Separate yourself from other real estate investors
How do you separate yourself from other real estate investors? By treating your investing as a business by implementing a few important principals. Principals and direction can define your business so consider these four principals.
- “I will not let fear dictate my business.” The single biggest obstacle to success is fear. Fear is around you all the time in almost everything you do. Many investors do not get off the ground because of a fear of failure. They are so scared to be wrong they do not fully commit to the business. Sure, failure is always an option but there is only one way to find out. What you will find is that once you overcome your initial fear, it gets easier along the way. Even when you pass the initial stages of the business, there will be constant challenges you will need to face and step out of your comfort zone. Doing this is never easy but it will be some of the most rewarding feelings you will have in the business. The minute you start controlling your fears you will take charge of your business and start having the success you desire.
- “I am driven by my goals.” We are all motivated by different things. Some investors are motivated by money while others want to be successful for personal reasons. As long as you are motivated by something, what that may be does not really matter. The best investors always have something pushing them to be better every day. In most cases they have a clearly defined set of goals. Do you know what you want out of the real estate business? You may have gotten thrown in the business after leaving your job or only close a few deals a year. Regardless of how you got here or how much volume of deals if you are reading this, you should consider yourself a real estate investor. With that you should take some time to write down your personal and professional goals. Be as specific as you can in terms of net result and time frame. With your goals, attach it to an action plan for how you intend to make it happen. When you get stuck will revert to these goals and use them to push you? You can still close deals without goals but you will not have a long-term business plan.
- “Do most important tasks first.” Your ultimate goal is to close deals and generate revenue. You are not simply looking to take up eight hours a day on busy work that gets you nowhere. There are literally dozens of things you can do daily to enhance and grow your real estate business. Regardless of where you are in your business, you need to balance closing existing deals while generating new ones. With any new task you need to ask yourself just how important it is. How is working on the task going to help bring new deals or close the ones you are dealing with? Sometimes completing a task today may not bear fruit for several weeks. This is just part of working in real estate. However, there are many tasks that can make you feel like you are doing something but you are really just avoiding something difficult. Instead of the busy work, dig in and face the most important, or difficult, tasks first. Everything else does not matter unless the big tasks get done.
- “I will not let setbacks get me down.” Investing in real estate can be trying at times. With increased competition, there are going to be deals that fall through the cracks. These can be especially difficult if you have worked on securing a property for a while. When this happens you hit a fork in your business road. You can either complain and pout or you can learn from it and come back stronger. Those investors who fight through these times are better for it and will ultimately be more successful. Real estate investing can be a lot like being a hitter in the major leagues. To bat a .300 means you get out seven of ten times at bat. A 70% failure rate can be difficult to deal with but you can let those setbacks get you down. As an investor, all it takes is a deal or two to put you back on track. Failure and disappointment is part of the business. You need to be willing to accept it and quickly move on.
Running a business is a mental game of constant emotions and feelings that can impact your daily operations. Controlling these are more important than your ability to quickly break down the numbers on a property. Set your own principals and ideals that will drive your business. Follow these principals and guide your business to set yourself apart from other real estate investors.