Virtual Real Estate Investing – The Future of Real Estate
Virtual real estate opens the door to an online option to continue to run and grow your business during times when in-person connection isn’t available. While this tool is a wonderful solution for these uncertain times, it also works as an excellent strategy any time.
Virtual real estate investing provides a way to invest in real estate deals outside of your local area. With the internet and advanced connectivity options now prevalent, it’s easier than ever to break down the barriers to entry into markets across the country and even the globe.
Virtual real estate investing truly is the future of real estate. Stay on top of trends and growth opportunities. Take the time to understand the changing world of real estate through virtual, or remote, real estate investing. Over the last 10 years, the world shifted more to online business, and this year accelerated the dominance of virtual business.
The real estate industry is also changing due to advances in technology. When we consider the need to stay at home with the availability of technology, virtual real estate becomes the clear solution for uncertain times. Virtual real estate investing is here to stay. The trends and limitations of your local market no longer limit your success. Neither do the ever-changing government regulations and restrictions.
Tools of the Virtual Real Estate Trade
If you’ve been hesitating to learn more about how to make virtual real estate investing work, now is the time to start. The key to success with virtual real estate investing is to have the correct tools in your operation’s toolbox.
Because this is an emerging concept, new tools are available regularly. Stay on top of the industry trends and knowledge to ensure you are accessing the most current information, technology and regulations.
- Video conferencing tools – With tools like Zoom, Google Hangouts and Facetime available, you can make a personal connection from anywhere.
- Online real estate sites – Sites like Zillow offer information and insight into real estate listings and markets around the country.
- Real estate market reports – The National Association of Realtors and many state and local real estate associations offer online market reports.
- Organized administrative process – Establish an organized process to avoid mistakes and manage your real estate investments in an orderly way.
- A solid support team – It’s easy to connect with a variety of contractors and freelancers online to support your real estate investment activities.
- Google Earth – Get a satellite view of properties anywhere with a view available from Google Earth. This lets you know exactly what surrounds a property you are considering.
- Local government websites – Most counties and towns have websites with the local real estate regulations and requirements listed. Many counties also list probate, tax delinquent and foreclosure properties online. Also, check the current shutdowns and essential business listings to determine allowable activities.
- Online real estate investment groups – Specialized online groups allow you to network with real estate industry professionals in other areas. This is a great way to ask questions, build connections to sellers and buyers and find qualified local partners like attorneys, inspectors and lenders.
- Social media and website – Today it’s easier than ever before to market your real estate investing business outside of your local area. Through social media sites and a quality website, you can connect with potential buyers and sellers anywhere.
Make an Educated Investment Decision
As with any business deal, it’s important to take virtual real estate investing seriously. While virtual real estate expands your reach and keeps your business viable, you must also be smart about the types and locations of your real estate investments.
Start with solid research using the vital tools in your toolbox. Also, invest in the right training to deepen your knowledge of real estate investing. With the right tools and knowledge, you can expand your business into untapped markets.
Virtual wholesaling is one of the easiest ways to start with virtual real estate investing. This is because with wholesaling you don’t take possession of the property. Even within your local market, it isn’t always necessary to see the property you are wholesaling. Since you act as a connector between the buyer and the seller, much of the communication takes place over the phone or online anyway.
If you’re ready to explore virtual real estate investing, consider virtual wholesaling first.
Other types of investments also work great through virtual real estate. Both short-term vacation rentals and long-term rentals are a good virtual investment option. In our current situation, these properties may be more readily available. Partner with a local property manager to handle the day-to-day, hands-on operations for the property. Otherwise, you don’t need to be local to make a profit through rental properties.
Probate real estate investments and tax delinquent properties are also a good fit for virtual real estate deals. Whether you plan to flip the property or rent the property, these deals are a great way to expand your reach and find investment properties both inside and outside of your market.
Target the Right Real Estate Markets
This is where it is critical to do your research using local market reports. The greatest benefit to virtual real estate investing is that it gives you access to emerging markets even if your local market isn’t in the best shape.
Seek out markets with low price ranges but predicted growth. Also, look for areas that will rebound more quickly. Oftentimes, rural areas have few real estate investors but may have desirable prices and plentiful investment opportunities. Virtual real estate investing offers you a way to avoid saturated markets.
Another way to stay on top of your investments is to target a few areas and focus on deals within those areas. You can build networks with partners specific to these areas. This also makes it easier to travel and connect with your properties and local partners once that option becomes available.
With the available online tools, it is now easier than ever to locate resources to give you the knowledge and connections you need to find success in diversified areas. With a little hard work and dedication, you can position yourself to maintain your business and grow your profits through virtual real estate investing.
Don’t Get Left Behind – Stay Connected
The hottest trend in real estate investing is virtual real estate. This emerging industry sector isn’t going anywhere. In fact, it’s the future of the real estate investing industry. Start today building your knowledge of virtual real estate.
Connect with an experienced and knowledgeable real estate investing coach. Laura Alamery, Real Estate Investing Mentor, offers a variety of tools to connect you to the information you need to be successful, including blogs, videos, webinars, eBooks, online courses and live events. Sign up today for a discovery call to start on the road to virtual real estate investing.