Want to grow your real estate business, investment performance, wealth, and deal volume this year? Check out these six must-dos…
With the exception of organic equity appreciation gains in real estate don’t just happen by themselves. If real estate investors, agents, and CEOs just keep doing the same thing as last year, it’s likely they’ll just get the same results. There can be compounding benefits of small tasks over time, but those that want to make sizable leaps in income and wealth, and that are determined to control their own destiny also need to apply the right actions, and force growth.
Here are six ways to do that over the next 10 months.
Many real estate professionals and executives get bogged down in organizational and technical activities. Yes, it is important to blog, to tweak your website, recalibrate your email marketing, research markets, and continually build on your real estate education. But how much time is being spent on those tasks versus actually getting out there making offers and signing deals? That’s where the actual dollars are. Can you commit to spending twice as much time each week really talking to qualified prospects and inking new contracts?
Leverage is key for multiplying your results. Leverage multiplies your force and lifting abilities. Billionaire real estate investor Sam Zell says leverage is a must. For some that is financial leverage (debt or equity). For others it is technology, business tools, people and partners. Consider that just using 50% financial leverage instead of all cash can reduce risk, and empower you to acquire and control double the real estate.
Just watch out for bad leverage. Bad debt like car loans and credit cards may seriously slow you down. Just as bad people can drain your time, energy, and momentum. Pick your leverage well. Restructure now if you need to.
3. Connect with New People
Your success and deal volume this year is directly linked to the number of new people you connect with. What systems and schedules do you have in place for meeting new people, getting new people to know you, and connecting with others, each week? A target of 10 new people each day is roughly 300 each month, or 3,650 additional leads and names in your database each year.
4. Boost Brand Visibility
Maintaining brand awareness and visibility is critical. Being in the street and on the phone cutting deals may be where the money is today. But staying in the spotlight, at the top of mind, and attractive, is crucial for keeping partners and investors, as well as closing the deal for prospects in the pipeline, and loading the pipeline with contacts for tomorrow.
5. Think Who Can Do It
Author John Maxwell says that great leaders instinctively ask “who can do it.” Not how they can do it. If upgrading your website, increasing email click-throughs, or getting in the press is a top priority, decide who is best on your team to run with the ball, or who you can hire to handle it. Then get back to making the real money.
6. Pay Vendors Fast
Even as an individual investor, or solo real estate agent, your operation is a machine. If the cogs aren’t oiled they are going to seize up and slow everything down. Your appraisers, inspectors, rehab contractors, and freelance and remote team members are your cogs. Most work on a weekly or monthly basis at the most. They normally prioritize work for those that pay them fastest. If you only pay invoices monthly, or are beginning to drag invoices, expect them to drag their feet as they put other clients at the front of the line
If you want bigger real estate results this year make sure these items are priorities, what can be delegated is delegated, and that your schedule includes the most important tasks that will really create grander achievements you can bank on.