Most new investors are constantly looking for the secret to real estate success. They enter the business with high hopes and have a tendency to sour when things don’t go according to plan. One of the ways to avoid such hardships, however, is to develop a consistent business. A consistent dose of small successes will spur further action and keep you engaged. Of course, like everything else in the real estate industry, maintaining a consistent business is easier said than done. That said, here are a few tricks to make your real estate business more consistent:
The real estate investing business is constantly changing. If you are not willing to stay on top of these changes, you will be left behind. Without knowing what you are doing or the process in which you are doing it, you will be hesitant to act. This hesitation can sometimes be the difference in getting a deal, making a new contact or speaking up in a meeting. You need to be willing to put the time in to know as much as you can about the business you are in. Most new investors know the basics of deal structure and what to do with a property, but there is much more. To stay consistent, you need to go above and beyond just the basic amount of education.
The more areas of the business that you are proficient at, the greater pool of deals you can draw from. Being able to close one or two extra deals a quarter can completely change your portfolio. Not only will this increase your bottom line, but it will give you the chance to meet a handful of new contacts on these deals. It will also help you stay engaged and give you the chance to confidently talk about the business. It is natural to want to jump right in and make offers right away, but you need to start with education. The more know, the more consistent your business will be.
The actions you take directly separates you and other investors in your area. There are many people out there who have great ideas or are knowledgeable in an area. However, there are just as many people that fail to act on their ideas. Without action, you will never know what you are able to do. Taking action can mean anything from joining local networking groups to writing up an offer on a new property. It can mean driving a local area on a weekend or picking up the phone and calling new Realtors. As much as the real estate business affords people the opportunity to be successful, it doesn’t happen on its own. You need to put the time and effort in to make it happen.
You don’t need a license or certificate to start investing in real estate. Anyone can be successful if they are willing to take action. You can plan, prepare and strategize, but eventually you need to act on your intentions. There will be plenty of times when you will wonder why you are doing something or regret an action you take. Even if the action is unsuccessful, you can view it as a learning experience. You can look or sound like an expert from the sidelines, but to gauge results you need to jump into the arena and find out. Your actions may not always be successful, but if you want consistency you need to find out.
In any business, there is a natural instinct to let up a bit when things are going well. This is also the case if you are in the midst of a dry spell. One of the ways to beat the ups and downs of working for yourself is to repeat actions – regardless of the outcome. There is no way to fully gauge the results of any marketing campaign without repeating it multiple times. Getting dozens of calls from your first mailing campaign is not very realistic. Typically you will not see the results you desire until the fifth or sixth attempt. If you are not willing to get to that point, you will end up wasting time and money.
Repetition is the key to meeting new contacts and getting more deals accepted. You may make ten offers and only get one accepted, but that could be the deal that you hit a homerun on. The same is the case with the contacts you make. You may meet a dozen new Realtors and only work with one. That Realtor, however, could be the one that changes your business. You need to repeat your process every day and every week in order to see the results. In time, you can shift your focus to what is working.
A consistent business will have a steady flow of new leads coming in and deals moving towards closing. This gives you a constant stream of income and generates excitement for what is to come. This may sound like a pipe dream but it is closer to reality than you may think. If you focus on education, action and repetition, consistency can be achieved in no time.