Which one of these 3 mistakes are you making in your real estate investing business?
I ran into a friend last week who I haven’t seen in a while …
The last time we met, we ended up discussing the real estate market … and some ways he could start investing.
It turned out he had a real passion for real estate and investing in particular.
He gave me reasons why he had to succeed … why he was so passionate about it … and why it was absolutely the right career move for him.
And he was no slouch either.
He was a former real estate agent with a profitable practice for several years, and he was very learning-oriented so he had done quite a bit of studying up on real estate investing at that point.
I thought he had a reasonably good chance of success.
So right over lunch … and over the course of probably a couple more meetings, I laid out a simple step-by-step game plan on how he could launch and grow his real estate investing business.
I even made myself available for periodic consultations if necessary.
But I never did hear back from him after those initial meetings over a year ago.
Until last week …
So I was anxious for a status update, and hoping he had some amazing news to report, but unfortunately, it was more of the same ole stuff I often hear from budding, wannabe real estate entrepreneurs …
“Working too many hours.”
“I’m in a new relationship that’s taking up most of my time.”
“Working on a project.”
“Really tired at the end of the day.”
And on and on.
You know the routine. Does any of this sound familiar?
Anyway, this got me to thinking on reasons why this happens. And why many new investors fail … or fail to even launch.
This opened up a whole can of worms for me. And I came up with a whole host of reasons, but let’s just focus on what I consider 3 of the big ones …
Do you have goals … and crystal-clear reasons for achieving them? And are they bigger purpose objectives that go beyond things like “make more money” … or “so I can pay my bills”?
I think you need big compelling reasons that stir your soul and inspire and scare you at the same time.
Do you make excuses? Like not enough time. Or you can’t afford it. Or you’re too young. Or too old.
Here’s one of my favorite sayings that I encourage you to adopt: “You can make money, or you can make excuses, but you can’t make both!”
I was having a conversation with someone the other day, and he tells me … “I know someone in real estate who’s making around $250k per year. I know I’m just as talented as he is, but I’m not making that kind of money. What am I doing wrong?”
It was a bit of a long conversation, but after going over some business ‘mechanics’, I told him I felt the #1 reason is primarily the ‘human element’ more so than any other factor. In my opinion, it’s at least 80% responsible.
I peppered him with a bunch of questions … “Are you committed and have a whatever it takes mindset? Are you consistent and follow your game plan every single day … no matter what?”
“Are you able to take action … even when hampered with fear and doubt?
“Do you condition yourself daily and have some kind of a success ritual so you’re more likely to follow through?”
Yup, 80% of success is the mindset stuff. The ‘mechanics’ or the ‘how’ is only 20%.
To control your destiny and shape your world … you have to master your psychology. And the good news is this is something you totally control … and can instantly change!
Not Treating Your Real Estate Investing Business Like A Real Business
Do you have a business plan with specific goals? Is a marketing plan in place? Along with a budget?
Do you have a way to organize and schedule your week and day? And are you time-blocking and making sure you’re making time for your highest-impact activities? (like marketing & lead generation, or calling back prospects, or hiring the right people, or continuing education, etc.).
Many people think that just by hanging your shingle out the door … customers will automatically start beating a path to your door. Uhhhh … it doesn’t quite work that way.
In order to have a flourishing business, you always have to be priming the pump (especially in the beginning) and do the types of things that all successful businesses do: Like planning, budgeting, marketing, and following through on your game plan!
Are you constantly perfecting your craft? And always looking to gain an edge or at least get better in the most impactful areas?
According to one source: 42 percent of college graduates never read another book after college. And 80 percent of U.S. families did not buy or read a book last year.
That’s absolutely stunning to me!
And since the majority of people don’t even read a book, I’m guessing the percentages are far, far lower when it comes to seminars, workshops, and audio or video programs.
This is sad. And I certainly hope you’re not in that majority … especially if you’re in business for yourself!!
At minimum, I think you should always be looking to get better at things like:
- Marketing & lead generation
- Negotiating and positioning
- Becoming a strategic thinker
- Leadership skills
- Communication & public speaking
Do you want to flourish and thrive in today’s business environment? You have 2 choices: Grow or die.
I know that might sound harsh, but that’s my belief. There’s no in between. Life and business don’t operate in a vacuum. And nothing stays the same.
If you’re not growing and moving forward, you’re stagnant. Which basically means you’re a sitting duck … and bound to get shot down.
So never, ever stop learning and applying ... and do as Einstein said: “Never lose a holy curiosity”.
It’s the ultimate secret to living a life filled with a sense of wonder and possibility … and success beyond your wildest dreams!