Like any other business, you should have essential real estate investment skills to help you scale your property business. Of course, you need to master these skills before investing in the property business.
Buying and managing a real estate business is not a walk in the park. That's why you need actionable skills to help you thrive in the sector.
A real estate investor's ideal skill set should help mitigate all risks involved in property ownership.
This post explains the skills you need to succeed in your property business, even if you are a new real estate investor.
Most successful property investors in Kenya possess the skills discussed in this blog. Therefore, be attentive to learn what other successful investors are doing.
7 Essential Skills a Property Investor Should Have
Digital skills
It's underrated to say that the internet is good. Actually, we should say that the internet runs our daily activities. See, social media have proven to be most people's online space to express ideas. For instance, Facebook alone has approximately 1.9 billion daily users, according to Statistica.
That means it is a good leverage for all business owners to capture their target customers in Facebook feeds.
That's why you need digital skills to help you reach your target customers or tenants when needed. You can take free courses on digital marketing on sites like Coursehero, Hubspot, or Udemy.
Research skills
Researching is a good skill for everyone. Who doesn't like learning about new trends and what's happening worldwide?
Well, as a real estate investor, you should know more about property investment before starting.
You can get quality information from property investment social media groups. However, when using social media as a source of information, always give it the benefit of the doubt till you confirm from somewhere else.
Make use of Google and YouTube to get investment ideas in locations you are interested in. However, you should only follow trusted bloggers and vloggers with authentic and verifiable information.
Top-notch research skills help you to know the ins and outs of buying real estate in Kenya.
Communication skills
Proper communication is a skill that the majority of people don't know how it can help in business. It costs nothing to be humble and listen to other people's ideas. As an investor, you should possess this skill to help you in different ways in the market. You will definitely encounter the following.
If you own an income property, you will encounter buyers or tenants in your journey. How you communicate with them determines how you will close the deals.
Tenants or buyers are the biggest determinants of whether you will earn good returns on investment or not.
Other investors in the real estate industry can help you scale your business through referrals. However, bad communication skills can put them off, and you will be losing. Good communication skills can help you get long-term property partners with whom you can invest together.
Setting up a proper communication channel with your tenants/buyers and partners can help you scale your investment.
For instance, let your tenants or partners know where to reach you, whether it's through calls, Messages, WhatsApp or via Mail. In addition, let them know the time they can reach you to discuss business.
You should always have a quicker turnaround in responding to your clients or partners. This strategy helps in building trust, and it results in building a huge investment empire. Your tenants should trust you to handle their needs. In addition, great communication skills help in improving your property's quality and income through timely repairs.
Marketing skills
Every business person needs high-quality marketing skills, including real estate investors. Once you have your property ready for buyers or tenants, you will need to get that first tenant or buyer. So what do you do?
You'll need to tell your potential clients what they will benefit from renting or buying your property. Learn to convince them with words, and they will contact you for more details. Ensure your property is among the best in the area, and that will bring more clients with less effort.
You can market your property through paid Ads, social media influencers, TVs and Radios, and posters.
Negotiation skills
Everyone loves to be on the winning side in a negotiation. As a real estate investor, you should learn negotiation skills to help you get high-value clients without losing them.
Always ensure your property is in good condition to be on the upper hand during negotiations. A good negotiation technique settles with a mutual benefit, and no one loses.
Management skills
Remember the managerial skills we learned in school? You will need them in real estate investment.
You need to be a good problem-solver and decision-maker, possess excellent communication skills and be a good planner and leader.
You should manage your real estate business like any other business. Possess all the managerial skills to help you succeed as a real estate investor.
Patience
Patience is a virtue that most people don't have. Starting from controlling your anger to giving other people a chance to express themselves is a good way of exercising patience.
In real estate, don't expect to earn good returns overnight. Don't even expect to get tenants or buyers after the first attempt. Always give it time.
If you are not good at expressing patience in everything, you may make drastic decisions that may negatively affect your investment.
Therefore, you should learn to have patience in every step of your real estate investment journey.
The Bottom Line
The skills discussed in this blog are a good asset to start investing in real estate. Remember, everything has a risk, that's why you'll need to have these skills to help you in proper decision-making.
Frequently Asked Questions
What are the qualities of a good real estate investor?
A good real estate investor should be patient, have excellent money management skills, be a good researcher, have top-notch communication skills, and be a critical thinker.
What is the most important real estate investment skill I need before investing?
You need to be a good researcher. This will help you learn new industry trends and make proper investments in good locations. A good location is the biggest determinant of your success in real estate, which you get through researching.
What are the best skills a good real estate agent should possess?
A good real estate agent should be honest and have excellent communication skills, negotiation skills, listening skills, and the ability to learn new technologies in the property sector.
