To those not immersed in that world, real estate investors can be mysterious figures, lumped in with landlords and property management. For you and your colleagues, that isn’t the case. Real estate investors do important work that ultimately affects your landlords and your tenants. Real estate investing done properly is not a gamble nor a game, it is serious business where calculated risks are taken and where serious wealth can be built.
Whether you have your hands in the day-to-day going-ons of your investment properties or not, there are steps that you can take that will have you standing out in the sea of investors. We have written extensively about the serious and important work of real estate investors and how we as a company are very selective as to the clients we would like to work with.
The biggest piece of advice we can offer is to set yourself apart as a professional. That does not mean hands-on or active. It does mean presenting yourself as an investor who cares about their investment and more importantly, the team they choose to partner with. Go above and beyond — you’ll increase your opportunities and maximize your potential for success...as well as attract the best team!
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4 Steps to Excelling in Real Estate Investment
In the real estate business, investors need to keep up. It’s too easy to think that passive investment means being passive. It doesn’t. In order to truly succeed, investors much practice discipline. Dedicate time every day to get things done. Treat it like a business (because it is one). Keep up with what’s going on in the market and with the investment properties in your portfolio. You have to practice discipline — whatever it takes. It might be as simple as keeping a planner or going as far as creating an office space.
Did you say you were going to do something? Do it. Follow-through will separate you from investors that aren’t serious and make a good impression. Whether it’s writing thank you notes or making calls that you really should make, the little efforts you make to follow through on promises and courtesies will be remembered. Take this with you when dealing with other professionals, sellers, property managers and tenants. Let your word be good.
Value Customer Service Above Everything
In nearly every industry, customer service is what wins people over. Even the most excellent of products or services can be marred by bad customer service. For real estate investors, this often begins with not only treating your staff well, but ensuring that they’re taking good care of your tenants. It means addressing concerns, empathizing and doing everything reasonable to ensure that their experience renting from you (or working for you) is a good one. When you treat people well, they will keep coming to you, time and time again.
Protect Your Reputation
An investor’s reputation is invaluable. Once it’s ruined or damaged, it’s almost impossible to get back into good graces. Guard your reputation as a real estate investor. That means holding fast to ethical business practices, being helpful and treating other with the utmost courtesy and respect. Eliminate gossip and the temptation to cut corners in your real estate investments. Be the sort of investor that you want others to look up to — not only in measures of monetary success, but in quality of character.
What quality do you think is most important in excellent real estate investors? Tell us in the comments.
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