Startups are popping up at an alarming rate and the real estate industry is an incredibly popular choice for entrepreneurs as we enter a new housing boom. But is your business idea legitimate?
Trulia recently announced their acquisition of Market Leader (owner of RealEstate.com) for a tasty $355 million. Subsequently, home builders have been reporting incredible increases in orders, revenues and profits. However, the real estate industry can be complex for newbies and there are many laws to navigate.
Airbnb.com has undoubtedly been one of the most famous real estate startups of the last few years and has enjoyed incredible success. However, its services have also now been deemed illegal in New York, where they are said to be in violation of local codes. Their alleged transgressions have already resulted in one user being fined $2,400.
So while you might want to launch several real estate startups and recognize the huge potential in the real estate field, how can you ensure you don’t spend an obscene amount of resources on an illegitimate service? First, there are several things you need to know about real estate startups.
A good place to start is by building on your real estate education. Make sure you get a handle on the local laws in all jurisdictions you plan on doing business in. Consult an attorney or real estate attorneys to make sure you have someone that believes they can defend you. Before you launch, take your business plan to a real estate business coach that can provide insight, feedback and perhaps help you tweak it to make it even better.
For those contemplating startups in the tech industry, it is crucial to know your market, do thorough research, be truly different, and have great content.
However, you may also consider whether launching a completely new business that is unproven is the best path.
There are proven real estate investing systems that you can tap into right away to eliminate risk and get on the fast track to reeling in revenues.
