When it comes to everyday practices that make you a better real estate investor, there are actually a few things you can do that can sharpen your skills as a real estate investor. The best real estate investing practices are practices which are not just used by real estate investors but mostly used by successful people in every different field of business.
Here are a few of the best real estate investing practices:
- Make a flexible itinerary
Some people have a very strict itinerary that it strips away every window of opportunity that comes oh so suddenly. Make room for surprises. Do not make your itinerary way too strict to the point that you would not even have time to breath. Having a flexible itinerary allows you to allot some time for any opportunity that just happens to pass by.
- Try greeting people first before they greet you
Let us face it, some people are just too shy to greet people first. But here’s the technique, catch them off guard and give them a very firm and reassuring greeting. This will most likely open a new door to a whole new conversation and who knows, that conversation may even lead to the person you are conversing with to become one of your clients. Do not be shy, say Hello!
- Try having positive conversations
Some people tend to have conversations that end up becoming negative or even worse end up to become a bore. Keeping the conversation entertaining is not enough but you also have to keep the conversation positive. Open up brighter ideas that lead your client on by both curiosity and excitement for a better future that could lead to a fruitful business relationship.
- Leave with a reassuring gesture
Talking is not enough but you have to make sure that when you leave, you are able to give them the last impression. One that they will remember when they go back home or when they think about the offer you gave them. Leaving with a reassuring gesture is one of the best real estate investing practices used by those who have already succeeded.
These practices can be developed one step at a time. Although simple, these practices have a major influence in your career as a real estate investor.
A lot of people say that they are already investing in this specific investment but the real question is are they actually investing properly? Investing involves two parties, the investor, and the investment. Without one of them functioning properly, there will not be any harmonious business relationship established. As a real estate investor, you should know how to invest property.
Here are a few things you have to check in yourself as an investor:
- Do I have the right mindset
The right mindset could change everything. Seeing opportunities in a delicate situation and seeing possible downfalls in an almost too good to be a true investment. Having the right mindset can point you towards the right direction having you reap the right results in your investment.
- Am I financially ready
If you are in big debt that you are already having a hard time to pay off or if you are not earning enough for a starting capital, maybe it is not the right time for you to invest. Investing takes capital and it is never wise to invest with capital that you do not have at all and capital that is beyond your reach.
- Am I emotionally ready
Some people crack under stress and this is something you do not want to happen to you. Sometimes you incur a loss for a period of time but it does not mean that it is a bad investment. Be certain that you are willing to undergo the stress and risks. Make sure you are emotionally ready to deal with any consequences.
How to invest properly as a real estate investor means you have to be ready in each of these aspects.
Now here are a few things you would want to look for in an investment.
- Fueled by passion and not ambition
As a real estate investor, we do not invest in people but we invest in property. Even property can be ambitious. You have to see the future potential of the property and check if you are envisioning it by ambition or because of passion for real estate investing. Make sure that emotions do not cloud your judgment and that you are able to see the future clearly.
- Possible market value
List down the possible risks or situations that can possibly turn your property’s market value upside down then make another list of the ways you are going to deal with it. Looking for the possible market value does not mean “How much will I earn” because it should be “What is going to be the market value of this property in the future”.
- Good buy and not desperate buy
Do not assume that every buy is a good buy. You have to have good judgement that even if some properties are cheap, it does not mean that they are a good buy. Know the value of what you are buying to make sure you are experiencing a good buy and not a desperate one.
What differentiates a real estate investor from the best real estate investor is his perspective on money. Your perspective changes everything, from the way you think about the options you choose. Having solid perspective helps you focus on the things essential for your success. I want to share this simple quote that could change your mind and views when it comes to investing.
“If money talks, all we have to do is listen.” – Anonymous
Listening and learning in this context is synonymous. A lot of people come up with that billion dollar idea but how many of them are actually able to turn their ideas into the potential success which they so believed in? As a real estate investor who is a type of trade which has been existing for far too long, all we have to do is actually listen. We have to learn the tips and trades of the business. Yes, talking and brainstorming is helpful for us to come up with all those original ideas, but are they the best ideas? Becoming the best real estate investor means you have to achieve the something that will entitle you the best. Learn the tricks of the trade before you start going on and creating your new ideas. Since these tricks have been passed on, the success rate of these tricks is high because of the historical data that can back these tricks up. This quote basically means humble down when you are a student.
This quote can be applied in so many ways. Here are a few of them:
Having a mentor to converse with and just listen to is a great asset. Learning from someone with more experience will always be an advantage as it will give you a glimpse of the future. The possible obstacles you may experience, most likely your mentor has already experienced something similar. Listen and learn the tricks of the trade.
