When it comes to investing, real estate is one of the safest options out there. But, if you want to be a truly successful real estate investor, it’s important to pay attention to your daily habits and consider whether or not they’re helping you reach your goals faster.
If you want to up your investment game and join the ranks of wealthy investors like Harry Triguboff and Donald Bren, you may want to consider changing up the way you approach your day-to-day responsibilities.
Read on to learn about the nine things top real estate investors do to ensure success.
1. Stay Up-to-Date on Market Changes
An effective real estate investor must make education a top priority. You should make an effort to stay up-to-date on changes in the market and learn about current trends.
The more you know about people’s spending habits, mortgage rates, and other pertinent market information, the better you’ll be able to plan for the future and make wise investments.
Find a few sources of information that you trust — newsletters, blogs, newspapers, etc. — and do your best to read them daily. This will help you stay abreast of what’s going on in the investment world.
2. Always be Honest
It’s true that some real estate investors can get ahead by deceiving those they work with and utilizing unethical business practices. But, if you’re dishonest and unethical on the way up, you’re going to have a hard time staying on top.
It’s better to be fair, honest, and reasonable right from the start. It may take you longer to profit from your endeavors, but you’ll be more likely to remain profitable this way.
You’ll establish a reputation for being a trustworthy individual, and that’s something people will not take for granted.
3. Don’t be Afraid to Ask for Help
Very few people become top-level investors without getting help along the way. Don’t be afraid to seek out more info from other investors, lawyers, friends, and fellow businessmen and women.
Remember, you don’t have to make things up as you go. You’ll get farther, faster, by setting your ego aside and asking the right people the right questions.
4. Ask for Referrals
Don’t forget that a significant portion of your business will come from referrals. Don’t be afraid to ask for them.
Remember, too, that the best way to get referrals is to make sure you’re treating everyone with whom you come in contact with respect. Whether you’re communicating with business partners, clients, or renters, it pays to be polite.
If you listen to others concerns and questions and respond in a professional and positive manner, people are going to be more inclined to refer their friends and associates to you in the future.
5. Stay in Touch with Other Investors
Make networking a priority, too. This will help you learn new investment strategies and get in touch with other people who could potentially refer people your way in the future.
Networking also helps you find new investment deals that you might not have heard about otherwise.
Look for local investment groups in your area or join online groups to communicate with investors from all over.
It might be a bit intimidating, in the beginning, to put yourself out there. But, you never know when you’ll meet someone who could help you out later on!
6. Make Customer Service a Priority
This habit is essential for folks who want to be successful in any business. Customer service needs to be a top priority. If your customers aren’t happy, you’re going to have a hard time maintaining your business long-term.
Some specific steps you can take as a real estate investor to improve your customer service include:
- Be patient with clients
- Be willing to show them properties multiple times or answer repeat questions
- Invest in technology that makes transactions easier
These extra steps might cost you extra money initially, and they may try your patience. But, if you show your customers that they’re important to you, they’re more likely to continue working with you.
7. Be a Fast Responder
It’s also important to be a fast responder, whether you’re communicating with customers, potential customers, or fellow investors.
Respond to phone calls and emails as soon as possible. Whenever you can, try to return inquiries within a few hours (or sooner).
People have short attention spans these days. If they can’t get ahold of you easily, they’ll find someone else to work with.
8. Utilize Technology
There are lots of applications and programs out there that you can utilize to run your investment business more smoothly. Take advantage of apps that let you link e-mail accounts or communicate with clients more easily.
It’s important to stay on top of the latest advancements, but it’s also important to know which programs to invest in and which to pass on.
Read reviews and pay attention to the tools that seem like they’ll be most applicable to your business. There’s no need to invest in every single shiny gadget on the market.
9. Be Consistent
Finally, in order to be a truly successful real estate investor, you need to consistently put in hard work. A few weeks of grinding followed by a few weeks of slacking off isn’t going to get you very far.
Your clients and colleagues will notice how dedicated you are, and your consistency will be rewarded in one way or another. Maybe you’ll gain new referrals, or maybe you’ll gain access to exclusive investment groups.
Remember, your rewards may not come overnight, though. Be patient, stay focused, and, eventually, your hard work will pay off.
Want More Tips from Top Real Estate Investors?
By incorporating some, if not all, of these habits into your daily routine, you can improve your productivity and business practices and get closer to your goal of becoming one of the world’s top real estate investors.
Want more investment tips and tricks? Be sure to check out our forums to communicate with other investors who are working on growing their own businesses.
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