Every real estate investor wants to be successful. There is nobody who starts a new career thinking they will fail. However, wanting to be successful only works if you are willing to pay the price and make the necessary sacrifices. This is especially important in the world of real estate where setbacks and disappointment are so prevalent. You can look at twenty properties, make ten offers and only get one counter. If you are not mentally strong enough this can wear on you and beat you down. What will get you through is a positive mentality and the right mindset. Things won’t always go your way but if you are upbeat and find positives in any situation you will become more successful. Here are five mindset changes that will immediately improve your success.
- Goal oriented. Do you know what you want from the real estate business? It is too simplistic to say that you just want to make money. Behind every great entrepreneur there is something deeper driving them. There is a bigger purpose and a bigger goal. They use this for fuel in everything they do. When they get knocked down instead of sulking they use their goals to push them to work even harder. Everyone in real estate should have micro and macro level goals. Talking to five potential sellers or finding one new marketing niche may not sound glamorous, but these are the actions that lead to bigger success. Stop what you are doing and write down what you want to achieve for the rest of work week, for the month, for the next three months and in one years’ time. Revert back to these goals constantly and use them as a scorecard. The more you start using goals as fuel the more you will get accomplished.
- Be willing to step out of comfort zone. Some of the greatest feelings you will ever have in life come after moments of great trepidation. Speaking in front of your networking group may cause a sleepless night, but after you are done there is a euphoric feeling that can’t be replicated. There are times when you need to step out of your comfort zone and take a chance. This doesn’t mean you make reckless property choices, it means you need to do things that aren’t comfortable. Cold calling 100 real estate agents asking how you can build a relationship certainly can be uncomfortable, but it a hidden element of success. Posting video blogs of recent transactions may not be your thing but it can open doors you didn’t know existed. There are many examples of doing things that you would never think of doing. Like anything else, after you do them just once, every other time gets easier. Before you know it, you will be looking to make presentations to as many people as possible. Taking that first step is never easy, but it gets easier as you go.
- You don’t know everything. There is always a fine line in any business between staying the course and knowing when to shift gears. The power of your conviction is important, but you also need to know when something isn’t working. Stubbornness tends to leave your business stagnant and you be disappointed in your results. It is ok to say “I don’t know” sometimes. The real estate business is constantly changing. If you don’t change with it, you will fall behind your competition. It is important to be fluid and flexible with everything you do. Admitting that you may be wrong or there may be a better way is ok. This doesn’t mean you are weak or an ineffective leader. In fact, just the opposite is true. The best leaders know they don’t know everything and are quick to explore every available option.
- Make it your way. One of the things that makes investing in real estate so great is that there are many ways to do it. Sure, there are blueprints of successful investors you can follow, but you don’t need to. It is ok to make it any way you see fit. If you want to invest in three deals a year while keeping your full-time job that is more than acceptable. If you want to quit your job and start looking for properties you can opt for that route too. The point is that you can mold and shape your business any way that works for you. Don’t let someone else tell you what you can and cannot do. If you really want to make it in real estate, you can find a way to do it on your own terms.
- Constant action. Fortune often favors the most prepared. There is no question that finding and closing deals can be a challenge at times. You may go weeks without getting anything new in your pipeline. When this happens it is natural to get frustrated and wonder what all your hard work is for. It is during these times you need to bear down and work even harder. You may think it is a waste of time but working when you are stagnant is the best way of getting out of it. You should make it a point to do something every day for your business. Even baby steps can have an impact over time.
Every day there are success stories from new investors who never dreamed they would end up in real estate. In most cases, their perseverance and mindset are what makes the difference.