- Talking to a client/customer
Learning from your clients/customers is something you want to do. Stop pretending like you know the market and humble yourself to ask them what they want and that is when you will learn how to sell to them.
- Talking to your fellow real estate investors
It is better to play a wise fool than a foolish teacher. You do not have to brag. Keep your cool and listen to their stories as you may learn from them and maybe even exchange information and knowledge. Do not think of your fellow real estate investors as a competition but rather a pool of knowledge where you can dive in and learn as much as you are able to swim. The best is only the best if others talk about him and not when he talks about himself.
One of the most common mindsets that often lead to downfall is the mindset that you should INVEST NOW and learn later. The best form of investment would always be education. Educating oneself and training oneself does not mean that you should just read this and read that. Educating and training oneself means that you should put yourself through a real estate training course. The best way to learn a trade is to learn from the ones who are certified to teach that specific trade. Being a real estate investor involves a lot of money which we do not want to waste and hand it over to the sad fate of loss. Save yourself the loss and invest in a real estate training course where you will learn the basics all the way to the specifics.
Here are a few things to put into the mind and hopefully persuade you into taking a real estate training course:
- Luck and Skill are very different
People confuse luck and skill which is a very sad and scary thing to do. Making investments based on luck is like buying a lottery ticket, you have no assurance of return. No matter how big the potential may be, if the numbers do not add up, it is better not to invest. Investing based on skill is very different as you study the market even before you make the purchase. For example, buying a bar of gold in the 90s and selling it in the 2010s. With due research, you knew this would happen because you knew that the value of gold and silver appreciates and you are now able to enjoy your profits just by making the right investment.
- Your input is your output
What you put into your head is what you put out. If your mentor likes to do things in an unorthodox and very risky way, you will turn out just the same. Be careful who you listen to. Learn from some people by following them and learn from others by not doing exactly what they did. They are either a lesson for success or an example of failure. Be careful who you listen to.
- Train not just study
Yes, studying is important but being a real estate investor takes skill. The best way to develop skill is not just by studying and reading and learning all these differences but in actual practice. A real estate training course provides you a platform to practice without having to incur severe losses that may bring your career as a real estate investor to a halt or even to its end.
Offering you with the right concepts, the right input, and the right venue to be able to improve your skill as an investor are just a few ways where we want to help you.
“Some people dream of success, while other people wake up every morning and make it happen” – Wayne Huizenga
Now a lot of people tend to say that investing is very far out from sales but they fail to realize that investing and sales have a lot of things in common. Real estate sales training is there for a reason and that reason is to teach people how to sell real estate. Without sales, nobody would be able to make a profit. Back in the ancient days when trade still did not exist, people would only own what they work for which is crops and livestock but as times have changed and trading has been introduced, sales have become one of the most important basic skill in business. Why are sales considered a basic skill? Because you will not be able to go anywhere in business if you know nothing about sales. Now a lot of people learn the concepts and are so convinced with what they know but lack practice. Knowledge without application can only go so far. You have to undergo real estate sales training if you are to pursue in life as a real estate investor.
Here are a few real estate sales training tips:
- Know what your goal is
This question can be answered by “The goal is to sell” but it can be followed up with a lot of different questions like “sell what?”, “sell to whom”, and many others. You have to be clear if you are selling just your product or are you actually selling yourself to your customers. Are they buying because of the product or are they buying because of you? A good real estate investor already has a clue what the answer is and as to who you are selling to, you have to find the right market that would save you both time and effort.
- Know where to train
Some people train by actually trying to sell smaller and easier products to whoever and that helps them develop their salesmanship skills but as a real estate investor, knowing what you are selling and selling it at a good value is also equally important. A little secret for you is that a really good real estate sales training venue can actually be found in trading stocks at the stock exchange. Why? Because it depends on knowing the value and helps you learn the market. Knowing the value and being able to calculate the value will be able to help you with your sales pitch if you are to sell as a real estate investor.
- Know how to train
Do not train while wasting money. Train within a strict budget. Since you are after the experience, make sure that you do not experience a big amount of loss that could really hurt you financially. Make sure the money you use to train is for training only and do not expect it to actually bring you profits. Yes there are people who are good from the start and are able to go throughout their lives as a real estate investor without any sort of loss at all but there are a lot of people who experience loss and it is better to learn how to deal with it ahead rather than learn when it is too late.
- Know who to listen to
A lot of people may be giving you advice but you have to be very selective in listening to them because some of this advice will really help you out but you should be careful of that advice or tips that could lead to the end of your real estate investor days. Trust someone with experience and with the right credentials. Learn from everyone. There are some people we learn from following and there are also some people we learn from by doing the opposite of what they did. Be careful which advice you heed.