Capitalizing on real estate investment opportunities in today’s highly competitive economy can be a challenge, but a few key attributes can make you highly successful in finding that diamond in the rough and make a killing in today’s market.
Here are a few common traits successful investors should strive for:
Many of today’s top investors have a fine-tuned focus that starts with lead generation strategies. One area in which a successful investor must concentrate is on regularly prospecting for leads. This may entail connecting with others on the web, calling a few key contacts, or knocking on doors. Whatever your preferred method of prospecting, know that without leads, there will be no investment.
Top investors also focus on one or two preferred niches; they are not typically Jacks-of-all-trades. Instead, successful investors are experts in one or two specialties, which enable them to become central players in their realm and dominate the market in their area of expertise.
Investors should also remain results-focused. Keeping a track record of previous successes – where the lead originated, what resources you used and what made it a successful investment – is central to ensuring future investment successes. In addition, knowledge of the inventory, market and numbers are also critical components to finding the right investments.
Finally, have a written business plan. Successful investors focus at least some of their energies toward perfecting their business plans. Scrutinizing results, searching for new opportunities, and keeping up with the latest in market demands and changes are key elements that can make or break your overall success in the game.
Keeping up with the latest innovation and technology is a key strategy in one’s ability to adapt to an ever-changing real estate climate and cater to the people you may interact with. To get the most out of your investment, know your audience. The younger generation may prefer that transactions and communication be completed using a cloud-based tracking platform or mobile document sign-up app, whereas an older person may prefer transactions be handled on paper. Knowing your audience and having a handle on changes and innovation can give you an edge thanks to your ability to adapt to preferences and ensure a smooth experience for everyone involved.
Raising your personal standards may help you attract better investment dealings. People shape their view of you when you interact during transactions, so demonstrate the highest level of integrity during exchanges. By remaining honest and keeping your integrity intact, you may have a leg up against the competition. At the very least, you will maintain an honorable reputation, which is essential to future successes.
As an investor, you must also be willing to say ‘no’ to an offer that is just not right for you. Maintaining your integrity means not bending the rules or hiding information to favor yourself in a transaction. Likewise, if the other party is doing so, you must be able to walk away, as this type of behavior is likely to be taking place throughout the entire transaction. Being able to say ‘no’ to business ensures you are getting the best out of a transaction while also encouraging dealings with others of high integrity.
Recognizing when an opportunity is not right for you means identifying and understanding your strengths and playing to them as much as possible. Also, know your budget, and don’t get trapped in an unrealistic dream about what you can afford. Make a tiered budget and don’t get trapped into paying more than your highest tier allows. Also, make sure your budget tier is adjusted year after year based on changes.
Raise your endorphin levels and strengthen your immune system by having a good laugh each day. Having fun and donning a smile relieves stress, enables you to better focus and helps you shake off any bumps in the road.
Also, get in the habit of rewarding yourself when you achieve what you set out to do. Scale your goals on a reward spectrum that ranges from the small-scale expenditure to a nice long vacation. Whether you reward comes in the shape of a spa day or a special treat at dinner, make sure you get some much-deserved recognition for your hard work.
These five traits are easily achievable. Again, be realistic about what your strengths are and gradually work on the rest. The only way to get started on achieving your goals is taking them step by step. The best time to start is now!