4 Important Traits to Be a Successful Real Estate Investor

Thinking about becoming a real estate investor and actually getting out there and investing in properties are utterly different. It allows you to work for yourself, manage your working hours and make money even when you are sleeping. But all of these perks comes with hard work.

I don’t believe in get-rich-quick formulas and let me tell you after being in this field for more than 2 decades, there aren’t any such formulas out there. These are all different ways of taking money out of your pocket and giving you a bunch of advices, which you can find on BiggerPockets or other forums for free too. So, what it takes to be a successful real estate investor? Let’s explore:

1. Passion to build a career

Passion might sound a bit overwhelming and dramatic but it is the core of success. If you want to be successful as a real estate investor, you need to ensure that you are passionate about it. You don’t count your hours like a 9-5 day job because you want to build a career out of it. You want to create passive income that would give you the freedom to live your life according to your own terms. This passion drives you to go through the difficult times that you’ll face at the start of your real estate investing career.

2. Determination

If you are passionate about something, it gives you the determination to endure bad patches. Yes, they will get bad. You might find problematic tenants or depreciation in the market or trouble contractors or too expensive property. But you need determination to keep going, to ensure that all of this is temporary and there’ll be a time when you would see the fruits of your efforts.

3. Patience

Patience is the key to success. It is a trait that helps you keep out of trouble. It’s OK to have passion and determination to make it big in the real estate investment world. But it’s your patience that will help you make a good decision. You can’t jump into buying every new property. You need to be patient enough to figure out the pros and cons and calculating the return on investment. Patience also gives you a space to think. If you can’t get hold of one property, it’s OK, you can find another one. There are many good deals out there. You just need to be patient enough to find them.

4. Practicing the right process

It is important to lay out a process of running your business. You can’t just follow your instinct while investing in real estate. You need to figure out a process of finding, inspecting, buying, flipping and managing investment properties. If you make a habit of practicing the right process, it will act like your safety net. If you find it difficult to set up a process, don’t hesitate from asking for help. Always remember what Dumbledore said to Harry Potter, “Help will always be given at Hogwarts to those who ask for it.”

Luxury Real Estate Marketing: Tapping Into Your Passion

The alignment of your wavelength with the wavelength of your ideal clients takes all of the effort out of marketing because you do not need salesmanship to convince them that you are a match. Precisely communicating your unique, authentic personal brand signal with laser-like clarity to a like-minded audience is the surest way to attract new business, to spontaneously spark word-of-mouth advertising, and also to generate unlimited referrals.

By far, the best channel, system, vehicle or medium of communication to reach other people like you who will like you because you are like them, is through your blog. To be a market leader today, you must gain visibility, you must be seen where your target market shows up, which now is on the internet. It may take some getting used to, but the surest way to achieve top-of-mind status in your marketplace right now is to fully embrace this communication medium.

Here are the three biggest challenges of developing your personal brand as a blogger:

Challenge #1:

The first challenge of creating your personal brand is to identify an uncontested market niche that you can passionately dominant as an expert blogger. The fierce competition for attention on the internet now makes it an imperative to create a personal brand as a blogger, one that enables you to instantly stand out from your competition.

Challenge #2:

The second challenge of personal branding is crafting your marketing message. Your message (expressed through graphics, text, photos and video) must concisely convey your unique, authentic personality and your extraordinary promise of value. Your message must be delivered precisely and swiftly. That is the true measurement of an effective personal brand.

Challenge #3:

The third challenge of personal branding is consistency. You must blog consistently to maintain visibility and sustain top of mind status. You must consistently stay on your brand signal and maintain your authenticity.

To triumph over these challenges you must be passionate about your subject. Otherwise, you will lose interest and bore your audience, who will simply unsubscribe. That is why leveraging your passion, your greatest asset, is so important to your success today, as a luxury real estate marketing professional.

Successful Real Estate Investing – 4 Principles You Must Follow

4 basic principles that will Prevent Failure & Guarantee Your Success in Real Estate Investing

1st… Without passion, there is no success… real estate investing gets into your blood & drives you to do the things that you need to do to become financially independent & live a lifestyle most people only dream of. If the passion is not there, deep in your core…if you don’t get excited when the phone rings or making calls to prospective buyers & sellers, maybe just move on to something else. To be successful in anything requires hard work & focus, if that’s not real estate, than find something you are passionate about and channel your energies there.

