As much as you would like it to be the case, there should never be any downtime when you start a real estate investing business. There is always something that can either be done, or improved upon. Even when you think you have some downtime, it should be dedicated to improving your business any way possible. By neglecting to attack every day with vigor, you greatly decrease the chances of deals coming your way. People around you can sense your despair, and may even refuse to work with you. On the other hand, if you keep a positive mindset and prepare yourself for when things turn, you will be ready to take advantage of every opportunity that presents itself. There will be perceived lulls in every business, especially when you are just starting out. However, there are a few things you should do when your phone isn’t ringing off the hook.
Every investor wants to work on as many deals as possible. However, through no fault of their own, this is not always the case. The best thing you can do is put yourself in a position to succeed. It is critical that you stay prepared and are ready for the next deal that comes your way. If not, you compound the situation and ruin your chances moving forward. Being prepared means you stay on top of what is going on in your market. It means that you stay in contact with your team and find out availability, if and when a new deal comes. It means that you answer each incoming call like it can be the one that changes your business. It is not a stretch to say that you can go from zero deals to three in a given weekend. This only happens if you keep a positive mindset, and constantly prepare for your next deal.
Downtime gives you the opportunity to evaluate your marketing strategies. You should always track everything you do with regards to marketing. When you have downtime, take a look at what has worked and what may need improving. Have you tried to market the same way for months without success? Do you need help keeping track of everything you are doing? There are many different ways to market for any given area. Being slow could be a direct byproduct of the way you market. Conduct an unbiased self-evaluation to figure out ways you can improve. Deals will not just fall into your lap. You need to go out and get them. How, where and even when you market can make all the difference. Being slow is never a good thing, but it does give you some time to evaluate your marketing strategies.
If you are looking for leads, you may need to consider if you are in the right market. You may need to step away from an area you know well and explore the next town over, or even the closest state. Prior to doing so, however, you should figure out what it is about your current market that may be giving you trouble. Every area has competition. You can either outwork your competition or find a niche that is unequivocally yours. Inside of almost every market there are a half dozen different ways to find deals. If not, you need to be willing to look at other areas that may work better for your business.
There is a tendency to take on the next halfway decent deal that comes your way when things appear to be slow. Don’t compound your situation by making it worse. The real estate game revolves around one thing: working on the best deals for your business at the time. There is nothing wrong with making less profit to get a deal done, but you should look at the risk and the reward. Less profit is one thing; it is another to reach on a speculative deal that can cost you money. You are not judged on the amount of deals you do, but rather on your bottom line. It is always better to wait for a solid deal to come along than to take on a bad one. Before you make an offer, ask yourself if you would have taken the deal when others were on the table.
Being slow doesn’t mean you are a bad investor. There are lulls in almost every business. What you do with your time, however, will say a lot about your business. When you need deals, you need to work harder than you think. Even if you have been to five networking meetings without success, you need to give the sixth one a try. Stopping by local real estate offices may not have worked yet, but you need to stick with it. The more you put yourself out there, the better the chances you will make a connection. Don’t go in a shell when you are slow.
Things will change for you if you continue to put the work in. Before you know it, you will have more deals than you know what you to do with.
