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Successful Real Estate Investing Habits
The essence of success is achieving a long period of prosperity through your actions. In investment properties, that kind of success can be fostered through committing some habits to your investment routine and by using them to continually work towards new opportunities and new investments. By internalizing a few of the following techniques as habits, you can become more successful in your real estate transactions, giving you an edge on the competition (of which there is much in the real estate investment market).
As with most areas of business, getting your name out into the community is a great first step towards developing a network of people that will help you along your path to investment success. Let people know that you are looking for investment opportunities. Give people you know business cards and ask them to keep their eyes and ears alert for possible properties.
Enlisting those you know and developing a strong network will give you an information pipeline that is unique to you, one that possibly could turn up opportunities others miss. Make it clear that you are available to talk about any opportunity and sometimes they will come to you rather than go out to the public.
Think actively about risk and profit. These may seem like obvious things to think about, but often times investors get caught up in the short-term ramifications of a property and neglect to think about the long term profitability of a property. Conversely, some investors think only about the potential profit of a property and neglect to consider the risk needed to attain that high level of profit.
Internally, you should engage in a balancing ask for risk and profit on every property you assess. Is it in a stable area? Are property values likely to increase? How likely is it that property values will decrease? These are risk-type questions that need to be asked both in the hopes that they are positive and to guard against the answers coming back negative. Never get too concerned with risk or profit singularly, instead consider them both as a sliding scale and consider those that offer a strong balance as the most optimal real estate properties for investment.
Create a Plan
The most important piece of advice on how to create successful habits is to create a plan. With a concrete, pen-to-paper blueprint for the measures you are going to take to ensure success, you are less likely to neglect certain items and more likely to make that plan a part of your daily routine. Talk with a certain number of people in your network each week. Pledge to investigate a certain number of new investment properties each month.
Taking proactive steps is one of the best ways to create great opportunities for yourself in real estate investments and sometimes people simply need a checklist or reminder to keep at those tasks. By developing a plan and going over it as a checklist periodically, you will gradually wean yourself of that need and internalize the habits that will ultimately make you successful.
Once that level of commitment happens, developing opportunities will be less a matter of expending great amounts of energy to stick to a pattern and more an effortless cycle of proactive behavior that creates an advantage for you in what is an extremely competitive real estate investment atmosphere.
However, there is one additional word of warning. Never stop learning new steps to incorporate into your habits. It is one thing to internalize a plan and another to get set in a series of steps that you cannot break free from. Laying a strong foundation of positive habits that can later be added to is worlds apart from learning one set of steps and never deviating from that course of action. Balance your procedure with old and new ideas and you will possess a better chance for real estate investment success.
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We respond right away! -Colleen Lane, Realtor®
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