Regardless of who you are and how many deals you have closed eventually your business will hit a rut. You may unexpectedly lose a deal, have trouble generating leads and get stuck in a pattern of monotony. As difficult as it may seem on the surface you always have the ability to change things. One of the things that makes real estate investing so great is that there are many different paths to choose. Just because something worked for someone else or has worked for you in the past doesn’t mean it will continue. If you don’t like where your business is, you can turn the wheel and change the course at any time. This isn’t always easy but with the right mindset you can do it. Here are five tips to help change your business on a dime.
- Evaluation. Specifically what in your business are you unhappy about? It is not enough to proclaim that you want to close more deals without getting to the root of the problem. Are you having trouble finding and building valuable contacts? Are you getting deals but having trouble closing them? Do you not like your target market and desire a change? It is important to treat your business a little bit like your body and give it a check up every year. Find out which areas you are strong, and which may need to little tweaking. Self-evaluation is never easy but is one of the most impactful things you can do for your business. The more honest you are about your role in what you want to change the more effective you will be. Once you know the problem areas, the causes and the solutions you are ready to move forward.
- Commitment. Everybody wants to change something about their life. The difference between people that want and people that do is action. How many times have you heard someone proclaim how much they want to lose weight? Perhaps you have been the one saying this. Most people start out like a ball of fire for two, three days, maybe a week and hit a wall. They are not happy with the results or simply don’t want to continue. They throw in the towel and decide to try again in a few weeks. As easy as it sounds if you just commit to action you will reach your goal before you know it. This holds true for anything you want to achieve either in your personal or business life. You need to commit to the change for at least 14 days until you make a decision on moving forward. Anything short of two weeks doesn’t give you a good representation of whether or not your change is effective. Regardless of the outcome for the short term you need to stick with it until your predetermined end date. Commitment to change isn’t something that lasts a day or two. It is something you need to have an all-in mindset with.
- Step out of comfort zone. Change in any aspect of life doesn’t come without action. You can’t simply wish your business was in a better place and hope it magically happens. If you have been in real estate for some time you most likely have a daily routine and a way of doing things. As effective as these may be on the surface, not all your habits will be productive ones. Some of your habits may be sabotaging you without even realizing it. If you desire a change in your business, you should consider trying something outside your comfort zone. Go to a networking meeting, record a video blog or look at properties you wouldn’t normally think of. Change doesn’t mean rearranging the furniture and hoping for the best. It means knocking down walls and changing the room all together.
- Think bottom line. There are many daily actions that are completely unproductive. Your goal in real estate isn’t just to eat up eight hours a day so you feel like you have accomplished something. It is to generate income and make a living. Almost everything you do in business should be focused on improving your bottom line. Even if the action doesn’t directly generate revenue, it should help at some point down the road. By focusing on the bottom line you will change your business for the better. You will work less, be more productive and enjoy the business a whole lot more. Money isn’t the center of the universe, but it is the lifeline of your business.
- Consider a partner. One of the biggest decisions for any real estate investor is whether to go it alone or with a partner. There are pros and cons for each but if you desire a change a partner may be just what you are looking for. Not only can a partner help find and close more deals, they give you a sounding board to bounce ideas off. The day to day interaction can rejuvenate and motivate you to look at the business a bit differently. A partner doesn’t work in every situation but if you have been stuck in the mud it can be the perfect way to give your business new life.
In real estate you can change your business at any time you just need to go out and do it. Don’t be afraid to take a leap of faith and change whatever you desire.