With the shift in the real estate tide coming in, hordes are flocking to invest, buy, and venture into the world of speculation.
However, for anyone that’s been in real estate the last 5 years, there’s certainly been times where I’m sure the thought has crept in…”should I get out of this business, at least for awhile?” The difficulty in financing, the fallout of pricing, and general malaise towards the industry deterred most from considering real estate as a profession.
Now with prices rising once again, there still is a undertow of confusion towards purchasing. Are prices going far too high? Are profit margins all but gone? Will all the competition make my marketing efforts meaningless?
But, this blog post actually isn’t going to focus just on the economics of when to get out of real estate; rather, when’s a good time for YOU to get out of the business.
#1) The Thrill is Gone
When the excitement has left, apathy sets in, and bad decisions get made. Or, not much gets done at all. Which will feed into the self-fulfilling prophecy that real estate isn’t profitable and is a waste of time.
Given, anyone that’s spend a lot of time in a high-stress high-stakes career tends to wane in their enthusiasm from time to time. After all, no pain no gain right?
But, at some point you’ve hopefully reached your financial goals, can retire a multimillionaire, and either hire out staff to take over the tasks that drive you insane, or retire altogether.
But, if you are starting to disdain what you do, have given it a go, and it’s simply not for you anymore, it’s a good time to bow out.
#2) The Bottom is Dropping Out
During the downturn, much of the concern from the investors standpoint (both …read more