Ways to Boost Your Real Estate Portfolio
What is a Real Estate Portfolio?
A real estate portfolio is a compilation of all of a person’s investments in properties. The properties are not just limited to houses but can include apartments, duplexes/quadruplexes, hotels, and even land. This portfolio can belong to an individual or a group.
It includes things like the address of the property, along with a description. A good real estate portfolio also has pictures of the property, as well as its location on a map. Other information listed can be work that was done on the property, how long each project took, purchase price, project costs, fixed costs, and the total cost of the investment itself.
Ways to Expand Your Portfolio
Social Media
Billions of people use social media every day, and you can use social media for just about anything— including expanding your investment portfolio. With the technological advances, we have these days, there are plenty of ways to expand and showcase your portfolio.
With many professionals using social media in today’s global society, you’re likely to find professional and experienced realtors posting properties on their social media business pages. Some people cut out using realtors all together and rent their properties using e-commerce sites. Even Facebook has a section dedicated to property rentals under Marketplace.
Diversify Your Portfolio
With seemingly spontaneous fluctuations in the real estate market, diversifying your real estate portfolio can help protect you from losing money in case of a housing market crash.
Rental Properties
Airbnb rentals are becoming a very popular way that people book living spaces for vacations. Do you own a property that you could potentially rent to others? A short-term rental definitely diversifies your real estate portfolio. Even if you don’t own one, you could buy an Airbnb investment property.
Land
One of the benefits of buying land instead of more properties is that you can develop construction. You can work with architects and construction companies to build whatever type of property you want. You also have the option to not build anything, as the land has the potential to gain more value over time.
Also, investing in properties in different locations is beneficial because the housing market may be better in some locations than others.
Stay Educated on Real Estate Information
There are some people who obtain their real estate license but have no desire to become a real estate agent. Their reason for doing so is because they want to know everything there is to know about the real estate industry, for their own benefit.
Now, you don’t necessarily have to go out and obtain a real estate license, but there are other helpful resources out there. This ties back to social media— following prominent realtors in your area on social media and reputable real estate blogs can be helpful as well. The more knowledgeable you are, the more you will be able to expand your portfolio.
Hire Help
This could be hiring a property manager to help with your rental properties (which is essential if you have multiple properties), or you could even build a team of real estate investors. With a team, you’re more likely to have input from different backgrounds and perspectives, and you’re more likely to be able to go after more investment opportunities. Remember that you want to hire professionals; after all, this is a business.
Conclusion
Pretty much all of the ways you can use to expand your portfolio can be linked back to social media, as it connects you to the world. Nowadays you can learn so much from blogs and connecting to professionals in the industry, as well as advertise for help with managing your portfolio.
If you are serious about expanding your real estate investment portfolio, then don’t underestimate the power of using modern methods. Today, you can do so much more on social media than you could since it began.
This article has been published in accordance with Socialnomics’ disclosure policy.
