Every investor has a stretch where nothing goes right. They struggle getting offers accepted, deals fall through, and they can’t come up with new ways of generating business. It is during these periods where your mettle is tested, and your business is defined. It is essential to dig in and work even harder to come up with ways of generating business and grow your network. There will certainly be days when you don’t ever think things will change but all it takes is one phone call to create a new destiny. Struggling with ways of getting out of a rut is part of any business, but especially investing in real estate. Here are five things you can do to help jumpstart your business and get things moving in the right direction.
- Go to investing meetings. Going through a rough patch is not the time to shut down and remove yourself from the public. In fact, now more than ever, you need to get yourself out there and talk to as many people as possible. As humans we are creatures of habit. We do the same things at almost the same time every day. Our real estate business is no different. There is a good chance you have been investing the same way for years. If you are in a rut it is good to get out and simply listen to fellow investors talk about what works, or doesn’t work, for them. Even if the answers are obvious, hearing it from someone in the business can often serve as a wakeup call. This doesn’t mean you need to scrap everything you are doing and start all over, but you can make small changes in your perspective. The more people you interact with the more likely you will find the spark you are looking for.
- Change your work outline. The definition of insanity is doing the same things repeatedly and expecting different results. If you in a rough patch you need to change how, and where, you operate. Working from home has many benefits but there are times when you need to get out and try something different. It is a good idea to change where you work for a week and see what happens. This may serve as an inconvenience, but it will get you out of your comfort zone. Setting up shop at a local coffee shop may not make much sense on the surface, but it can help you see things in a different light. The next day you can take your laptop to the beach for a few hours, followed but an afternoon at a local library and then maybe a desk at a local real estate office. The goal is to shake things up and get you out of your normal routine. Whatever you were doing wasn’t working, so you don’t have much to lose.
- New daily routine. The merits of morning exercise cannot be understated. Studies have shown that even a light walk in the morning helps wake you up, get your blood moving and your brain working. You don’t necessarily need to be an exercise person, but you should consider a change in your daily routine. Something as seemingly small as waking up a half hour earlier can get things moving in the right direction. By using that time to catch up on emails, plan a course for your day or even take twenty minutes to think without distraction you are ahead of the game. From there you should plan on doing one thing per day that gets you out of your comfort zone. This could mean showing up at a real estate or attorney office, cold calling old leads or sending mass emails. Whatever it is, even if it doesn’t produce immediate returns you will feel enthused that you did something you don’t normally do.
- Emulate success. The shortest path to success is by emulating successful people in your industry. For years, Kobe Bryant was criticized for trying to be too much like Michael Jordan. Some of his body language, shooting style and signature moves were mirror images of Jordan. As he was criticized, he also went on to win five championship, one shy of Jordan. The question begs: what is so wrong with trying to emulate greatness? Sure, there is something to be said for creating your own style, but there is also something to be said with following greatness. If you are struggling it is not the time to reinvent the wheel. You should go back to basics and look at what has worked for you in the past. Perhaps, at some point you got away from it and become spread too thin. There is nothing wrong with sticking with what works, however boring it may be.
- Strip down systems. Even when things are going well it is a good exercise to review your business every few months. When you are struggling it is especially important to strip things apart and evaluate your business. Start by reviewing your goals, your systems, your daily routine and your network. You don’t necessarily have to make wholesale changes, but you do need to be open to change. Investing in a new market can be all the change you need to jumpstart your business. Perhaps your marketing is dull, and you need a fresh perspective. Whatever it is, now is the time to take an honest evaluation.
Getting through a rough patch is a part of any business. Instead of waiting for things to change on their own you need to go out and make change happen.
