information you need by researching real estate, your problems will begin to go away.
Often, you will find that people do not like to admit that they do not know something and will try to play the situation off or attempt to stumble into the answer as they think out loud. However, the sign of a true expert is not learning how to answer any question that is thrown your way, it is it knowing when to admit you do not know something while knowing where you can look to find the answer you need.
The key to all of this is one simple thing – researching real estate.
Now, it is important to know that while it is important to dedicate time to researching real estate, you do not need to study everything. For example, our team already has spent the time needed researching real estate lenders to get you the best deals, so instead of researching real estate financing options today, click the link below to book a free strategy call with us instead.
The Importance of Researching Real Estate
Research is the cornerstone of real estate expertise. Regardless of whether you are trying to build a strong foundation of knowledge to use in order to get started, answer a question that you are not equipped to solve, or expand your knowledge into new areas of the market, you need to learn how to start researching real estate.
Fortunately for you, the fact you are reading this article means you have already taken the first step in the right direction. Here on the Canadian Real Estate Network we have over 1500 published articles and podcasts dedicated to helping you grow your investment knowledge.
Of course, reading will not provide you with everything you need. You will also need to seek out real estate professionals for their advice and expertise on more specific matters. If you need help seeking out those professionals, give us a call and we will gladly refer you to someone whose expertise suits your needs.
Areas of Real Estate You Should Study
There are plenty of different aspects of the world of real estate investing that you will need to study if you want to truly become an expert in the industry. In order to help guide your search, here are three different areas you should aim to expand your knowledge in.
Understanding Property Types
Not all properties are created equally, and they do not all serve the same purpose for real estate investors. As a result, it is important that you look into various forms of real estate in order to understand the usual appeals, benefits and needs that each property will require.
For starters, there are two main classifications of property – residential and commercial. In these categories, there are different types of properties you will need to know about.
On the residential end you will need to know and understand:
Single-Family Properties
- Single-Family Houses
- Individual Condos or Apartments
Multi-Family Residential Properties
- Duplexes
- Triplexes
- Fourplexes
- Townhouses
Commercial Properties
On the commercial side, things are much more complicated with many additional types of properties you will need to know about before you start investing in them. These are divided into seven primary categories. These categories are:
- Office Spaces
- Retail Spaces
- Industrial Spaces
- Multi-Family Commercial Properties
- Hotels
- Mixed-Use Properties
- Land
- Special-Purpose Real Estate
As you learn to navigate each of these properties you will quickly find that not all of these properties make money the same way or are structured to support the same approach to investing.
Discover How To Buy Unlimited Rental Properties With This Step By Step Guide
Studying Investment Strategies
Once you understand the scope of the real estate market you will be ready to start looking into and researching real estate investment strategies. These will comprise the various methods you will use to actually make money as an investor. These can be split into two main categories – long-term and short-term real estate investing.
With long-term investment strategies, these are the methods of investing that require you to hold onto properties or real estate assets for extended periods in order to truly make money. These strategies are also among the first that people think of when they imagine real estate investing.
- Long-Term Rental Properties
- Short-Term Rentals and Airbnb
- House Hacking (Using Your Home as a Rental Property)
- The BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat)
- REITs (Real Estate Investing Trusts)
- Joint Venture Investing
There are also some short-term methods of investing in real estate. These methods include things such as:
- Property Flipping
- Real Estate Wholesaling
- Short-Term Buy and Hold Investing
Finding Real Estate Professionals and Contractors
Finally, in order to succeed in the real estate market you need to make sure that you are strictly working with qualified professionals who know how to navigate the world of real estate with their specific expertise. This means researching real estate professionals in your area. Some of the professionals you will want to find and network with are:
- Mortgage Broker/Mortgage Agent
- Realtor/Real Estate Agent
- Contractors and Skilled Trades Workers
- Real Estate Attorneys
- Accountants and Bookkeepers
- Property Managers and Maintenance Workers
- Property Inspectors and Appraisers
- Staging Companies/Interior Designers
If you are not sure where to find someone who can help you with a specific job, do not hesitate to ask your fellow investors or other trusted professionals if they have any referrals for you to call.
With any real estate professional, take the time to look them up and check their reviews in order to see if they provide good service. You want to find someone with positive, detailed reviews so that you know real people have genuinely used and appreciated their services.
Learn How to Get The Best Financing By Researching Real Estate
One of the keys to succeeding in real estate is knowing how to find the best financing options available for all of your properties. However, instead of taking the time to shop around at different mortgage lenders for each of your properties, you can let us do the shopping instead.
At LendCity we work with a wide network of lenders in order to ensure that you receive the best available financing for your investments each and every time. To learn more or to get started, visit us at LendCity.ca today or give us a call at 519-960-0370. Alternatively, click the link below to book a free strategy call today.