What it takes to be successful in real estate investing
Real estate investment, much like any other business venture, requires much persistence in order to see success. Though many may initially go into the field with the hope of a quick and easy return, they soon find that those who see the most success likewise put in the most work. Keep your nose to the grindstone using these seven tips, and set yourself up for real estate investment success.
Create a plan
Any good venture starts with a solid plan. Investing in real estate is a business, like anything else, and needs to be treated as such. Write yourself a business plan that features both short and long term goals and that will allow you to move forward in an organized, focused manner. Refer to it often to ensure that you’re on track to reach your goals.
Find a niche; then, find another
The real estate market is a huge entity, spanning from residential to commercial to industrial, with hundreds of property types between. As you begin to formulate your plan for success, take some time to really delve deep into research in the various markets that you may like to pursue. Figure out a niche in which to focus your energies, and work to own that specialty inside and out. Once you’ve mastered one, you can take the same methodology and use it to learn others.
Be an eternal student
Your field of expertise is real estate, and you need to stay appraised of the ever changing laws and regulations that go along with that. It is equally as important to stay up-to-date on market trends. Failure to do so will cause you to fall behind, putting any momentum you may have built in jeopardy. Always make the time for continuing your education. Watch webinars. Hire a coach. Read blogs and listen to podcast; there is a surplus of information and assistance out there, so take advantage of it!
In addition to continually learning, continually networking is as equally vital a task. Your network should not only be filled with peers, but with those who may help to mentor you in different aspects of your undertaking, even if they are not involved in real estate themselves. With a good network, you’ll have a support system in place with whom you can partner and learn from.
Always follow up
Undeniably, one of the most important tenants of what makes a successful real estate investor is the ability to follow up. Closed deals don’t just materialize during the initial contact; they can take three, four, or even more calls and meetings before they happen. Set yourself up with a program that works for you (whether with an app or on your calendar) and perform a specific number of follow ups daily.
The best plans, most extensive network, the greatest systems, and biggest knowledge base in the world won’t do anything but sit there if you don’t use them. While it can be scary to put yourself out there at first, become comfortable with the fact that you’ll have to, and take action. Revisit your plan daily to see where you stand and what steps you’ll need to take next.
Never give up
Your work investing in real estate will undoubtedly be filled with highs and lows. One day you may be closing an important deal, while the next week sees no one who will answer your calls. Keep at it. Treat each failure as a lesson, and each slump as an opportunity to focus on how you can further your knowledge. Work daily toward your goals, and you’ll soon see accomplishment will outweigh setbacks.