This past year, I have been very harsh on real estate gurus with very poor products, along with questionable sales methods. This year its time for real estate investors to have a reality check, and forget about pushing a magic button to make millions. It’s time to get down to work.
Did I say a dirty word, “work”? It’s true, real estate investing is a business like anything else and you must apply the same rules to success.
I want to pass on a few of the key habits that have helped me increase the amount of deals I do, which in turn has allowed me to accelerate my income.
Spend Your Educational Budget Wisely
One should invest in education, BUT that does not mean you have to buy every new course that comes down the road. If you’re just starting out, it can be overwhelming with all the available ways to make money in real estate. Blowing your money on unnecessary courses, isn’t smart. Only buy what you are going to use now. The majority of your results are going to come from focusing on one method.
It’s your job to identify the best ways to make money with the time, and skill set you have that in return will provide the best/most returns, and to reinvest your time and money there to scale.
Once you start making good money, that’s not the time to buy the next course, or a new laptop when your existing one is working just fine, or going on a vacation.
Your companies money isn’t your money, remember that. You should be re-investing in marketing, outsourcing to work faster and more effectively, and software ONLY if needed.
Now I’m not saying educating yourself isn’t important, but understand there is only so much new stuff to learn. The majority of your day should be spent on marketing, building lists and making offers..
Enjoy your money, sure, but do you really need that new car or new house just yet?
Key Habit #1: Focus
Some will disagree with me here, but I think the whole “multiple streams of income” thing is one of the main reasons most fail in their real estate business. I’m not against it entirely, but I feel in the beginning, people just don’t go deep enough in one area, and thus, never get anywhere.
You’ve heard me say this before, but the best of the best usually focus on one thing and do it well. Don’t spread yourself thin. There are exceptions to these rules but the majority of other successful investors I’ve spoken with share these beliefs.
Be a sniper rifle, not a shot gun.
Key Habit #2: Building Lists
So much has been said about this so I don’t want to be repetitive. It requires patience and discipline to build lists and not just go for the kill. Keep in mind, you have a better chance of selling to someone if you can get them to commit to an opt-in or some kind of action on your site.
You want to build at least four types of list.
3. Rent to Own
You have more opportunities to market to them, and with a variety of services/offers if you want.
Key Habit #3: Get Rid of Negative Influences in Your Life
This is more a lifestyle thing but it’s extremely important. It’s very difficult to work with a clear mind amongst the challenges that running an online business can present, when you have negative people bombarding you with their issues daily.
I speak from experience on this. It can be draining. Associating with people that complain constantly about their money problems, health problems, dog problems, or whatever, can eventually drag you down with them.
Making money in real estate investing, can be challenging and requires you to take intelligent risks. The last thing you need is someone telling you you’re going to screw up, or to get a real job, or whatever their daily hang up is.
Key Habit #4: Make offers every week.
If you are not going to make offers, you will not get a check. You must get in the habit of at least making 5 – 10 offers every week. That is what real estate investing is about. So many investors get into the business and never make an offer, than they blame their failure on their market, their course, the guru who sold them, etc.
If you are marketing, you will get leads. Once you have a lead, you must WORK the deal. Then you make an offer. I believe everyone can make one offer a day.
Key Habit #5: Get Comfortable Outsourcing
It’s not cool to work 16 hours a day. I’ve done it. If you are actually working and implementing this much, hopefully you’re making some money and chances are there are some tasks you can unload on others.
Your mind and time should be free’d up for strategy, offers presentation, and marketing. There are only two things YOU need to do to be a success in real estate, marketing and making offers. Anything and everything that does not create revenue for you directly .. outsource it.
A good virtual assistant in the Philippines, is only going to cost you three dollars per hour. Start by hiring a VA for 2 hours a day. Thats the price of a venti cappuccino. By giving up a cup of coffee a day , to make 10k faster on a deal is certainly worth it in my opinion.
I wish for you a very prosperous new year. You can do it! Just take action, focus and do your role as a company CEO, marketing, and making offers and I know you will be a success this year.