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The 2018 National Association of Realtors (NAR) Conference was held in Boston from November 2nd-5th. Real Estate professionals from all over the world convened at the Boston Convention & Exhibition Center for a weekend of industry insights, marketing tips, and networking opportunities.
Are you wondering what it takes to be successful in the real estate market? Real estate is one of the oldest forms of wealth-building in the world and is responsible for creating a number of billionaires. If you want to tap into this industry and all the potential it entails, check out these three things you need to know in order to position yourself as a real estate expert.
Note: Technology, social media management, relationship building, marketing, and other skills were not mentioned in this article. These are just a few of the foundational skills you will need to differentiate yourself in the market and become a sought-after expert in the industry. And don’t forget to join professional organizations like NAR that will give you the blueprint for success!
Understand Interest Rates
Real estate is one industry that is highly sensitive to fluctuations in interest rates. Pay attention to what the Federal Reserve Bank is saying about policy on interest rates and how it impacts your position in the market. When asked what is the most dangerous trigger that can impact the housing market, NAR Chief Economist Lawrence Yun responded “interest rates”. Yun also predicts that interest rates will rise in December.
Become Best Friends with a Tax Professional
Tax reform has revamped tax laws for real estate professionals. Mortgage interest deductions, property tax deductions, and state and local tax (SALT) laws aren’t the same. If you have no idea how tax law works and how you can maximize your deductions, find a tax professional as soon as possible. A CPA or knowledgeable tax professional can walk you through the changes in tax law and help you calculate the impact these new laws will have on the amount of money you keep in your pocket. Set aside as much money as you can so you can work with a professional who can save you money. Don’t wait until year end because then you’ll be in a line with hundreds of other professionals who are in dire need of tax advice.
Subscribe to Real Estate Publications
If you want to be ahead of the game in the real estate space, make sure you know how the game is played and what’s going on every step of the way. During a panel discussion hosted by the National Association of Real Estate Editors (NAREE), experts discussed the state of real estate journalism and how it can help you stay on top of the latest industry news. What publications are you subscribed to? Are you on the list for Wealthy Women Daily? We provide female-friendly insights to make investing and shopping for assets as fun as shopping at the mall! Journalists from publications such as The Wall Street Journal, Bloomberg, and Washington Post were there to share their insights on the evolution of news media and what the industry is doing to provide timely, relevant, and valuable information to consumers.
Do you want to unlock more real estate and wealth success tips? Having a game plan for success and access to the right information will help you win in any industry.
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