Everybody wants to be successful. You don’t get started in a business without visualizing success. However, taking the leap to actually doing it is often a different story.
Investing in real estate can be a funny thing. There is no exact blueprint or guide for success. You can struggle for months generating leads then out of the blue secure two deals in a week. As simple as it sounds, the key to real estate investing is persistence. If you are willing to commit to your vision, whatever that may be, you will eventually break through. When that happens, you will look back on former business and wonder what you were thinking. Here are five steps to increased success in your real estate business.
- Write down what you want. Investing in real estate means different things to different investors. Some prefer closing a deal or two a year while retaining their full-time employment. Some only look for long term buy and hold rental opportunities in certain markets. Some use real estate for full time income and want to fix and flip everything that makes financial sense. To get the most out of your business, you should clearly define the path you want to take. This can change over the years, but you should know what you want from real estate. It is when you start dabbling with multiple markets, partners and property types that you usually run into trouble. As archaic as is sounds, writing down your vision and goals helps you achieve the desired result. You will be much more streamlined in your focus and ignore all the outside interference. If you don’t know what you want from real estate, you will shift from idea to idea without every settling on anything.
- Plan your action. It is easy to say that once you know what you want the next step is going out and getting it. There are few better motivators out there than money. Even if finances aren’t your sole motivator you can bet it is on the short list. Because of that taking action usually isn’t the problem. The issue is taking the right action that produces results. You need to take time to study everything about your business. You need to know the right steps to take in your desired niche. There is a difference in buying a rental property and buying a rehab. Dealing with tenants is different than dealing with lenders. Taking the wrong action or action that doesn’t produce results is extremely frustrating and time consuming. You will slowly get beaten down by the process and it is human nature to stop wanting to bang your head against a wall. On the flipside, if you know what you should do the action is the easy part. You will be motivated by your results and constantly strive to do more.
- Commit. There is a difference in taking action and fully committing to it. Anyone can be motivated to act in short spurts. It is when you face rejection a few times or things don’t go your way will you be put to the test. The reality of the real estate business is that you will fail much more than you will succeed, especially in the early stages. It is how you respond to these failures that will define your business. You need to fully commit to your vision, regardless of these failures. If you love a marketing idea, don’t stop because of one negative round of mailings. If you are interested in a property, don’t stop because the seller initially told you no. If there is a business contact you are interested in working with, put the extra effort into making sure the accept your meeting and being prepared when they do. It is simplistic to say that those investors who work the hardest are typically the most successful, but it is true.
- Assess your results. The definition of insanity is doing the same thing over and expecting different results. Without taking a step back and assessing your actions and results you are bound to make the same mistakes again. As much as it stings, there is value in losing a deal or having a situation not go your way. If you can learn from it, you will be stronger in the long run. You should keep a running tally of everything you do. Every offer you make, mailing you send, or Facebook ad campaign should be tracked and reviewed. Sometimes just a subtle tweak in how you do things can open the floodgates and give you the success you have been looking for.
- Don’t give up. Do you know how long it takes to become an overnight success? There are countless stories of actors, business people and writers who struggled for years, before breaking through. By not giving up they eventually realized their dreams. Real estate investing requires you to make sacrifices you didn’t think you had to. You need to go to the after-hours investment meetings and make the rounds of open houses on a Sunday. You need to be constantly thinking of ways to market yourself and your business, without getting frustrated and giving up. Giving up will certainly cross your mind, but you should think about why you got started in the business in the first place. If you commit to giving your all, without stopping, for one year straight you will see a dramatic difference in your production.
There is business to be had in real estate. Use these five tips to either increase your current production or help get a new endeavor off the ground.