You may be familiar with the term ‘rat race’. In real estate, it is defined as a situation in which a person revolves around something pointless and ending earning nothing in terms of money and experience. Well, real estate is an industry of opportunities. But a person needs to have better grasp over the business in order to earn solid revenue. This grasp comes through knowledge but the knowledge alone is not something which can help in getting real results. Here, I don’t want to sound like a mean person but it’s true that your first deal can be an indicator to how well you are going to perform in the field of real estate. If you want to quit the rat race, you need to work well on your first deal in order to, at least, correct your direction.
Having that said, there are a few things that you need to take into consideration in this regard.
Pattern of first deal that brings other opportunities
- Usually, the first deal is the smallest one. However, a person may spend huge amount of time while working this first deal.
- Second and third deals usually come in succession which can be quite rapid. And these deals are bigger than the first deal.
- The investor is usually able to transform the amount of income in 3 – 5 deals.
These are the attributes of a successful real estate investment career. So, it is quite necessary to work well on the first deal. Remember, you may have to wait long to get things done if you want to do the real estate investment business in right direction, but you are definitely going to earn something quite big in the future endeavors.
Reason first deal is very important
There are a few reasons first real estate deal is very important for your investment business career. Some of those reasons are mentioned below.
- You get the right track record to be successful in the business.
- Investors wouldn’t only like to contact you in the future but they are also going to refer you to other investors.
- Brokers are going to consider you as their valuable asset.
The great thing about this way of business is that you will have a lot of other deals in the pipeline. You may have taken extra time in getting things done but your business partners are going to forgive you for taking this long when they are going to see the results. And this is also the fact that you are going to get bigger deals than the first one.