Why Small Things Often Equal Big Results
It has often been said in the real estate world that there is not much that separates one investor from another. In a local market most investors have access to the same contacts and an equal chance when a new listing becomes available. If this is the case why are some investors more successful than others? The answer is usually in the little things they do. There are a handful of seemingly little things that successful investors do every day that gives their business a decided advantage. They do not require massive amounts of money or time. They simply require a little thought and a willingness to think outside the box. If you want to give your real estate business a leg up on your competition you need to think about the little things. Here are five small things in different areas of your business you can do that equal big results.
- Rehabs. There is a lot that goes into every rehab. One of the mistakes that even successful investors make is thinking their work is over once the property is finished. Your goal is not to just finish the property but to get it sold at the highest possible price. Doing this requires the property to look perfect every time you show it. If this means that you need to have the lawn cut every few days this is what you have to do. It could mean walking the property every day to check on the little things that buyers often find most important. It is not enough to just put your home on the market and wait for buyers. You need to do the little things to make sure it looks perfect.
- Networking. There is more to networking than showing up at events and exchanging business cards. This is a good start but probably won’t yield the results you are looking for. Most networking connections aren’t made from the initial meeting. They are made from the follow up. Every time you meet a potential contact you need to follow up in the first 24 hours. A simple email or phone call stating how much of a pleasure it was for a few minutes gives a bigger impression than anything else you can do. From there you need to be proactive and pick a date for a follow up meeting. You can’t wait for a contact to reach out to you. By taking a proactive approach and sending a quick message you will get the most out of every networking meeting. It doesn’t take a master marketing strategist to send a two minute message.
- Rental Properties. Even though most rental markets are still hot you need to do the little things to find quality tenants. This starts with how you present the property. By showing the property in the best possible light you set the tone for the rest of the lease. Take a few extra minutes to get high quality pictures of the property. You want pictures that show the entire property both interior and exterior. If the property looks pristine your tenant has an expectation for what they are getting into. In addition to pictures you can post a video of the property. As easy as it is videos are still few and far between. A quality video can make your property stand out from the crowd. After you generate interest there is one more minor step you need to take. It is not enough to give your tenant an application. You need to follow up with any references listed. A five minute phone call to a previous landlord could shed some light as to what kind of tenant you may be getting. Taking these small steps can get your property rented quicker and give you a tenant you are comfortable with.
- Motivated Sellers. Just because a seller is motivated to sell doesn’t mean they are going to sell to you. These are the sellers that you need to close. Closing motivated sellers often means doing the little things. Don’t pressure them for action until they are ready. Provide answers to every question or scenario they may have. Show up on time and be presentable every time a new meeting is scheduled. You may have to take a few trips to the property before they are ready to move forward. Don’t get upset or flustered by this. A motivated seller usually wants to be comfortable with buyer before they are ready to act. The little actions you take make this happen.
- Business. As a real estate investor it is important to remember that you are running a business. This means you need to do the little things to stay on top of it at all times. There are a handful of apps and programs that can make this easier than ever before. You need to develop systems for lead tracking, expenses and conversion rates. The minute you get lazy in any one of these areas you will start to see slippage in your business. Also when you stop doing the little things they become much harder the longer you wait. By spending just a few minutes working on your business systems every day will greatly increase you efficiency.
It is very easy to get caught up focusing on the big picture. Instead of worrying about the big things in your business focus on the little things. By doing the small things better than your competition the big things will fall into place. It doesn’t take money or education to do the little things that make the biggest difference.