5 Things Every Investor Can, And Should, DoBy JD Esajian on July 1, 2016
There is not much that separates investors in a particular market. Often times it is doing the little things that mean the most. These little things may not produce immediate results but if continued over time will have a lasting impact. Instead of worrying about finding deals you should focus on things you can control. It doesn’t take a great amount of skill and effort to be nice or to improve your education. By focusing on things that you can do and doing them every day your business will only get stronger over time. Here are five things that every investor can, and should, do all the time.
- Network. Networking is all about a willingness to get yourself and your business in front of people. How much effort does it take to hop in your car and drive to a dozen different real estate offices? Do you have thirty minutes once a week to sit in a local networking meeting? The typical answer is that you have the time but don’t have the desire. Too many investors are worried about how they will be perceived before taking action. If you put yourself in front of a hundred people a very small percentage of them will be opposed to ever working with you. The marge majority is looking for a reason to work together or will at least keep an open mind. If you do nothing else but network for an hour a day after a month you will have a great number of contacts which eventually leads to more deals. The process will not happen overnight but if you stick with it you will eventually see the results.
- Focus On Reputation. You create an impression every time you meet someone. Within the first minute of conversation the person you are talking to will form an opinion. Much of that opinion is based on your personality. If the first topic out of your mouth is negative you can bet they will be reluctant to want to work with you in the future. On the flipside if you carry a positive demeanor it will be remembered and stored away for the next time you are together. It doesn’t take too much to be nice. The same is the case with your reputation. Everything you do inside a deal will be critiqued by other people in it. Many times making small concessions means a lot. You don’t have to give away the farm but if you are flexible people will want to work with you again in the future. Conversely, if you are aggressive on the phone and how you talk to others they will remember this and probably stay clear from you moving forward. If you do nothing else in the business you should aim to have a sterling reputation. By doing so it will come back to you at some point in the future.
- Learn Every Day. It doesn’t take much to sit for five minutes and read a real estate article you find online. You can also probably squeeze in twenty minutes a night to read an investing book or to look over an old deal. The point is that there is plenty of real estate education out there if you are willing to capture it. The real estate business is very fluid. If you are not current with your information and education you will be left behind. A scenario or tactic that you thought would work just a few months ago may not work today. You need to make a point to do something to enhance your education for just twenty minutes a day. Instead of playing around on your favorite social media site you can read something that will help your business. By learning every day you and your business are constantly moving forward.
- Marketing. When most investors think of marketing they think of a massive, expensive campaign. The reality is that there are several marketing things you can do that won’t break the bank. Social media, bandit signs, door knocking or simply dropping of business cards can all generate business. There are literally dozens of effective marketing tactics you can employ that can generate business. Even something as simple as emailing landlords on Craigslist can have an impact. As with improving your education you don’t need to change your day to be a better marketer. Just twenty minutes a day trying different strategies or reaching out to different people can be effective. Anyone can send an email or drop off a business card.
- Follow Up. Perhaps the biggest pet peeve throughout the real estate business is not following up. Regardless of the news you have it is always best to let everyone know as soon as you know. Depending on the news you may have an angry response or two but consider the alternative. By not letting following up and letting everyone know you appear untrustworthy and someone that people avoid working with. You can always fix whatever the problem is but will have a hard time fixing your reputation. Following up also applies to every contact and potential contact. If someone calls you it is important that you call them back. You should make a point to return all calls, texts and emails within a few hours. If you don’t you make the people around you feel unimportant and not needed.
By doing just these five things you will see a spike in your business. It will get frustrating at times working and not seeing the immediate results. Like anything else in business you need to keep your head down and keep working. Eventually you will have a break through and be glad you did.