Don’t Let Instagram Kill Your Strategy: Tips to Harness the Good From Social Media
Instagram is a great platform to create a community, connect with other real estate investors, learn new tips, and get inspired about ways to build your business. But it’s also a platform that may increase self-doubt, make you feel like you are missing out, and distract you from your strategy.
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Knowing how to harness the power of social media platforms can make a positive impact on your mindset and your investing business. Here are some areas to watch for and tips to use social media to strengthen your strategy.
Flashing Checks vs. Solving Problems
Strategy Killer: Investors promoting self-gratification by flashing pictures of their checks.
I know you have seen it—those pictures of investors showing off their checks, cars, or expensive watches after closing a deal to promote the quick money they earned through wholesaling or flipping a property. Their intent is to prove that you can generate money through hustling and hard work. But this message misses the greater value you bring to others through your investing.
Strategy Booster: Investors focusing on how they are solving people’s problems.
Those focused on solving the problems of homeowners in trouble highlight the real purpose of buying distressed property. I love seeing these posts, because they show the ways in which everyone involved is benefitting.
To these investors, it is about more than just making money. This message helps to reinforce the good side of investing. The more you focus on this strategy, the more value you will generate.
Cutting Corners vs. Committing to Quality
Strategy Killer: Rehabbers showing questionable renovations.
Maybe the work is good enough to go unnoticed during the sales process, but the quality is low and won’t last for the new owner. Even if the low quality isn’t intended, some focus too heavily on saving money and not hiring professionals when they should.
Don’t get lured into taking on projects you aren’t skilled at just to cut costs. Remember that this is a home others will live in. While your return is important, so is the impact you can make on others through the property.
Strategy Booster: Rehabbers promoting quality construction and use of skilled tradesmen.
I love posts showing the contributions and work of skilled tradesmen. It illustrates that investors are willing to spend money appropriately to deliver a quality product. It also supports the larger construction industry and frees up the investor to scale their business. Pick up tips from these investors, noting what they do themselves and what they hire someone else to do.
Illusion of Perfection vs. Challenges of Reality
Strategy Killer: Investors only showing the stuff that went right and glossing over the details.
It is intimidating to see others land deals over and over. You are probably wondering how they are getting the money, selling for a profit, or finding quality tenants. Their business looks like it has endless growth with no setbacks.
Be cautious of mindlessly following someone else’s strategy from what you see on social media. You may not know that they went bankrupt their first time around. You might not see that they can’t sell the finished property, and their holding costs are draining their accounts. They may not be telling you that their amazing BRRRR property is in a terrible neighborhood, and they can’t find decent tenants.
Strategy Booster: Investors highlighting how they are maximizing return while making mistakes.
Finding investors who share more details of their experienceâand do so honestlyâwill help you realize what mistakes others are making. Did they forget a major expense? Pick the wrong contractor? Have issues with the lender? This insight will help you adjust your strategy and inform you about what to watch out for as you are building your portfolio.
Follow the social media accounts of those who boost your strategy, expand your mind, and promote ethical investing. Stay clear of those showing questionable quality, promoting bad behaviors, and inhibiting you from learning how to become a better investor. Above all, block out the noise and stay anchored to your vision and strategy.
What are other strategy boosters you “double tap” on Instagram?
Let me know in a comment below.