If you’re reading this, then you’re either in real estate investing, or you’re contemplating jumping in. Most do so because of one thing: Money. They’re tired of working in jobs that leave them fretting about the bills to be paid at the end of the month. They want time to build something meaningful, to make a difference for their family, and to create something that is theirs. In real estate, there is a lot of money to be made.
Think about the last time you really accomplished something big . . . what was it? Why were you successful? When’s the last time you nailed something that you made happen through hard work? That’s what this article is about. Why do some people find success, no matter how many times they crash and burn and why do others fade away? Everyone wants success, but few find it.
We’ve narrowed what defines success from failure to several major points. Again, this is timeless information –– it’s about the essential elements that those individuals who have been consistent achievers do to accomplish their goals.
1. Don’t Run on Random - If you want to find success in business, dedicate yourself by incorporating these five steps into each day.
- Focus on your objective and create a plan
- Commitment to completing the objective 100%
- Execute the plan to complete the objective
- Monitor & Adjust
- Create a Standard Operating Procedure so it can be repeated
Create a plan, but it’s not enough to think about it, you have to put it into motion. Along the way, step out for a couple of hours each week to monitor and adjust those aspects of your plan that need improvement. Don’t constantly be reinventing procedures; figure out what works, create a system and update when needed.
2. Learn from the Best – At SREC, we offer different levels of real estate investing coaching. The top level is reserved for the best, most successful investors. They all have the traits on this list in common, so take it to heart.
3. Take Personal Responsibility - Take personal responsibility when something unexpected arises. It’s never the other person’s fault. There is always something you can do to prepare for and prevent whatever circumstances are coming. Always feel like you’re in control. With this attitude, you will never lack the ability to handle a difficult issue, no matter how unexpected.
4. Don’t Expect Failure, But Still Plan for It - Have a backup plan, after backup plan, after backup plan. Always anticipate something going wrong at each step of the process, and put a plan in place to handle it. Work smart – don’t waste time on tasks that are not revenue producing
5. Focus on Revenue Producing Activities - The only thing that generates revenue is focused action on tasks that make money. Always write down your revenue goal. Each of our top producing coaching clients understands how much they need to make each week to hit their monthly number.
6. Write Down Your Revenue Goal - When you write something done, it seems to have sticking power. It’s a daily reminder that works to keep us accountable.
7. Be Frugal - Avoid spending money if it can be avoided. This is especially important when your business is young. Not only do you need to create revenue, you need to be profitable. If your expenses eat up all your revenue, then that’s not a successful venture for business.
8. Strong Work Ethic – People who are looking to be successful put the time in, make the sacrifices and build upon their successes.
9. Dreamers vs. Doers - You can have a dream, but if you’re a “doer” then that dream is really a goal –– not a fantasy. You know if you’re a dreamer if you’ve had many ideas, but none have ever been realized.
10. The Big Idea - Armchair warriors don’t go far. It’s never about the BIG idea or the great idea. It’s about execution. No matter how big your idea is, if you don’t know how to make it happen, how to bring it to life, it’s worthless.
11. Take Personal Responsibility - Take personal responsibility when you fail. With this mindset, you seldom will actually fail. Conduct yourself with confidence and do your due diligence even when you hadn’t closed your first transaction.
12. Have to Succeed - The mindset that we’ve seen our most successful clients maintain, despite whatever challenges they faced, was that they had to succeed. They always find ways to overcome obstacles, and you need to do this, too.
13. Enjoy Facing Challenges: Don’t Run Away - Successful investors like facing challenges; they don’t back down from any sort of challenge, no matter how imposing.
14. Define Success - Understand how to deal with failure, and they value this as part of the process. No one is successful all the time; failure is a natural part of achieving success. Our top performers make an effort to learn from every mistake, and they use this new knowledge to improve their business.
15. Boundless Curiosity - Always want to be “in the know.” Always be in a position of learning. Avoid coming across as a know-it-all expert.
16. Never Stop Growing - The minute you think you’re an expert on something and your ego comes out, you’re at the tail end of your experience. Why? You stop seeing, stop listening, and stop learning; therefore, you stop growing. You need to be able to see new opportunities so that you can react immediately.
17. Be Humble - Successful people don’t have to boast. They let their knowledge and action speak more loudly than any words. They know that they may not have all the answers, but it’s their secret.
To learn more about becoming a successful real estate investor, or to kick your own real estate investing efforts into high gear, click here .
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