When it comes to real estate investing, one avenue sometimes overlooked is the online real estate market which can provide a simpler and easier way to buy and sell properties. Online real estate marketing, for starters, revolves around online listings and advertising properties through various outlets on the internet to help obtain exposure. Online real estate is often a much more convenient method of doing business, and it is often much quicker than traditional methods of real estate investing To top it off, online real estate means you typically won’t be dealing with real estate brokers meaning you can save on not having to pay commissions.
Below are some tips to help you get started.
What is the value of your property?
Before you begin, whether you are working your way into traditional real estate investing or you are tackling the online real estate market, you need to evaluate and understand the value of your property. There are several methods to find the value of your property, but the two easiest would be to find a listing of your property online or request a real estate agent to perform the evaluation for you.
How do you market your property?
Once you have a solid idea of the value of your property, your next step should be deciding on methods of advertising. One particular method employed by many agents is to utilize video. With so many video hosting platforms out there (YouTube, Vimeo, etc.), getting a video online for potential investors or purchasers is easier than ever. These videos should offer information on the property as well as a guided tour. This allows people to view the property from the comfort of their own home or office.
Another option is to blog your property listings. If you are savvier when it comes to writing, you can write an article about the property and provide some photos to go along with it.
Regardless of your choice, having your listing online opens your property up to a wider audience. The more places your listing is posted, the more potential buyers will find it. As such, you should be prepared to receive more calls and inquiries.
Are there risks?
There is little doubt that you can make a lot of money through online real estate investing; however, you should also make sure that you are completely comfortable with everything involved in the deal. Spending time online will make your investing, purchasing, and selling easier and quicker, but without attention to the details, you could cost yourself a lot of money and time.
Of course, these risks are no different than if you are dealing with traditional marketing methods, but it is important to state the obvious to ensure that you are covering yourself no matter the means you choose.
You should be careful in regards to each and every aspect of the deal when it comes to online real estate. You need to be fluent and comfortable with financing, property “rehab”, and when and if you need to consider hiring a property manager. Of course, there are options available for you online that can handle these aspects for you or allow you to discuss with others what they are doing and their own best practices.
It also does not hurt to expand your knowledge whenever possible. Subscribing to blogs or newsletters from the big real estate sites will keep you in the know about trends, tips, and topics to keep you on your toes and help mitigate any risks you may encounter.
While online real estate investing can help you buy, sell, and rent more properties quicker, there are certainly some possible risks. Make sure you take your time and complete the deal properly. You’ll feed better and see better results.