If this one thing happens to you, then it’s time to put on the brakes and get out of investing in real estate immediately.
When you stop caring about providing an excellent product and service for no reason other than to serve people the best you can, when you stop caring about your people — it’s time to quit. If you don’t get this (or you are scratching your head as to why you should have ever cared), then it’s probably time to find another gig.
Yes, real estate is absolutely a money and numbers business. If the numbers don’t work, then the deal doesn’t work. You can’t survive and keep serving others if you go broke. If you can’t afford to eat, then you aren’t going to be able to keep on going.
But even more than being a numbers business, real estate is a people business.
Download Your FREE guide to evicting a tenant!
We hope you never have to evict a tenant, but know it’s always wise to prepare for the worst. Navigating the legal and financial considerations of an eviction can be tricky, even for the most experienced landlords. Lucky for you, the experts at BiggerPockets have put together a FREE Guide to Evicting Tenants so you can protect your property and investments.
Focus on People (& the Good You Can Do for Them)
If you stop caring about the people and offering good service and housing, you are going to do more harm than good. That may be subconscious at first. But when real estate players don’t care, it quickly becomes a slippery slope with all types of temptations to take shortcuts for short-term gains.
This doesn’t just apply to working with home buyers, sellers, tenants, outside contractors and other professional services firms. This is especially important in your own team as well. This is true whether they are local or work remotely. If you are building a team or company, then you have to look at the people you work with as real people, not interchangeable parts!
At the company I co-founded and operate, we hire based on attitude and focus on the person, not the ink on the resume in the hiring process. Is this person going to care about not only their job, but also the people they work with? If they care, then determination, good quality work, loyalty, and all of the other good things will come out of that. If they don’t care, all of those things will be issues.
Don’t Neglect Your Personal Life
Lastly, don’t forget the people in your own personal life. Once you get into real estate investing, things can move really fast. You can go from barely making it paycheck to paycheck to big paydays and million-dollar opportunities very swiftly. Along with that can unfortunately come side effects, including an overinflated ego and feeling like those you love are the ones that are holding you back the most. Don’t fall for these myths. Remember, it’s you moving ahead so much faster; they didn’t change on you. Remember the real reason and priorities that drove you into real estate in the first place. Remember what matters most. And if you’ve got a little kiddo at home like I do, that means giving them your full attention when you’re with them (instead of worrying about that voicemail).
If you’ve lost your heart after being in the business for a while, you can get it back. You might need to take a little break or find a new angle to investing that isn’t so intensive or demanding of your time. But do prioritize it. Fall back in love with real estate for the right reasons, and life will be so much better.
Investors: What are the reasons you’re in real estate (besides the money)? How do you make sure you invest with purpose?
Let’s talk in the comments section below!