BiggerPockets


Of Failure and Real Estate: Why People Keep Failing in Real Estate Investing

Posted on Monday, October 28

Of Failure and Real Estate: Why People Keep Failing in Real Estate Investing

You’ve taken the time to attend and complete a real estate course. You read books and even solicited the advice of people who are already doing it. You feel, of course, that you’re more than ready to have a good head start in a real estate venture. Why, then, do you keep failing at it?

This is a source of frustration to you, but if you look at your failures in a different light, you may realize that they point to the things that you need to change, things that you need to improve on. Now, let’s look at the factors that may be contributing to your lack of success.

Why Do You Fail

Lack of Persistence

Real estate is like any other worthwhile endeavor. You take the time to study it, you try your hand at it – and fail. Not only once but repeatedly. Just because you’ve exerted effort into it doesn’t mean it will come easy, or that you’ll be earning good profit from it right away. The key here is persistence. How far are you willing to go to succeed? How much are you willing to try again after failing? How badly are you interested in real estate?

Ponder these questions in your head and you’ll likely come up with your mental scale on persistence. If you really want to be successful in real estate investing, then you’re going to have to deal with failures as a matter of course. Learn from them and try again – and again.

Not Allowing Enough Time

Real estate may be a lot of things, but it is not a get rich quick scheme. You cannot venture into it today and expect to take home millions tomorrow. That’s simply not the way it works. Instead, it’s a challenging and rewarding field that promises good returns over a considerable period of time. Ask any number of successful people in real estate and they’ll tell you that their success didn’t happen overnight.

No Consistency

Do you keep jumping from one method to another in your attempts to be successful in real estate investing? That may be the reason why you keep failing. Instead of hopping like a jack rabbit without direction, you can instead choose the method or norm that works best for you, or one you feel you’re most suited for, and stick with it. Do your best to learn all you can about it, and apply that method consistently. Over a period of time, you will gradually see more favorable results.

Lack of Marketing

Ah, this is one factor that causes the failure of any business across any fields: lack of marketing. You may have a great product or service, but if no one knows about it, then it’s pretty much useless. Remember: product or service and marketing should go hand in hand – always. It’s not enough to develop your product; you should always strive to improve your marketing strategies too.

Let’s look at this more closely. Based on the experience of Canada REIC members, there are four major points to focus on: finding sellers, buyers, money partners, and other investors with the same mindset. Honestly, when you’re starting you don’t need to know a lot about things like agreement for sale, lease to own, or wrap mortgages. If you know how to do your marketing well, your business is already off to a good start.

How to Succeed

Create Something New


If you’re the innovative type of person, you may want to leave a blazing trail and flex your creative muscles by creating something new. Since you’re in real estate, you may want to kickstart a project in your community that addresses the need of the residents in it – or you can create a need and market it to the residents. What you will do and how you will do it depends entirely on you. It may be unfamiliar territory, but it’s definitely an exciting challenge.

Use an Existing System and Improve It

If you lean more on the analytical side, this approach may serve you better. Take a real estate system that’s concrete, successful, and notable, and modify it to meet your particular needs and preferences. It’s very likely that whatever system you have your eyes on, you have to make adjustments to it to tailor to the demands of your target market.

Now, ask yourself: what do you plan to do to fail your way to success?


Written by CanadaREIC Founder:

Jarek Bucholc

Canada Real Estate Investors Club
“Run By Investors for Investors”
http://www.canadareic.com/
JOIN US!

http://www.canadareic.com/join-us.html

Call Us @ 403 668 8666 ext 701
Email : [email protected]




Comments

To leave a comment, sign in or create a free account on BiggerPockets today!