5 Qualities That Will Help You become A Better Investor
There is more to the real estate investing business than just the numbers. To become a better investor you need to focus on the little things in your business that can help define your success. What successful investors have figured out is that the better you are at time management, dealing with people and staying in touch with your network the stronger your business will be. There are also a few key personality traits that directly impact your business as well. Focusing on numbers and data is critical but you can’t ignore the human element. People in business want to be around others they are confident can get the job done. These five qualities will go a long way in showing them.
- Open Minded. Being stubborn is one of the worst labels you can have about yourself. Not only is it bad for your reputation it is also bad for your business. There is always a fine line between being committed to your vision and knowing when to take a new path. Even if you are committed you still need to be willing to at least listen to alternatives. Successful business owners are the ones who are able to see when something isn’t working and aren’t stubborn enough not to change. Where many real estate investors fail is not evolving with the times. Something that worked a few months ago may not work in today’s market. By putting all of your eggs in one basket you leave yourself very little margin for error. You never know when a new opportunity that comes your way will change the course of your business. You need to be willing and able to always keep an open mind.
- Good Problem Solver. If you watch one of the many real estate investing shows on TV you notice one common theme. In almost every show there is a major problem that needs to be addressed. Some of these are bigger than others but they are there in every business. Instead of running from these problems you need to face them head on and deal with them. This often requires you to deal with people or the property in a way you didn’t originally expect. The longer you wait to tackle these issues the worse the problem becomes. This is a very underrated aspect of the real estate business. Dealing with a contractor, attorney or seller isn’t always easy but it can make or break the transaction. Regardless of how diligent you are in the process there will always be something that pops up out of nowhere. How quickly and efficiently you solve these problems that come your way will be a direct reflection of your bottom line.
- Quality. As a real estate investor quality is critical. If your investing area of focus is rehabs and flips quality is the single most important factor in your success. Turning the property over quickly is nice but without quality it will sit on the market much longer than you expect. Quality also influences the demand that is created and how much you can sell the property for. In every area of your business delivering high quality work should be your priority. If you own rental property your tenants should feel like you are not just putting a band aid on something when it needs to be repaired. By always focusing on quality you will develop a reputation as someone the people around you can rely on. When they see your name associated with a deal or a property they will be more inclined to jump on it. The quality you deliver in everything you do will directly reflect the quality of your reputation.
- Organized. There is a lot going on with every real estate transaction. You need to balance the financing, the property and everything else involved in the deal. If you are not careful it is easy to let something slip through the cracks. It is imperative that you stay on top of everything you have on your plate. If you say you are going to call someone back within 24 hours you need to do everything in your power to keep your word. The people around you don’t want to hear how busy you are. Even if you are legitimately busy it is not a viable excuse. You need to find or develop a system to stay organized every day. This could mean making lists before you go to bed at night or finding an app for your phone. Letting even one thing get past you is one too many.
- Positive Mindset. Knowing that things will not always go your way is a good mindset to have. The real estate business is filled with tremendous highs as well as some crushing lows. With everything that happens it is important to try to stay on an even keel and keep a positive mindset. As difficult as it may be some times you should try to find the bright side in every situation. What you will notice is that a positive mindset leads to positive results. Instead of throwing your hands in the air when something goes wrong you can flip the switch and focus on results. Making this transition isn’t always easy but is essential.
Focusing on these five qualities will greatly enhance your business and help you become a better investor. The little things you do go a long way.