When you decide to become a real estate investor, be prepared for the long haul. With patience, the right mindset and the proper application of techniques, you can set yourself up for long-term success. Here are four things you need to do to set yourself up for this kind of real estate investment success.
#1. Practice Goal-Setting
Success in real estate investing is a gradual process that requires months and years of effort. Use realistic goals to keep you motivated and achieving along the way. Getting into the habit of goal-setting early can help you stay focused on your long term hopes and aspirations. Think of it like lifting weights in the gym: if you try to bench press 500 pounds on your first day in the gym, you’ll only end up hurting yourself. Instead, you go to the gym for months or years and lift 5 pounds more each time while reassessing your plan. It’s just the same with a real estate investment path.
Have several long-term goals in mind: a certain amount of income, early retirement, etc. Write them down and keep them in sight. Think about the steps you need to take to achieve them and use these to generate some short-term goals like calling a certain number of leads per week. When you achieve a goal, congratulate yourself and set the next one.
#2. Value Your Connections
In real estate investing, relationships are your most valuable assets. You need to nurture these relationships over the long term to truly realize their value. Learn to embrace the art of the follow-up. If another investor gives you a good tip, take them out to lunch and thank them. They’ll be more likely to share information with you in the future.
If a tenant has been especially great, make sure to send them a note to thank them for their choice to rent with you. They’ll appreciate the gesture and might even recommend their friends when you have another vacant property.
#3. Learn To Solve Conflict
If you are in the real estate investment market long enough, you’ll eventually run into friction. It’s how well you handle these situations that will determine how much time you’ll spend problem-free. Get into the mindset of a problem-solver. If something goes wrong, be the first to apologize and offer a solution. It may not sound ideal but this is the best way to move past a problem. You’ll develop a reputation as a great person to work with and this will help you reach your goals.
#4. Be Flexible
Things will change all the time in the real estate investment market. Deals will fall through, tenants will disappear and rent payments will come late. The sooner you accept these things, the better you will handle them. Learn to adapt to change and embrace it as it comes. Take a deep breath and focus on a solution instead of hanging onto your emotions when things go wrong. It’ll help you develop resilience.
There are many tips and strategies for success as a real estate investor but these four principles will be the core of your long-term success.