We all have habits. We brush our teeth, we sleep in certain positions, we lock the door before we leave, we check our e-mails when we wake up. It doesn’t matter if it’s personal, professional, or some weird quirk—we’ve got habits.
As a real estate investor, you need habits, too. In this business, you’re in it for the long haul. So much about investing is about a consistent effort.
Maybe you’re struggling to be consistent in moving towards meeting your investment goals. Maybe you don’t feel like you’re progressing as you should. You need that extra push to move forward to be where you want to be.
These are 5 habits worth picking up for any real estate investor: no matter what strategy you hold, how many properties you own, or what goals you have in mind.
5 Worthwhile Habits for Any Real Estate Investor
1. Daily Market Research
Successful real estate investors know the value of being up-to-date with their intel. They have an extensive and in-depth knowledge of their markets of choice because they know that the more information they have about their markets, the better equipped they’ll be to make investment decisions. They’re always in tune with the latest on up-and-coming neighborhoods, economics, consumer habits, mortgage and unemployment rates, the job market, industry and opportunities, changing demographics, and more.
They change to maximize their profits in the present while also planning for the future. That means that they’re agile and always looking to what’s going on in their markets.
2. Refocus on Goals
What happens if you go for a long time without thinking about your goals? Most of us lose focus on them. We get distracted and side-tracked with other things. If you want to be a successful real estate investor, make a habit of not only thinking about your goals but actually putting them down in a real way. Maybe you write them down. Maybe you put them on a schedule or type them out. Maybe you talk about them with someone.
No matter how you do it, it’s all about actually reaffirming what your goals are. You don’t even have to stop there: outline the real, actionable steps of how you intend to get there. Not only are you underscoring what you want to do, but you’re giving yourself an avenue to get there.
3. Mastery of Self-Management
You can think about self-management like a more comprehensive version of self-discipline. If you’re taking the initiative each and every day to drive yourself forward towards your goals in a way that is productive and efficient, you’re self-managing well. It doesn’t come naturally to everyone. Self-management is all about initiative and taking charge of yourself, your time, and your future. That can be scary! It’s a lot of responsibility. At the end of the day, you’re answering to you and you alone: for success and for failure.
For real estate investors though, self-management is a crucial piece of the puzzle.
4. Training a Win/Win Mindset
In life, we’re usually taught that there are two categories in any given situations: win and lose. If someone wins, the other person loses. There aren’t gains without losses. The best you can hope for in an even outcome is “no-win.”
We have to change that.
For you, there should always be a win/win. When investing in real estate, you should always be looking for the ideal outcome for everyone involved. Are you buying that property? It should help you and it should help the seller. Renting to those tenants? It should be providing a great living space and premium customer service. That partnership? It should be mutually beneficial.
The win/win aspect in real estate investment is part of what makes it so fulfilling! You’re not just doing good for yourself, you’re helping out others, too. It just makes good business sense to think about the outcome on all sides.
5. Reach Out
Your final good habit is this: reach out. We’re in a people business. As investors, you should constantly look to make new connections with the people around you. How long has it been since you’ve synced up with your property managers? Are you still on the same page with your team? Have you been maintaining your business relationships? How about your professional network?
Take the opportunity to go to regular networking events. Meet new people. Connect with old people. We can get so wrapped up in “business” that we forget to be people.
So go—grab a coffee and connect with someone.
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