Persistence- A Key Element to Success in Real Estate Investing
Persistence is Your Golden Ticket to Success in Real Estate Investment
They often say that real estate is a numbers game. But hundreds of leads, bigger networks, databases of buyers, lenders and sellers, as well as pages and pages of property listings will do absolutely nothing but gather dust without the one absolute key ingredient to success in real estate investing: persistence.
Persistence in action
As a single mother relying on government subsidies to get by, J.K. Rowling had recently suffered through divorce, the loss of her mother to multiple sclerosis, and poverty when she began writing what would become the first book of the Harry Potter series. Rowling took her manuscript to 12 different publishing houses before finding one who would, though somewhat begrudgingly, publish her book. She was advised to get a day job, as the likelihood of her making any money in children’s books was slim.
Despite numerous setbacks and conventional wisdom that seemed to dictate failure, Rowling never gave up, and her persistence paid off in a big way: she is now the second highest paid female entertainer in history, and was the first person to become a billionaire by writing books. This is the power of persistence in action.
Identify your why
Rowling was successful because she knew what she wanted to achieve- to better her and her daughter’s lives- and never let go of that dream. She had found her “why.” What exactly “why” is will be different to each individual. Some may work with the goal of financial independence, some to set a strong example for their children, and some to positively impact as many people as they can. Your first step to real estate success is to identify this for yourself; once you do, and once it clicks, applying it to your work in real estate investing will come naturally. This will be the driving force to help you develop your persistence.
Applying it to real estate
“Perseverance is failing 19 times and succeeding the 20th.” Julie Andrews
You have a wealth of opportunity at your doorstep when it comes to tools to succeed in real estate investment. What you need to find, in order to leverage these tools and use them to their fullest potential, is a system that will work for you. As indicated at the top of this article, real estate, broken down, really is a numbers game. How you put those numbers to use will determine your level of success in the field.
With your “why” and your goals in mind, set forth daily to doggedly work to get there. Make a plan for yourself with weekly goals (like “I will make 75 calls to possible sellers this week”), and endeavor daily to achieve them. Even during those times where no one is answering your calls, or when it seems the only thing you hear back is “no,” remember that the closed mouth never gets fed. It’s up to you to cultivate the persistent attitude that allows you to continue to work until someone answers and you finally hear a “yes.”
Maintain focus and momentum
One of the real tricks to being able to ceaselessly move forward toward your goals in real estate investment is to keep your eye on the “why.” This will allow you to maintain your focus when times get tough. Try to find yourself a mentor who practices this, and model your behavior after their actions. How do they react in the face of failure? How do they learn from these failures and apply the lessons to work toward their success? And finally, how can you do the same? Use the principals of continuous hard work and persistence you see in them and model them in your own life.
Whatever you do, never give up, and never stop working to achieve your dreams. When you make a plan of action, identify your “why,” and apply the power of persistence to your work, your chances of success multiply exponentially.