Stay Focused In Your Real Estate Investment Business
Staying on Track in the Real Estate Investment Game
Every business requires focus and commitment to be successful, and real estate is no different. However, real estate investors are particularly vulnerable to getting sidetracked. After all, they’re go-getters by nature, and their job is to chase the next big deal. In such a fast-paced business, with so many avenues and possibilities to explore, it is hard not to have your head turned by attractive new projects, ideas, or interesting markets. Here are some of my tips staying focused through those moments when you’re almost sure the grass is greener somewhere else.
Consider your current commitments
Giving in to the allure of newer and seemingly better or more exciting prospects can have a hidden cost when it comes your current projects and clients. It is important to carefully consider whether you can handle a new project, while still providing those you’re already committed to the care and attention they deserve. Or, consideration should be given to whether it would be worth it to give up those commitments to pursue something new.
Review your long-term goals
Look at all new prospects through the lens of your long-term business goals. Think about whether pursuing any new avenue would bring you closer to those goals, or take you in a different direction. If it would pull you away from your ultimate goals, it may be wisest to leave it by the wayside. However, if you’ve stumbled on something you love and are passionate about, it may be time to revise your ultimate goals to incorporate your new ventures.
Stick with your strengths
You have certain natural strengths, and you’ve developed others along the way. You likely also have a preference and inclination for certain types of investing. It’s one thing to risk going a bit out of your comfort zone in hopes of a reward. It’s another to end up committed to something that you don’t feel confident or happy doing. Before you jump into a promising endeavor, ask yourself: is this something you’d love to do because it truly interests you, or just because it’s profitable? Does it really play to your strengths, or can you imagine yourself struggling with some aspects of it? If it doesn’t suit your strengths, are you willing and able to put time and effort into learning new skills?
Do your homework
I never recommend jumping into a new prospect without doing careful research. It’s so important to know what you’re getting into, and whether it’s a safe or wise bet. Do some digging to find out if the opportunity you’re eyeing is really as profitable as it seems and how much work it will truly require, so that you’ll have a better sense of whether it actually fits into your budgetary and time constraints, and whether you’re comfortable with the risk involved. One of the best ways to research? Talk to someone who’s been down the road you’re eyeing; look especially to those who’ve seen success. Ask about the pitfalls, potential rewards, and struggles they faced; then, take their wisdom to heart.