What do you do when you suspect the grass really is greener in another market?
In this episode, we field (sorry, couldn’t help it…and more to come) a question from a loyal listener in a far off market who’s considering making a move and wants to know how.
Chewing the grass in the podcast pasture for this edition of The Real Estate Guys™ radio show:
- Steering the conversation, host Robert Helms
- Shooting the bull, co-host Russell Gray
It’s one thing to study a market from afar and quite another to actually make the move.
But once you suspect the market(s) you’re in may not be the best market for you, it’s time to explore options.
Before you pack your bags for a road trip to wherever, the first place to go is inside your own heart and mind. This is a preemptive exercise to make sure you don’t jump from the frying pan into the fire.
We’ve found a great rule of thumb to avoid bad moves is to focus on moving toward something positive instead of running away from something negative.
It seems simple, but often by the time the pain of your present circumstance appears, you’re near the end of your pain threshold….so you’re ready to run away to ANYWHERE that isn’t here.
But if you’re brain (conscious mind) is paying attention to your heart (sub-conscious feelings), you’ll get signs far enough in advance to investigate before panic sets in.
So your most POWERFUL TOOL is the question…why?
Barrage yourself with the question why until you peel back the layers of your psyche far enough to find the REAL reason why you FEEL you
want NEED to make a change.
NOW you can start looking for markets, properties and business models that will truly satisfy the need you’ve uncovered.
With that firmly in hand, you can establish a criteria of what you’re looking for. It’s a checklist you’ll measure opportunities against and the more checks, the more likely the new market will make you happier.
BUT…be sure to put your CURRENT market, properties and business model through the same checklist. You might find that with just some minor adjustments, you can make it work right where you’re at.
Assuming your current situation can’t meet your need…or isn’t worth the effort to get it there…you begin evaluating new opportunities.
Obviously, the internet is a GREAT tool for doing preliminary research. You can watch the news for signs of the kind of activity you’re looking for (migration, employment, development, leadership, etc.).
Purveyors of properties in any given market can be a valuable source of information, HOWEVER…remember, the primary motivation of property sellers is to sell you a property.
There’s nothing wrong with that. After all, you WANT to own more property…BUT you want to own the RIGHT property for the right reasons. So always look for independent 3rd party collaboration for critical facts.
Once you think a market looks good to you, look for ways to connect with people who are established there.
Sure, you can just jump on a plane and fly to an unknown market and start knocking doors…that will work. But you’ll spend WAY more time and money than necessary compared to strategically working through established networks.
That’s one reason we travel all the time to capture interviews instead of take the cheap and easy route of just doing call-in interviews. When we can get face to face with someone, we build a stronger bond, we have all kinds of relationship building off-mic interaction (usually over a beer!), and we can see the market with our own eyes.
But MOST of all, when you bond with one player in a market, you can get quickly introduced to many others. This is HUGE.
Our market field trips are designed to create this kind of shortcut experience for listeners who are interested in the markets we visit.
Another of our favorite ways to get connected to a new market is to fly in and attend regional seminars, conventions, expos and networking events.
In a day or so…sometimes just an evening…you can can get all kinds of market data, meet people you can start relationships with, hear all kinds of anecdotal stories, and find sources of deals and services you’ll need if you decide to move some or all of your investing focus there.
Note: Remember…YOU don’t have to move there…just your money. You can “Live where you want to live, but invest where the numbers make sense.”
The bottom line is this is a RELATIONSHIP business. So get to know YOU first. Then go to a market and make like-minded friends and before long, you’ll get a “feel” for the market, you’ll be in the deal flow, and one day you’ll wake up and feel right at home…no matter where you call home base.
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