Even highly successful real estate investors get stuck sometimes. There is always a solution. Yet, these situations often present investors and real estate company CEOs with a perplexing dilemma. In these moments, do they really need to try something different? Do they need to adopt an already proven system? Or is it time to retreat back to what got them to their high point?
Stuck On the Road to Real Estate Investing Success?
Sticking points can occur at virtually any point on the road to real estate investing success. They can arise for a variety of different reasons. Investors can get stuck virtually right out of the gate, before they even close the first deal. This can happen multiple times for those that leap frogged in without any real estate investing education. In other scenarios, it can happen after a great first year of high velocity, when seasons change, or after a strong five year run in which investors scaled their way to the top of their local markets or national niches. These can be small hurdles, temporary glitches, roadblocks, plateaus, or if permitted they can become impenetrable walls which close in.
In reality, it doesn’t matter if volume has stalled, cash flow has become tighter, entire teams have jumped ship, or the market has done a complete 180. It’s how investors respond during these moments that either make them incredibly successful or leave them longing for something more.
Before deciding what type of action to take to get unstuck, real estate investors need to take a moment to assess the situation and get to grips with the real root issues. This can often be far different than it appears on the surface. Do you know what type of sticking point this is? Should you scrap your plans and start at the drawing board again, or do you just need to make minute tweaks? What’s the real problem? Are you asking the right questions? Are you remembering to focus on your real ultimate life goals, not just the immediate metrics?
Every real estate investor ought to know the example of 9 “No’s,” equal a “Yes.” So have you made enough calls, sent enough mail, and made enough offers?
A great example of this today is when investors see web traffic fall off. Everything is going fine, then traffic volume bombs. So should they stop publishing new posts and give up? Without digging in, they could believe what they were doing wasn’t good enough. Or that a competitor just put them out of business. What if it was found that they were actually number one on Google for all of their current keywords, only global search volume for those terms had declined in favor of others?
Imagine throwing all of the gains and progress away, and going back to a miserable day job, when one great real estate blog post, with fresh keyword juice could have turned a dead site into a lead magnet attracting 100k new visitors over the next 30 days! Or it could be that a real estate website re-design could connect you with 25% to 50% more prospects than you were able to reach before.
Doing What Got You Here
Those that have already seen great results in real estate investing in the past may occasionally need to look back and remember what it was that worked that got them there. Perhaps they got distracted, or lazy, or grew too fast. Maybe they need to get back to that work and focus.
However, in other cases, especially when growth seems to be slowing, investors need to ask what is required to get to the next level? Big leaps forward can require new strategies and skills. Starting a business takes a different talent and tactics than managing an existing one. So what did your mentors and real estate heroes do to get where they are? What can you replicate, what should you innovate?
You may not need to know it all yourself, or be inclined to even attempt certain strategies because they don’t personally appeal to you or fit your natural strengths. But you do need to be able to pinpoint needs, have a source for the answers, and know the best hiring practices for bringing in those that can fill in the gaps. Real estate coaching can be absolutely priceless in these moments.