Two of the goals of this website and the investor-authors that contribute here are to provide you with real world topics and ideas that will improve your investing knowledge and businesses. That is my hope with this post.
Investing in real estate takes determination, a plan, dedication, and daily action. (Tweet This!)
While you do not have complete control over the deals you create or do not create you do have more power and influence than you may realize.
Currently while reading a book titled, The Compound Effect, I am reminded that some principles remain the same throughout life and business. In short, actions taken daily and repeated daily have a way of adding up to massive results in a month or year’s time. Some examples of actions that can be taken daily in your real estate investing business are shown below. Please keep in mind this is only a short list of the many action steps that may be required for a profitable and long-term real estate business.
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
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1. Calling New Sellers Daily
Whether you are just now starting a career in investing or have been investing in real estate for years, there are plenty of sellers and homeowners that do not know of you or your company yet.
Calling new sellers daily to screen sellers and screen properties is vital to a fast growing and profitable business. Calling 2 new sellers daily will add up to over 700 unique sellers you have networked with in just one year’s time
2. Going to Seller Appointments Weekly
After you prescreen sellers and their properties you must set appointments to view the home. While it can be prudent to see a home the very same day as you first call that seller if the deal is good, often times an appointment can be planned for the coming days. Aiming to go on at least 2 appointments per week will have you walking through over 100 potential deals in just one year’s time.
3. Making Offers Daily
A popular quote you have likely heard is, “You make money when you purchase, and you realize the money when you sell.”
Investors purchase real estate and property only when verbal and/or written offers are made to sellers or seller agents. Making just 1 offer per day will add up to 365 offers at the end of one year’s time.
4. Following Up with Past Sellers Daily
When seller’s say “no” to your purchase offers they are not saying no to you. Follow up with these seller’s regularly to see if anything has changed. Be courteous and remember to have the seller’s best interests in mind when you call. Recalling sellers daily adds up to big results over one year.
5. Networking With 3 New People Per Week
A large network or sphere of influence can help amply your results, deals, and influence in your market. Networking with other investors, Realtors, and folks in the business can be done in person, via email, or over the phone. Aim to network with 3 new folks that can help your business per week.
Important note: Aim to help these other investors as well. Don’t just take, but give equally or even more.
6. Implementing Advertising That Works
There are countless examples when it comes to effective advertising and marketing for your business. One good example that comes to mind is a recent test an investor-mentor performed with some investor clients of hers. The test was to see the results of hanging just 2 “We Buy Houses” signs per day while driving around. After 1 month people had hung nearly 60 signs. Calls were coming in, sellers were being helped, and no extra time was needed as the signs were simply hung during normal drive times the investors were already driving.
(Note from the Editor: BiggerPockets recommends only using bandit signs where legally allowed to. Check with your local government codes and laws before placing any signs.)
7. Appreciating the Small Things
While not directly related to real estate investing this tip can help change your life for the better.
Set a goal to notice and vocalize just 1-5 things daily that are small items you may be taking for granted. Over the course of a month this can add up to 100s of happy moments that were not there before.
In conclusion the effects of small actions daily really do add up to amazing results over a period of time. The results in your current investing career are a direct reflection of this daily action and dedication. Create a plan and start implementing small consistent actions daily.
Love what you do daily,