Over the past few years, the number of people joining the real estate business in Singapore has sky rocketed. As much as newbies are forced to believe that there are countless benefits of entering the market, there are misconceptions surrounding this field as well.
Today we will be talking about the top myths that we have probably grown up listening. Here is the complete list of myths, debunked for our readers:
Property gurus or do we call them failures? Newbies who are looking to enter the field try to learn the basics of real estate from these so called ‘gurus’ sitting on the other side of the screen. The question here is, if they know so much about real estate, why aren’t they earning loads of cash, instead of selling books and making money off it?
Invest Big or Go Home
The biggest myth in the world of real estate is that in order to make a lot of money, you need to have a lot of it as well. Truth is if you are rightly educated and know what you are doing, you can start off easily. Martin Modern condos are said to be the big fish, investing in those is also doable in real estate.
The Success Timeline
The trick behind being successful is establishing a communication line among your sources as soon as you can. Get your business up and running and you will find success. You don’t need an entire year to get on the track. Especially because of the digital world that we are living in today, the entire process is inexpensive.
Real Estate = Quick Money
Several newbies who are starting in this business believe that it is quick and easy money. Truth is, realtors put in their heart and take their job very seriously. The reason behind that is, that it may be the 100th deal that a certain realtor may be making but it can be the deal of a lifetime for a regular lad. A certain Condominium might be everything that he/she owns. So with this job comes a lot of responsibility and dedication.
This, my friends, is not your regular 9 to 5 job. You need to be present at all times, it doesn’t matter what time of the night it is. If the phone rings, you need to answer it and be available.
Toughest Job? Raising Initial Capital!
Many people believe that raising capital for the purchase is the most difficult job, however, finding the right property at the right time is the biggest challenge. When you have an open and clear head, you think straight and when you think straight you find the opportunities lying in front of you. Finding a property at a time that it doesn’t cost you much while purchasing, but you are certain that its price will be increasing in the coming years is the most difficult task. When you have the right purchase standing in front of you, finding investors isn’t that difficult. The Show Suites change every now and then so keep an eye out on possible investments.
You may believe that once you have invested or made a deal, the value of the property won’t fluctuate. In real life, real estate market is the most unpredictable and unsteady place. It is so irregular that you can’t even be certain of the next day. For you to become a realtor it is important that you have a strong heart and head because where this business can turn your deals profitable, it can cost you a lot as well.