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Finding Real Estate Deals: What To Do When You Can’t Find Bargains

Published on Monday - May 02, 2016

Your lead generation campaign starts off hot but after a couple weeks the juicy leads begin to dry up until suddenly, they stop completely. From there, things remain stagnant until you’ve convinced yourself real estate isn’t for you and you go back to working a 9-5. It happens all the time.

Real estate investment is not for the timid. Once you’ve embarked on your investment journey–spending time, energy and money to achieve financial freedom through real estate–you may begin to encounter some road bumps along the way. More often than not, many of those stumbling blocks will arise from not finding real estate deals.

Finding real estate deals, or the inability to find a real estate bargain, can be very overwhelming. It has the power to crush optimism in the bravest investors, and at times, can feel like you’re looking for a polar bear in a snowstorm. To be successful in real estate, it requires a particular mindset.

Finding Real Estate Deals: Don’t Lose The Fire

don't lose the fire

“There is only one thing that makes a dream impossible to achieve: the fear of failure.” — Paulo Coelho, The Alchemist

As a real estate investor, it’s important not to lose your fire. Your optimism will be in short supply and fear of failure will quickly creep in once you’ve hit your first road block. Don’t let it. Real estate investing requires self motivation and it’s up to you to keep your business going. In many cases, the number one driving force behind a person’s success is fear of failure.

Instead of letting it overcome you, use fear of failure to motivate you when finding real estate deals.

“You build on failure,” the late Johnny Cash once said. “You use it as a stepping stone. Close the door on the past. You don’t try to forget the mistakes, but you don’t dwell on it. You don’t let it have any of your energy, or any of your time, or any of your space.”

For investors, the first step in motivating yourself over the slump is to recognize the fear and the powerlessness it can have. Understanding this emotion and asking yourself “why am I afraid?” can shed a lot of light on the origin.

The next step I would recommend is reading up on success stories from famous entrepreneurs and investors. Reading about someone else’s struggles — and learning how they overcame it — can be very inspirational when things aren’t going your way. Many of these life lessons can also be applied to your current situation or future endeavors, helping to realign your perspective when it comes to finding real estate deals.

The National Association of Realtors reports that approximately 87 percent of all new real estate agents fail after five years in the industry, with only 13 percent actually making it. There’s a good chance we fail in everything we do, including that 9-5 job, so why not take the chance of doing what we want? At the end of the day, motivation will either be your biggest enemy, or biggest ally.

Revise Your Approach When Finding Real Estate Deals

revise your approach

Your objective as an investor is to find quality real estate deals and capitalize on them. In order to find those quality deals, you must first learn the ways of attracting them.

“The most successful real estate investors have one key thing in common: they are expert marketers. To thrive in real estate, you have to find the best deals. And to find the best deals, you need to know how to market effectively,” said Than Merrill, CEO of CT Homes and FortuneBuilders.

For investors, the first step should be to evaluate what went wrong in your previous marketing approach, openly and honestly. Take a long look at your lead generation campaign, inspecting every flaw and mistake in order to improve it. It’s called refining–and every investor does it until they’ve got it just right. When revising your approach to lead generation a few tips to remember include:

  • Purify Your Objective: Get straight to the point–what type of deal are you looking for specifically? It will be much easier to recognize a good investment deal once you know exactly what you’re looking for, including assist in enhancing leads and identifying the bad ones.
  • Follow Up On Old Leads: Despite your marketing campaign not obtaining the results you had anticipated, there’s still hope in the form of old leads. Like diamonds in the rough, these leads could hold the keys to a potential investment deal and shouldn’t be underestimated. No lead is a bad lead.
  • Add Content Marketing To The Mix: Content marketing can be extremely advantageous to real estate investors when used correctly. It can generate leads, build trust in your brand and disarm fears and hesitance in potential customers.  

No matter how many times you add, cut and refine your marketing approach, continual improvements are a necessary trait in order for long-term success.

Mindset Reset: Come Back Stronger
come-back-stronger

Legendary college basketball coach John Wooden once remarked, “Failure isn’t fatal, but failure to change might be.”

Failure isn’t the end. However, the need to rise again and give forth the good fight is necessary. Investors, especially beginners, need to learn how to shake mistakes, regroup and come back stronger. In the end, the more mistakes you make the more you understand what works and doesn’t.

Finding real estate deals isn’t always filled with sunshine and butterflies, but investor need to continuously improve. Whether or not you’ve experienced success in the past doesn’t matter — What does is today and your strategy going forward. Tomorrow is a new day with unlimited potential, so change your perspective, refresh your approach, and come back stronger. The key to finding real estate deals is simply getting off the couch and pursuing your dreams. 

Michael Jordan famously stated: “Some people want it to happen, some wish it would happen, others make it happen.” When it comes to finding real estate deals, just make it happen.

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