Successful real estate investors can come from all walks of life – country folks and city people, rich and poor, college educated and lucky to have a diploma at all. But they all have one thing in common: they make it a habit to do these five things every day. You may not be able to get rich quick just by adopting these habits, but your business will definitely benefit by it.
Set Attainable Goals
It may seem obvious to say, but too many entrepreneurs have grand dreams of becoming rich and no other goals. It is all good and well to dream, but in the meantime, you have to set small short-term goals that you can actually reach. Start your day by determining what you hope to accomplish that day. When you are looking at properties, deciding whether you want to buy-to-let or sell outright, looking for an original site to build, or making any other major decision, make sure that that decision will fall in line with the goals that you have set for this month, this year, and longer. If buying a particular property will conflict with a goal that you have set, then don’t hesitate to say “no.” Another deal will come along.
Make a Point to Work Toward Your Goals
The majority of your day will often be taken up by the mundane, but you have to take time each day to work toward a goal. Even if that simply means making a phone call to set a plan in motion, researching new estate agents or property managers in your area, or taking a good look at your portfolio to see how it can be improved, taking action is the best – and indeed, the only – way to move forward. Take a look at where you are compared to where you want to be, both in the short-term and the long term, and take half an hour to do even one small thing that will bring you closer to where you want to be. You may not move very quickly, but at least you won’t be standing still any longer.
Stay Up-to-Date with the Industry
Keeping yourself educated can make all the difference between being a mediocre investor – or worse, a failed entrepreneur – and creating a thriving and financially independent business. You can learn something new every day. Subscribe to a few real estate magazines and read an article each day, research something that you have been wondering about, and talk to people who are in-the-know. Industry trends, the local housing market, new investment tips, and more are all things that you can learn about. When possible, you can even attend seminars and take classes that can expand your knowledge of the industry even further. You will have an edge over the shady people who will try to “help” you with your business, and you will be better equipped to make educated decisions when you don’t have time to research them.
Stick to a Schedule
It is easy to find yourself wasting hours out of a day when you work for yourself. Instead of dragging yourself to your computer after a morning spent procrastinating over your coffee, make a schedule for yourself and stick to it. Routine is the easiest and cheapest way to increase your own productivity, so don’t deprive your business of the insanely high ROI that sticking to a schedule has to offer.
View Obstacles as Opportunities
When an obstacle occurs – which they will, almost every day – view it as the opportunity to do something innovative or learn something new. After all, even a failure can be a learning experience. Do your best to put each obstacle in perspective as well. Just because you have to sell one property at a loss, for example, doesn’t mean that you won’t succeed in the end. Psychological mumbo jumbo about the power of belief aside, when you think that you can’t do something, then you will stop trying to do it or you won’t give it your best effort. But when you view obstacles as opportunities, your business and your entrepreneurial spirit can withstand anything.
Make sure that the people you spend the most time with, including people you hire, mentors you rely on, and even the fellow investors you have a drink with at the local pub on Friday nights, are people who will encourage you. With their help, you can set realistic goals, come up with creative ways to meet those goals, stay on top of the latest industry trends and news, and overcome any hurdle that crops up along the way.
Abigail Frost helps run a property portfolio and enjoys the chance to share her insights on successful investing and management. She is a regular online contributor and writes for a number of different consumer investment and lifestyle websites.