BUSINESS FUNDAMENTALS
BUSINESS MINDSET
The most critical element where regularity plays a role is in advertising for leads. You must advertise consistently and strategically through multiple forums to get leads for motivated sellers. You might tweak your approach but, regardless of the inbound flow, you must continue your outreach every day, week and year. A lot of investors throttle their advertising back and forth. They have a great month and bump up their advertising allocation. Or they have a bad month and knock their outreach down. Henry Ford once said that “a man who stops advertis- ing to save money is like a man who stops the clock to save time.” Basically, Ford correctly maintains that you can’t throttle your efforts and expect to have a stable, growing business with stable, growing results. Reflect on your own situation. Are you consistently doing what it takes to drive and grow your business? Or are you erratically reacting to the past or anticipating the future, and moving your business back and forth versus having stability and consistency? Furthermore, a consistent approach is the only ave- nue to accurately compare one month or quarter to the next. It enables you to make informed changes to your approach rather than relying on your gut or impulses. CLARITY ISVITAL Establish a clear vision and goal. You must begin with the end in mind and have unwavering clarity of what you are trying to achieve with your business. Once you do that, you can embark upon a path to reach that goal and take the consistent steps that will lead you closer to it. Clarity is critical. Think about when you set out on a road trip. You know where you’re going, how to get there, how long it’s going to take, and you probably even know the places where you’re going to stop along the way. You have your ultimate mission in mind, and chanc- es are, you are probably going to get there when you planned. That’s a result of a clear goal. Your real estate investing business should be no different. Successful investors know exactly how many houses they want to buy this year and sell this year. Each week, they know whether or not they are on track to achieve that total number of houses. If you don’t have that number in mind, you probably won’t be at the number you wanted or you needed. If you don’t define that now and have unwavering clarity, you have only a small chance of ending up where you want to be.
STAYCOMMITTED TOYOURMISSION While this is a hybrid of the previous two points, you have to be committed to taking action on a clear, consis- tent approach. If you defined the number of homes that you are going to buy, you have to commit to it. With that comes commit- ment in many forms, including time, energy and money. Commitment is broad, overarching and critical. With- out commitment, it doesn’t matter what your end goal is. If you are not committed to it, I guarantee you won’t achieve it. There are going to be challenges and unplanned outcomes — it’s as inevitable as death and taxes. It’s a strong commitment to goals that brings success. If this is truly your business, you must be prepared to commit your time, energy, money and willingness to make sacrifices to succeed. This is an especially big
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If Real Estate is a Hobby, You’re Set Up for Failure THREE KEYS TO FINDING SUCCESS IN REAL ESTATE AFTER IT STOPS BEING A HOBBY.
by Editorial Staff
T
CONSISTENCY IS KEY Real estate investing is not something that you can occasionally pick up and sink a little time, money or ef- fort into when it’s convenient. That lacks the consistency that you need to be successful. It takes dedication and persistent effort. Similarly, you can’t walk away and quit when things aren't going well or when you hit a setback with your real estate investing. You must understand that there will be unexpected challenges, and you’ll experience highs and lows along the way. Stay the course and ask for help when you need it.
o be successful in real estate, it can’t be just a hobby. Real estate investing must be your business — and a serious one at that. Not treating your real estate investing like a business is the difference between building wealth and paying for an expensive failure. But what does it mean to treat your real estate investing as a business, instead of the hobby that so many see it as? As you read, reflect on your actions and attitudes to determine if you’re treating your investing as a business like you should.
56 | think realty housing news report :: february / march 2019
thinkrealty . com / hnr | 57
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