How to Find Success in Real Estate Investing
As I sat down to pen this article, I really had to ask myself — Pete with all that is going on in our economy; the stock market falling into the tank, gold up over $1800, 10 year bonds with 2.14% yields, actually that’s a good thing — what are you doing writing about consistency and follow-up as the stalwarts of a successful real estate investor, when you should be talking about thriving in a most uncertain economy?
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Well, I am making an assumption that each one of you are paying very close attention to what is happening within our financial markets, determining what the impacts may be on your real estate business and taking the needed actions to position your business accordingly.
You are paying attention to the financial markets… right?
Good. Now lets talk about something more mundane. Something like executing with consistency and following-up with a passion that will put you ahead of ALL of your competitors in this most uncertain economy.
Once again, a discussion with a client and the success he is experiencing as a wholesaler, provides the basis for the following.
Imagine that you were a wholesaler getting started 12 months ago. At the time you knew that you had to become proficient at finding deals from a variety of sources and that you needed to touch many “motivated” sellers to achieve your goal of 3 wholesaled deals a month. That’s right, just three quality deals a month. Who couldn’t do that?
The fact of the matter is that almost all wholesalers and many real estate investors FAIL because they don’t fully grasp the concept of consistency and follow-up in everything they do. Especially when making offers.
Continuing with my client… starting from scratch he commences to build his processes and tracking systems and working them ruthlessly. And after 12 months he is taking down deal after deal – often beating out his competition left and right. To watch this guy in action is like watching poetry in motion.
What’s his secret?
Simple. He is consistent with everything he does. You could almost set your watch to it; and he is religious about his follow-up. No seller can turn down his offers without hearing from him at periodic intervals until that property is bought by another investor or sold to my client.
Here Are a Few Important Tips on How to Find Success in Real Estate Investing
1. Plan your work. Seems so simple? Yet, if you were asked to provide a plan even one well imbedded in your skull could you? If not, how can you expect that you will ever be able to execute consistently when you have to stop to define and consider every action you take.
2. Work your plan. Yes I know, it’s the ultimate cliche! But, assuming you have a plan, and you should, are you ruthlessly executing (yes that includes being brutally consistent) that plan, day-in, day-out? You better be, because that investor who you believe is so LUCKY, sure is!
3. What about your follow-up? Do you look at a deal and decide to pass and then never go back to it. Or most likely you make your offer, it is rejected and you never go back to determine that it actually sold. This one action is what separates the wanna-be’s from the achievers. In fact, this is the action that has allowed my client to take down as many deals as he does — because once the other investors have moved on, he double backs around and picks off easy targets with very little, if any competition.
The question for you is this – are you outperforming your competitors through consistency and follow-up or are you the one getting your behind kicked.
No one can predict what is going to happen with the economy or the housing market, and we all know that this business has many challenges at this time, but I am absolutely certain that if you don’t out perform your competitors by executing consistently and following-up with abandon don’t be surprised with your results.
Best of luck!
Photo: Zachary Korb