Real estate investment in Omaha is a great decision, but how should you handle the competition. We offer some great information in this piece to help you beat out other investors when you buy investment real estate in Omaha.
If you’re buying a house in Omaha, you’re in competition with other investors. Dealing with competition can be exhausting, especially in competitive markets. I know seasoned and new investors who bailed on real estate because they felt they couldn’t compete. There are some niches where it may make sense to give up, like public auctions in NYC where you are competing against private equity firms. In most markets, the following tips will help you compete. Know your market, know the industry, and ensure your closing speech is steller. Keep reading to learn how to compete with other investors when buying properties in Omaha.
The goal is to know at least as much about the area as your competitors do. Truly knowing the market takes time, but is possible if you ask lots of questions and pay attention. Occasionally you’ll hear an “expert” who really knows where the market is going and what that means for real estate investing. Become friends. This is the kind of data you need. You can also start tracking data from the Omaha Chamber and market stats from Omaha Realtors. You need to understand market specifics, like the Landlord Registry and what the market is doing in different neighborhoods, what is forecast for the market in the future, and what is happening with new development in Omaha. Make sure to read the daily news, study trends, and network with as many people as possible so that you are always in the loop. You can also learn lots from agents. Good questions include how price and days-on-market compare with last year. You should also track news about new construction, zoning changes, and seasonal factors that can impact real estate prices. While you can get all of this data yourself, working with Chenoa Investment will make the process much easier for you.
Make Realistic Offers
Nothing’s worse than buyers who make low-ball offers, hoping to score a deal off someone in need. Focus on realistic/fair offers that will provide value to the home sellers. If the seller is in need, help them find solutions to their problems–creating a win-win. If you can’t win on price, provide better service or creative terms. Go out of your way to ensure a smooth transaction for the home seller. By creating these win-win situations, you will be able to help more people and close more deals. Everyone wins.
Make It Personal
Before you try to solve someones problems, stop and listen. Go out of your way to find out what their struggle is and what kind of solution they need. What will be the best way to help them? What can you offer as a buyer that nobody else can? Offering that personal touch can help you build trust, credibility, and a rapport that will help you gain more leads and close more deals. Get to know the home seller on a personal level so they get to know you and feel more comfortable with you than with anyone else. Making it personal will help you find sincere and genuine reasons to help people.
Don’t Fear The Follow Up
It’s amazing how many deals are lost for a lack of follow up with potential property sellers. If you’re thinking about becoming a professional investor, you’ll want to create a follow-up system so that no leads are left on the table. For many property sellers, it can take some time before they warm up to the idea of selling directly. Once they are ready, you may find that you are able to close the deal in less time than you expected! Follow up with every potential seller you meet. You never know… it may be the twelfth time you speak to them before the offer process begins.
Work With A Professional Buyer
When you work with a professional home buyer in Omaha, you’ll be able to get access to the best area deals. You’ll learn about available properties before they hit the market and become available for other investors, locking them up in their portfolios before you are given a chance. Working with a professional home buyer to buy investment real estate in Omaha can save you time and money, and when all is said and done, it is the easiest way to buy investment real estate in Omaha.
When you work with Chenoa Investment, you can leave all of the work to us. We’ll do the research, run the numbers, and analyze the data so you can determine if an investment property is right for you. When competing with other investors for investment property in Omaha, working with Chenoa Investment will give you the edge you need. We can help you find the best properties with the highest ROI without having to worry about the competition.