As a real estate investor, you have help and assistance available to you form all sorts of professionals. But when you are just starting out and do not have the necessary resources, you will find yourself taking on many different roles and responsibilities. These duties do not appear to be that of a real estate investor but you have to perform them to survive and grow in your business.
You are the CEO
Yes, you are the one in charge of your business and free to take all decisions. But a wannabe investor cannot be compared with the CEO of a big multinational is constrained by lack of resources.
You are also the CFO
Besides administrative decisions, you are also free to take all financial decisions. You have full control over the monetary resources but you have to be careful and be penny wise to hope for greener pastures in future.
You are the contractor
You do not have the luxury of utilizing the services of a contractor when you are buying your first few properties. You need to fix them before they can be made attractive for buyers or tenants. You have to take up DIY projects like painting, curb appeal, etc on your own to save money that you have to otherwise pay to contractors.
You have to work as a handyman
Real estate investors usually have a network of contractors and vendors but you do not have this luxury when starting your career. Do not feel embarrassed to find yourself doing small jobs like cleaning the appliances and fixing minor problems in the roof and the fixtures in the bathroom and the kitchen.
You are also a gardener
The responsibility of sprucing the exteriors of the home also falls on your shoulders. Be ready to work in the garden to rim the bushes and also to remove the dead leaves. Plant flowering trees and clean the driveway to improve the curb appeal of the property.
You are the marketing manager
Forget hiring the services of a marketing manager to market your property for potential buyers or tenants. You have to be prepared to wear this hat also. You have to advertise your property to catch the attention of the buyers or the tenants depending upon your objectives.
You are the receptionist on the front desk
Once you have done the marketing of your property, you will start to receive queries from interested parties. Now you have to be ready to perform the role of a receptionist, handling the queries of all the buyers or prospective renters.
You are your own secretary
You don’t have the money to hire a full time secretary. Till that time, you have to be prepared to wear the hat of a secretary when needed. You have to remember all necessary emails and appointments with interested buyers or tenants. You have to go to the market to arrange the supplies and stationary for your office as well. Clean up the office and pay the utility bills on time.
You have to be your acquisition manager
You are the CEO of your business but that doesn’t mean you have the luxury to sit inside an air conditioned room. You have to take time out and go to the neighborhoods to identify properties that you match your requirements. You have to talk to other investors and landlords if you are interested in buying their properties.
These are just the important roles you have to be ready to perform when you become a real estate investor. There are many other hats you have to wear if you are serious about succeeding in this business.
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