Written by: Catherine Way
More millionaires lend their success to real estate than any other industry.
Success is no accident, and building smart habits is a great way to build your brand and real estate investing career. Look at some of the most successful real estate investors, from landlords and house flippers who set patterns of success in their lives!
If you want to make a successful career out of real estate Investing, set yourself up for success with these easy daily habits.
Follow these 5 habits of successful real estate investors to make those dreams a reality.
Most real estate investors find this the hardest habit to set. The truth of the matter is though, any lost contact, missed deadline, or forgetfulness costs real estate investors money in the long run.
If you are unorganized, it is easy for things to slip through the cracks. Make a habit to set clear project timelines, to-do lists, and use planners and organizers to stay on top of your real estate investing.
Make sure you have designated files (and know where to find them) for expenses and financials and track every repair made so you can understand how much your investment is costing, and that you don’t go in the red for your flip.
Whether time blocking, or even timing activities, you can focus on the tasks that absolutely need to be done, Many successful real estate investors write a to-do list, and prioritize to make sure everything gets completed.
Habit: Set 15 minutes aside each morning to organize your day.
Work with the Right People
Finding and hiring great people will help elevate your business in almost every way.
Along with being organized hiring and delegating your business will make sure that everything that needs to get done, will be done.
People who know the market and financials and can be trusted are worth their weight in gold. You can also boost your business by only working with reputable realtors, lenders, contractors and more.
Have a contractor that you love, and can depend on and treat them fairly when they go a great job. Have an accountant who can help you keep track of your cash flow. Get a property manager who can keep up to date with the tenants and make sure it all goes smoothly. Work with a realtor who knows the market and where the best neighborhoods and schools are. Use a reputable Phoenix hard money lender.
Surround yourself with hardworking, honest people and you will never feel like you are working. Caution though, if you work with people who make you dread your investment, maybe it’s time to cut the loss and find someone better for the spot.
Habit: Make Sure everyone inside and outside of your business is reputable, honest, and as hard-working as you!
Being educated in your market and industry is a no-brainer. For any real estate investor to continue to grow and make a profit, knowing the trends, when to buy and when to sell is key to any real estate business.
Don’t be afraid to go in-depth on you market. Ask yourself and know how to find answers to the top real estate trends. Learn the best business practices, and analyze data for your market.
Ask yourself important questions like How are Flips doing in this area? , Is there a demand for more rental or residential properties? What are the best ways to continue growing as an investor and how are others being successful?
Another way to stay educated is to read, and look at the top real estate podcasts. Learn from other successful real estate investors to catapult your business.
By learning more about the industry and staying actively involved, it will only help you build and improve upon your real estate investments and increase your chances for success.
Habit: Set time every day to learn something new!
Build a Reputation
What is a reputation worth? Any successful real estate investor knows that reputation can make or break you.
Real Estate Investing it is all about who you know and who knows you, and by being someone that is trustworthy and is known for being fair and respectful you can almost guarantee a referral or new connection.
Don’t burn bridges by using shady business practices, be someone who you would want to work with.
Habit: Be kind and patient with everyone you interact with.
Connections leads to referrals, referrals to leads, and leads to deals!
Increasing your network is a great way to keep business routinely coming through your door. There are many easy ways to build your network.
You can attend networking events, and learn more from other real estate professionals.
Join Groups on social networks (such as LinkedIn, bigger pockets,and facebook) to ask questions, give advice and grow your voice in your community. By building your network you can keep an active list of referrals of potential buyers, partners, and more.
People is what will keep your real estate investing future alive so spend time working and connecting with your area to build a name for yourself.
Habit: Spend Time Everyday Networking
Rome wasn’t built in a day. Your real estate investing business depends on your ability to make it successful. Using these successful real estate investor habits will help you run your business smoothly, and even see more business come in!
Here are the successful real estate habits:
- Set 15 minutes aside each morning to organize your day.
- Make Sure everyone inside and outside of your business is reputable, honest, and as hard-working as you!
- Set time everyday to learn something new!
- Be kind and patient with everyone you interact with.
- Spend Time Everyday Networking
Catherine Way graduated from Michigan State University with her Bachelor’s of Advertising with a specialization in Graphic Design. She works as a freelance content creator for many facets of real estate, including commercial, residential, and mortgage industries. She Currently Writes for Prime Plus Mortgages, Phoenix Hard Money Loans