Tom Ferry’s Top Real Estate Tips
If you're interested in learning about Tom Ferry's real estate strategies, here are some of his top tips.
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Top Real Estate Tips by Tom Ferry
There are a number of successful real estate investors and agents out there who love to share the wisdom behind their success. And for those who have yet to make it in real estate, listening to tips and advice from these real estate gurus can be extremely helpful. Tom Ferry is one of those investors who have made a name for himself in the real estate business. Luckily for you has decided to share his top tips for making it big in real estate. So, who exactly is Tom Ferry, and what are his top real estate tips?
Who is Tom Ferry and what is he known for?
If you want to find out the most about Tom Ferry, it would be best to start by visiting his personal website. Tom Ferry is more than a real estate guru. He is the number one ranked real estate investor by Swanepoel Power 200 and has written a number of best-selling books on how to make it big in real estate. Tom has his own company (Ferry International) and has dedicated his life to educating and coaching others to have even a fraction of the success that he has realized while investing in real estate.
Tom Ferry was not born with real estate success. He started out rough – he was broke and living on the streets as a teenager. He had to start from the bottom to get to where he is now. Through some clever investments, he managed to build himself to a net worth of over $20 million. Tom Ferry understands what it is like to start from nothing, so he is very relatable when he offers his real estate advice. A lot of Tom Ferry’s advice centers around those wanting to be real estate agents. While not everyone wanting to invest will want to become an agent, these tips are also relevant for everyone in real estate, no matter what type of investment strategy they choose.
So, what are the top tips that Tom Ferry suggests for those wanting to enter and make it big in real estate?
Tip 1. Real estate is not a hobby
Some people may view investing in real estate to be more of a side hustle than a full-time job. However, on his website Tom Ferry insists that in order to be truly successful in real estate, it needs to be more than a hobby. While a career in real estate is beneficial because it is flexible, if you want to be serious about it, it needs to be given the same amount of time and effort as you would put into a career or full-time job. Real estate takes time to properly build and understand. Only when you properly understand the nature of the real estate game, will you start to see the returns that you are looking for.
In fact, not paying enough attention to your real estate ventures can be one way to guarantee failure. Investing in real estate can end up being expensive, and many people have the bulk of their savings tied in their investments. So, it makes sense that these investments deserve your time and energy to effectively manage and maintain. This way you can ensure that your assets will keep working for you positively.
Tip 2. Have a solid plan
Tom Ferry’s second tip for real estate is related to the first tip of real estate not being a hobby. You need to have a plan. Do not start investing aimlessly, throwing money around at any investment opportunity that comes your way. In Inman, Tom Ferry talks about creating a solid business plan before you get started. This way you will know what your final intentions and goals are. This is important so you can easily recognize whether a potential investment will be helping you meet your goals, or whether it is something best left alone.
Having smaller, measurable goals can also really help to build confidence, and after a while you will begin to recognize what does and does not work. Then you can adjust your investment plans and start seeing more and more success.
Tip 3. Play to your strengths
Nobody knows you better than you know yourself. No one person can tell you what your best investment strategy would be. What would work best and be profitable for one person, could end up being a disaster for you. So, Tom Ferry says to play to your strengths and stick to what you know. There is no shame in only investing in one type of real estate repeatedly. No one is judging you expert for yourself.
If you decide that you are best as a rental property owner, then that is what you should concentrate on. It is better to own 10 rental properties and have them all be a success than to branch out into different types of investments that all end up being expensive failures. If flipping houses is where you feel most at home, then there is no reason why you cannot build a successful career in purely flipping homes. Learn as much as you can about the areas of real estate that you think you will excel at and focus on that and you will have much higher chances of success.
Tom Ferry is so much more than a successful real estate investor and real estate agent. He really understands exactly what it takes to be successful in real estate, and he knows what does and what does not work. So, if you are wanting to get into real estate, whether it be as an investor or as an agent, then you should pay attention to these tips. These tips are in no way a guarantee of success, but by spending some time and thinking about your investment strategy, you will certainly increase your chances of having even a fraction of the success that Tom himself has.
Charles is the founder of infoSpike.com. He enjoys real estate investing, marketing, and personal finance. Read more about Charles here.