There is much more to the real estate business than simply knowing a formula or understanding a market. While these are certainly a plus they will not directly help you close a deal. Oftentimes times deals are gained or lost solely based on a few popular traits that successful investors possess. They do not require any special education or command a network of people to employ. These are traits that can be acquired regardless of how long you have been in the business. If your business is looking for a jumpstart focus on the personal aspect of the business instead of the technical side. Here are five traits that most successful investors possess.
- Enthusiasm. There is something to be said about the power of positive thinking. People would much rather work with someone who has a positive mindset and is enthusiastic than someone who complains about everything and is negative. Your attitude alone can provide you with more deals than you realize. Think about the attitude you project when you network. Whether you are at an investment club or networking meeting the impression you give is more important than anything you say. People won’t remember that you talked about a specific niche but they will remember if you complained about a deal you just lost. On the flip side if you are friendly with an enthusiastic, upbeat personality they will want to talk to you at future meetings. Eventually conversation will lead to a meeting which could lead to a deal. If you truly enjoy what you are doing everyone around you will recognize it.
- Honesty. Whether you are working with someone for the first time or you have an established relationship honesty is important. Generally speaking people want to work with others they feel can either get the job done or have a certain level of trust with. One of the biggest mistakes that new investors make is proclaiming they can do every deal in every market. There is nothing wrong with telling a fellow investor that a deal is not for you. The same is the case if you don’t know something about an area of the business. By simply saying “I don’t know but I’ll find out” you will gain more respect than by giving a five minute rambling answer saying nothing. Inside of every deal you should be as honest and reputable as you can. If you say you are going to do something you had better do it. You don’t have to be everything to everybody but you had better know that the people around you will judge you based on your honesty.
- Hard Working. In many respects real estate investing is a lot like baseball. If a hitter makes outs seven out of ten times they will probably make the all-star team. How they handle these setbacks impact their mindset and future at bats. The same is the case in the world of real estate. The best investors will only get one or two out of every ten offers accepted. Instead of hanging their heads and working less they put their foot on the gas and work even harder. It is no secret that more deals go to those investors who work the hardest. There is no set schedule or boss looking over your shoulder telling you what to do and how to do it. It is up to you to get in your car on the weekend and visit a dozen open houses. It is up to you to do the little things that make the biggest impact on your business. Deals will not just fall on your lap. You need to put the work in and get them.
- Respect. The best investors understand that you can’t judge a book by its cover. Some of the most successful investor’s shows up to meetings in flip flops and a Hawaiian shirt. What you don’t know is that they own a dozen properties and may be looking for a partner down the road. Everyone you meet can be the person that changes your business. It is important to remember this with everyone you talk to. Real estate is often a tight knit community where word travels pretty fast. If you talk about an attorney you worked with on a previous deal the odds are it will get back to them. Soon enough you will gain a negative reputation that is difficult to change. Everyone from your real estate agent to your contractor should be treated with respect and professional courtesy. Doing this alone can give you a handful of referrals every year.
- Availability. One of the most frustrating things in business is not being able to reach someone when you need them. This is viewed not as a sign that you are a big shot and you are busy but rather you are rude and don’t care about your contacts. In this day and age of advanced technology there is no reason not to return all calls in a reasonable amount of time. If you don’t know an answer or have bad news on a deal it is always better to deal with it as soon as you find out rather than wait for just the right time. You should make it a habit to answer your phone every time it rings. This may not always be possible but you need to try. At a minimum you should return all text, calls and emails within an hour of receipt. The more available you are the more likely people will want to work with you.
These five traits do not require a special class or any advanced education. By incorporating these into your daily business routine you will quickly deals you didn’t think were possible.
