The Edmonton real estate market is abundant with properties that would provide attractive returns to any investors who know how to get it. In our Edmonton Real Estate Market Weekly Update: June 12 - 19, 2015, we reported that “Average Listing Price took a slump going down -2.54 to $481,063 while Average Sales Price also took a downturn, ending at $438,025.”
You should take this as a cue to start investing in Edmonton investment properties while prices are low.
For a list of all Homes For Sale in Edmonton, visit our Edmonton MLS Listings page.
Okay, while we’re optimistic about the overall real estate market, we’ve decided to make a list today detailing the mistakes most Edmonton real estate investors make.
Avoid these and you’ll be on your way to financial success!
POOR RISK MANAGEMENT. This usually ends in bankruptcy filings. Investors that do not do their due diligence before buying real estate investments is almost always headed to failure. Do your research and learn the potential risks that a property poses and know how to navigate them.
INADEQUATE REAL ESTATE LEGAL KNOWLEDGE. Real estate involves legal terminologies that only experts in the field can interpret-correctly. First time investors most of the times tend to rely on their “Google-search” knowledge skill that they ultimately run blind in this business venture. Lawyers are there for a reason. When it comes to drawing up contracts, make sure to seek the help and assistance of an expert.
INSUFFICIENT REAL ESTATE EXPERIENCE. There’s always a first time for everything, but while it’s praise-worthy to proclaim that you’d like to learn and make it on your own, this line of thinking-when applied to real estate investment is one of the most irresponsible thing to do.
Don’t jump the gun, gain knowledge from your researches and when available, ask for the guidance of a mentor. Experienced Realtors, family friends and acquaintances can be a great source of information about certain aspects of the venture.
WEAK RENTAL MANAGEMENT. While your end game might be to sell the property for a profit, this may take longer than expected. Depending on the economic environment, the alternative to selling is having the property rented out. PASSIVE INCOME EVERY MONTH. Marketing and communications skills is important on this part of the business. Learn how to excel in the rental game.
FSBO. Just no. If you think you can save money by selling on your own, think again. We at Team Leading Edge have discussed the negative effects of FSBO. You can check it out here:
There is tons of potential money to be earned in this venture and most of the billionaires around the world uses real estate to increase their net worth so real estate is definitely one of the best ways to be wealthy. But as you can see, there are several obstacles that you need to overcome if you want to have a truly successful career in real estate investing.
Just learn how to over these obstacles and you can guarantee your success in the future.
Subscribe and get the daily news, updates and latest trends in Edmonton real estate.