CBCNews published an article yesterday entitled: “Edmonton unprepared for coming real-estate crash, author says”. It talked about an Edmonton-based portfolio manager predicting a market crash in the city and recommending that Edmontonians rent rather than own.
This world does not run out of doomsayers, there’s always one in the corner waiting to predict the next end of the world schedule.
Since the talk of the town is on the possible housing crash, we at Team Leading Edge thought of going against the tide and compiled the top errors that Edmontonians should avoid if and when they decide to invest in the real estate industry.
1. DON’T ENTER FOR AMUSEMENT
If you’re investing in the Edmonton real estate industry just for the hell of it, then you’re going to have a really bad time.
Venturing in this industry is not child’s play; you should take it as a genuine business with all the obligations and responsibilities attached.
2. LACKING KNOWLEDGE
You should not be over confident that you already know everything. There is a constant development in the industry. Changes occur in Edmonton laws, regulations, taxes and marketing strategies all the time. As an investor, you need to know the latest news in these fields. Bragging that you already know this and that is just BS talk. Take your time to read and listen to industry experts.
A good example of this is the up coming First Time Edmonton Seminar.
3. TECHNOLOGICALLY ILLITERATE
Continuing on the topic of change, innovations in technology is happening at a very fast pace. You have to avoid being stuck with old tech. Stop the “you cant teach old dogs new tricks BS”, you’re not a dog and you certainly don’t think like one.
The industry is now shifting to paperless transaction, adapting to changes like these will make your investment activities faster and much more efficient.
Homes are also becoming smarter, if you’re going to invest heavily in the Edmonton rental market, its best that you know the latest tools and gadgets for your property.
Here’s an article we published about smart homes: SMART EDMONTON HOMES PART-2
4. NOT WORKING WITH REALTORS
This should be the biggest error that any and all Edmonton investors should avoid. You might be an expert in stock trading or surgeon or one of the top accountants or lawyers in the city but when it comes to Edmonton real estate, this realm is still the territory of Edmonton Realtors.
They live and breathe real estate. Realtors have the knowledge, experience, connections, tools and network to find the best real estate investments at the best price.
Avoid these errors and you’ll be on your way to success.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
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