Stay Current (Part 6 of 7)
I’ve been at this a relatively short time. About two years. In that time the market has changed. A lot. Staying current has been a challenge. I seem to be speaking in short sentences.
Two years ago we were on the threshold of a Presidential election cycle that was arguably the most galvanizing election in our history. The economy was at a standstill awaiting the outcome from a stagnant 8 year period. Many fingers have been pointed in all directions for the stagnation but everyone agrees it was triggered by the financial collapse of real estate in 2008.
This collapse and subsequent economic long stall created a lot of additional anxiety around the 2016 election cycle. And once the dust settled from the election it proved that in fact the economic sky was not falling and things were actually getting better, rather quickly.
Days on market have plummeted from 2016, investors have flooded the market and prices are on the rise. In some markets these three categories are pre 2008 levels and rising.
The challenge as an investor is being able to adapt to a market that has reversed course in such a remarkably short span of time. This has never happened. Ever.
Staying current in this market is difficult to do through the traditional means of book learning because in large part by the time a book reaches the Amazon warehouse it has been in the works for a year or more. Or pretty much since the economic boom started.
By and far the best education delivery system for staying current is finding an electronic information gateway within your niche. For me, I turn to several podcasts on a regular basis and I supplement that with some Youtube videos when I feel like seeing a face.
The methods for finding off market deals has shifted dramatically in the last 12 months. Guys that have been at this for years are in the process of restructuring their entire marketing scheme to get better returns.
In many ways the real estate market has finally entered the ‘information age’. For decades the MLS has been the gatekeeper for real estate information and transactional data but that has taken a dramatic turn in the last couple of years.
There are a plethora of online resources now available to real estate investors that have opened the floodgates for us to be able to get face to face with potential sellers without the need of the third party.
Each niche is different, but in my area of investing finding deals by reaching out directly to potential sellers has been key in moving me to the next level. Had I not made an effort to stay current I would have already been a small business statistical fail.
So to return to short sentence thinking. Markets change. And Often. Stay current.