The real estate investing business is filled with ups and downs. If you don’t have the right frame of mind, it can leave you frustrated at times. It is easy to make excuses when things are going bad. It is just as easy to blame your market, your realtor and anyone else you can think of. In reality, investors are closing deals in your market every week. There is not much that separates you from them. Oftentimes it is the little things you do that make all the difference. There are deals available in every market. With the right attitude and the willingness to take action, they can be yours. Here are four steps to get your business back on track:
1. Consistency: The most common reason your production may have slipped is because you stopped doing what made you successful in the first place. There are many stories from investors who spent weeks working on a new mailing and stopped after the first round. The success of anything you do in business cannot be judged from the initial response. Most marketing campaigns take at least three or four attempts to start seeing results. If you give up after the first round or two, you will never know how successful it could have been. The same is the case with networking, making offers and all other aspects of your business. Going to one networking meeting and making a declaration on the results doesn’t make a lot of sense. You need to make a commitment to everything you do until you see results. It is easy to stop making offers after your last half dozen were rejected. Being consistent and putting the work in eventually pays off. Not every investor is willing to go the extra mile. This can make all the difference.
2. Action: All the plans in the world won’t matter much without action. There is risk and potential downside with everything you do in real estate. At some point – if you want to be successful – you need to take action. This doesn’t mean that you have to take unnecessary risks or invest out of your comfort zone. It means that when you see a deal that makes sense to be prepared to action on it quickly and with conviction. There are a lot of people that will tell you what they are going to do, but never do it. The difference in successful people is that they take action. Instead of saying you are going to call that realtor or investor tomorrow, pick up the phone and call them now. The most valuable lessons you will ever learn in the business will come from doing. There will be times when you are uncomfortable or embarrassed, but this is part of the deal. The sooner you start taking action and not making excuses is when you will see your business really take off. You can wait for the perfect moment or the perfect property to come along, but this may never happen. Taking action and dealing with the results is always better than not knowing what could have happened.
3. Follow Up: There are many investors who will carry the ball to the goal line and never punch it in. Going to networking meetings and making new contacts is only productive if you follow up with them. The biggest complaint from people in business is not following up and staying in touch. This is something that anyone can do – regardless of education and business experience. In most cases, this will not take you more than a few minutes. If you aren’t an experienced investor, you should embrace your position in the business. You don’t have to know everything to initial a conversation. A quick phone call letting your network know you are there can cement your next deal. Between mobile devices and social media, it is easier than ever to follow up with someone. Instead of focusing on building a pipeline, you should focus on building your contacts. This is done by taking the step to reach out and follow up. A productive meeting will be quickly forgotten if you don’t reach out in the first 24-48 hours after. Take the ball over the goal line and follow up with everyone you meet.
4. Education: There is always something you can learn about the business. Instead of complaining about how slow you may be, go to a tax lien seminar or read an article on the short sale process. Your education directly leads to how well you network and the deals you pursue. By knowing what is going on in the market or with a specific niche, you can hold a conversation with a new contact. This contact may be impressed by you and want to do business. You may also learn a new way to invest that you may never thought of. Fix and flip rehabs may be the norm, but there are other ways to do business. The quest to constantly learn the business can lead you on a path that you may have never expected. The better you know the business, the easier it will be for you to act on a deal when it comes your way. Instead of wasting time researching the deal or the process, you can beat your competition to the punch.
There is a very fine line between you and your investing competition. Everyone around you is on a level playing field. It is the little things that you do that dictate where deals go. Following these four action steps will dramatically improve your business – regardless of what stage you are in.