What you CAN and CANNOT Control in Real Estate

December 04, 2024 • Estimated Reading Time: 3 minutes

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Reduce your investing risk and maximize profit by understanding what you can and cannot control with real estate.

What you cannot control:

  • Pricing - The market determines a range of prices for selling or renting. It is going to be based on a number of realities such as location, size, and pricing of similar properties in the area. You cannot simply choose to charge a higher price. You can control where you are in the pricing range by the quality or unique features of your product. Note: a swimming pool is not a unique feature allowing you to charge more. This is one major expense that has almost no bearing on the final home price.

  • Interest rates - They are a range determined completely by outside factors. And where your buyer will fall in that range is determined by their situation. Unless you are seller financing, this is completely beyond your control.

  • Location - This is the one non-negotiable in real estate.

What you can control:

  • Your offer, including price and/or terms.

  • Your repair decisions (mostly).

  • Your selling terms (mostly).

  • Your selling price (within the market range)

  • Your aggressiveness in price reductions (as needed).

Many of the mistakes made by investors result from failure to mitigate or even consider risks. Knowing what you can control can make all the difference.