2nd… Never forget that your #1 role is a deal maker…real estate & the money that follows are just by products of taking away the pain of the seller & enriching the lives of the buyer. Never get emotional about a property, the seller or the buyer…but get emotional about the deal.

I have been doing this for almost two decades and the one thing that stays in the front of my mind is how I can put this deal together where everyone wins & I make a profit. It’s all about the deal & you should have several going on at one time to give you the most opportunities to close deals & get the reputation that you are the guy that delivers. When that starts happening, and it will if you follow the system, the money will follow automatically. Worry about the deal more than the money and success is yours.

3rd… Get fanatical about a daily routine…develop your own system & stick with it. As real estate investors, we usually have a lot of “free time” and it is easy to deviate from our daily activities that will ensure success. I can’t stress this enough because I see it all the time. People get into this business; blow a lot of money going through the motions & fail. And then turn around and say something like this…”It doesn’t work, I spent all this time & cash and was promised massive amounts of money if I followed the courses but it’s just a con”.

We all know someone like this, whether it’s real estate investing or some other business opportunity. These people believe in 2 things…

  • You can get something for nothing. In other words, all you have to do is buy the shiny package of CD’s from the late night pitch guy, put it in your closet and then magically, the next thing you know, you’re drinking Margaritas on the beach in Florida with big money rolling into your bank accounts. Ain’t happening
  • That life is fair when it comes to real estate investing. There are tens of thousands of dollars in profit involved when a real estate deal has all the right elements. Stay alert for someone else looking to take advantage of all your hard work and cut you out. This is not being negative, just realistic. Simple truth is that few people care if you succeed or fail as real estate investor so just deal with it & stay aware.
  • Deal with people you trust on your side including a good attorney to draft offers & review documents. If you do happen to find yourself in a situation where someone has taking advantage of your hard work & diligence, turn the disappointments into teachable moments and move on.

Point being is that you have to be almost religious about a daily routine that includes reading your goals & where are you at today in achieving them, researching properties & making calls, cultivating contacts, & stay aware of your business environment. To be a successful real estate is like any other business that requires hard work, determination and a belief in you.

4th… Last but certainly not least, you need to keep learning & stay fresh. This industry is the largest in the nation with trillions of dollars tied to it….& is constantly changing. The recent flood of foreclosures is unprecedented & offers the opportunity to investors that we may never see again in our lifetime. Make sure you are involved in investment groups either online or in person where you can draw off the experiences of others. Dedicate yourself to reading new books or take courses/ webinars on today’s opportunities as far as short sales, bank REO foreclosures and the different ways to finance. Use the internet to access information on fresh property leads, that is where the quick cash can come from.

Just never be hesitant to put offers in on properties that make sense, experience is the best teacher as a real estate investor. All the knowledge in the world is useless if you don’t get into the game. The fact that you are reading this article is a good indication of how serious you are about your success & I applaud you for it. Stay focused, motivated & educated…the system works if applied right.

Marketing Luxury Real Estate: Less Is More – Tip 1

Marketing ideas with zero or low-cost are easier to conceive when you follow your passion. Anyone can develop business in their luxury real estate marketing practice with money. But, some of best results can be achieved without spending a dime. Here is an example of a low-cost promotional idea that cost an agent very little but yielded big results.

A very successful luxury real estate marketing professional in Chicago was on the board of directors for the local museum. Her passion was engaging kids in the world of art. When the museum created a special interactive event for kids she sent out event invitations to all of her past clients and her entire sphere of influence offering to cover the admission cost for their kids. At $10 per child she spent only $500 for the 50 that showed up WITH THEIR PARENTS!

The positive response was unanimous. The kids had a blast, learned new things and made new friends. The adults appreciated the opportunity to meet new community members. Several of the parents jointed the museum because of the quality of the children’s program. She generated a tremendous amount of good will not only from those who attended, but also from those who were impressed with the invitation and could not make it.

She also received several referrals shortly thereafter which converted to significant commissions that made the $500 investment a drop in the ocean. What contributed most to the success of this marketing idea was her passion for getting kids excited about the arts. This is part of what her personal brand stands for. When you tap into your passion and tie it into your work everything aligns to this core principle that makes marketing a joy.