Successful real estate investors will take action immediately. Consider incorporating the following seven steps into your investment strategy for maximum success.
Action Step # 1: Make More Bids , Probably the biggest of all the steps of the action. The only comment I hear most from new investors I do not receive or find any deals. I usually answer How many offers do you make? Often the answer lies in a single or double two-digit number.
Increase the number of offers you make. Is your real estate agent your team for sending you MLS lists based on the profiles you created? Do you check the newspaper or the Internet for FSBOs? Are you driving through neighborhoods looking for potential properties? These actions should be performed daily with suggestions. You never win from offers that you don’t make. Shoot at the target or 20-30 sentences per week. Do them and do them regularly. If your agent does not want to submit such a number of offers, find another agent.
Action Step # 2: Hone Your Craft , Every day you have to spend time trying to hone your craft. In other words, find out more about what you are doing in the world of real estate investments. There is always someone who does it differently, more efficiently and / or more effectively. For any area of investment that you prefer to spend (for example, wholesale, advice on redemption or rehabilitation), take the time to learn more and more about what you are doing, how to do it, and about various ways to solve it.
One of the areas that I look at in a very regular business, as far as my areas of real estate investing are concerned, is how I can best use technology to hone my craft: How can I get my offers faster using technology? How can I keep in touch with a lot of people with technology? How can I attract more people using technology? How can I better plan my projects using technology? You do not want your business systems to become obsolete or outdated. Instead, become an expert in your investment field. The best investors always continue their education. Continuing education is paramount to continued success.
Action Step 3: Maintain Balance , This applies to us workaholics, whether they are new or veteran investors. It is very easy to start focusing all your efforts on building your business. Your mission is working on your business, creating it, pursuing potential customers, marketing, and so on. largely to the detriment of your home life; or even to the detriment of your working life (if you are still full-time).
I firmly believe that you need to maintain a balance if you are going to remain successful in the long run. The balance should be stuck between your working life, home life, investment life, family life, spiritual life and your personal life (that is, you need time for you and your individual needs: exercise, proper nutrition, etc.). It makes no sense to make a lot of money in real estate if you are not long enough to enjoy it. Plan your days and weeks, keeping in mind the balance.
Eliminate the time spent on life from your life, and use this time to achieve your key goals. For example, I can attribute my current level of business success to my decision to strictly limit the time I spent in front of the TV. Balance is extremely important. If you really want to know how well you are doing while maintaining balance, ask your spouse, family and children. LISTEN and make the necessary adjustments. Success in real estate, to the detriment of your family, is not a success.
Action Step # 4: Join your local investment club or real estate association. , You want to surround yourself with like-minded people. Attempting to do this in a vacuum will be almost fruitless. You will eventually work more intensively, having more obstacles to overcome, and try to become a master of all professions and a master. Surround yourself with other investors; especially those with more experience and knowledge than yourself. They have skill sets, contacts and networks for which you want to be a part. Building a team is one of the fastest ways to grow and move quickly in this business. Most of your team will come from your local real estate investment associations (REIAs).
If you are not familiar with REIA or do not know where it is, I recommend that you go to http://www.nationalreia.com and look for REIA in your state. I hope next to you. If not, decide to install the next time to go to the nearest (mileage - write off taxes) or start independently. It is well worth it.
Action Step # 5: Stay in Your Lane , This is definitely a big problem with new investors. There are more than 10 ways of investing in real estate (for example, wholesale trade, rehabilitation, advice on redemption, etc.). Often, as new investors, we jump out and try to ensure that everything that was discussed at the local REIA meeting in a particular month. If the topic this month is wholesale, we want to be wholesalers. Next month we want to be rehabbers. I would recommend that you find the lane that is best for you. Get some general information about different areas of investment, make your decision and stick to it. Even better, first find out which investment methods may not work well in your location (some methods work better in certain economic conditions than others) and avoid them for now. This is the information you can get from knowledgeable people in your REIA region.
Action Step # 6: Create a website and email address , If you are going to get into the world of real estate investments, treat it like a business. One thing that personally makes me question the seriousness of an investor is when he or she gives me a business card with an email address that ends with @ yahoo.com, @ msn.com, @ gmail.com or other common addresses of this user. There is a place and purpose for the above type of address, but not to represent your business. If I received a business card from two investors in my local REIA, and both provided the same service; one told John.Doe@yahoo.com, and the other told Jane.Doe@foreclosureconsulting.com, I am going to first state my business on a deal with Jane because her email address is a reflection of her serious attitude to her business.
I understand that many investors use @ yahoo.com-type addresses because they do not have the knowledge or skills to create a website, but nowadays there are a lot of tools available for investors who have absolute knowledge of the website or HTML ( self counted in this quantity) to establish a presence on the network. However, during the weekend (without TV), I managed to create the first few pages of my website. To start creating your own website, go to your favorite search engine, search for “website design” and “domain name registration” (to register your domain name).
Action Step 7: Increase Your Marketing , Marketing is the lifeblood of any real estate investor. I constantly tell my fellow investors that if you want to separate yourself from the rest of the package, you must sell yourself and your business. You want to create a marketing presence. Start marketing with your local REIA. Start with a good solid business card. Bear the name tag. Network - let people see and know what you are doing. Think about creating a logo for your business.
If you really had to look at the marketing models of most investors in your local REIA, few have something besides their business card and sometimes a sign of a magnetic machine. You want to get your name. Start a newsletter or email campaign. There are so many inexpensive ways for your marketing campaign to function. Explore technology as a means for more effective marketing. Set the presence. This is what makes people pick up the phone and call you, not someone else. This is what causes the investor to consult with you compared to someone else.
Always, always, always on the market. Pass the flyers in your car and briefcase. Your business card should always be available. You never want to miss the opportunity to put up a flyer at the grocery store or laundry; put a business card in the window of someone or fly out from a flyer in the local home FSBO, where you go to work in the morning. Every step you take in marketing will create a ripple in areas of opportunity.
Include the following seven steps in real estate management in your investment strategy to ensure maximum success:
- Make more offers
- Hone your craft
- Maintaining balance
- Creating a website and business email address
- Stay in your alley
- Increase your marketing
So much for your success in real estate investing!
