This section is from the book "Practical Real Estate Methods For Broker, Operator & Owner", by Thirty Experts. Also available from Amazon: Practical Real Estate Methods for Broker, Operator, Owner.
Robert E. Simon
The real estate operator, at one time, was a drone in the community. He was really a real estate speculator, would buy to sell at a profit, but would do nothing himself to create increased value. To-day, realty operating is a profession, and the speculative side is very unimportant.
There are as many specialists among real estate operators as there are classes of property; in addition, there are those who deal in all classes of real estate.
The essentials for successful dealing in real estate are foresight and imagination, a reputation for honesty and square dealing; a thorough knowledge of the growth and development of the city, of the requirements and peculiarities of its people, and of its various centers; and last, but not least, capital. I put capital last because, with the other requirements developed, it is very easy to get capital in a big city. There are always a large number of people with idle capital to back the opinion of an expert. Many of our most successful real estate operators of to-day made their beginning in just this way, receiving a share of the profits for investing the money of others.