It has been said that little separates one investor from the next. Often times, it is the little things that make the biggest difference. Answering your phone when it rings and returning messages promptly can help you develop a positive reputation. Throughout your business, there are certain traits that successful investors possess. Developing or focusing on them can help you become more successful. If your business is stuck and you are looking for direction, turn your attention to these five traits:
1. Negotiation Skills: You don’t need to be a salesman to be a successful investor. However, you should accept the fact that you need to constantly negotiate. This could mean something as big as getting the best purchase price for your property. It could also mean negotiating the best deal on a mailing list, or the best price from a contractor. It could even mean selling your business partner on a deal they were on the fence about. Being a good investor means slowly mastering the art of persuasion. You want to walk the line between coming off as “salesly” and being sincere. There are a handful of items that you will need to negotiate every day. The more you accept this and the better you become at it, the more successful you will be.
2. Competent Problem Solvers: On any night, you can probably find a real estate investing show on TV. While the scenarios may be different, there is usually one constant trend in every show. This is the ability of the subjects to solve problems. Very rarely, if ever, will everything go your way from start to finish. There will be issues, big and small, every step of the way. Instead of complaining or pouting; the quicker you face them, the better off you will be. Instead of freezing when something comes out of left field on a rehab, you need to make a decision and go from there. These decisions will not be easy, but they can make all the difference in your business. There will be times that every deal you get involved in will be filled with problems. It isn’t you, it is just the nature of the business. You need to be on your toes and ready to act on a moment’s notice. If you can gain the reputation as a problem solver, you can bet others will recognize your ability to get things done.
3. Organized: It is very easy to get pulled in a dozen different directions. Unless you are organized, you won’t have the direction needed to succeed. Something as small as writing down a to-do list can help you structure your day. Once you have a few properties under your belt and a few things going on, organization is critical. You always want to start with the most important tasks and work from there. All the while, you cannot neglect your marketing and other tasks that are essential for your business. The real estate business is unique in that there are many different ways to do it. Find a system to get organized that works for you. This can be putting reminders on your phone, or something as primitive as using good old fashion post it notes. Whatever it is, you need to find a way to get and stay organized.
4. Marketable: You will only be as good as the deals you can produce. Your ability to generate leads is the most important thing you can do. This idea may get lost on you from time to time when you are working on a few deals. You don’t need to spend thousands of dollars on a direct mailing campaign to be a good marketer. There are numerous things you can do that won’t break the bank. Everything from updating social media posts to planting a few bandit signs are things you can do on any budget. Often times the best marketing you can do is word of mouth. Get out there and talk to as many people about your business. Whatever you do, you need to remember that you are as much of a marketer as you are an investor.
5. Integrity: Regardless of the business, people like to work with people they feel comfortable with. If you haven’t closed a deal for months, you may be tempted to cross the line and do something unethical. You may get away with it on a onetime basis, but your reputation will be scarred forever. There is no deal that is worth tainting your reputation over. People in a local community talk. If you get painted as someone who will do anything for a deal, they will run away from you the first chance they get. Conversely, if you go the extra mile and do the right thing, you will see the benefits at some point down the road.
