In order to be successful in real estate, there are certain traits you must have or build upon throughout your career.
Traits to be Successful in Real Estate
Be resourceful. You don’t need to have all the resources, money and deals. However, you should have a sense of resourcefulness so that you can go out and find the things that you’re lacking. If you’re lacking capital to invest into real estate, then you have to go out and find the money. You need to find people who have capital who are looking to invest it, and work with them to acquire the real estate deals you are interested in. Maybe you have capital but you lack deals, or maybe you lack capital and you lack real estate deals.
Whatever the case is, you have to be resourceful to find both components. If you’re lacking in real estate deals, then you have to connect with people who have the deals, or work with brokers and be resourceful enough to find the right ones. By creating resourcefulness, you’ll be able to grow and scale your business. Basically being resourceful is being a problem solver. If you can find what you need, you can create success.
Push for progression. You can never be satisfied with where you’re at. You always have to keep pushing forward and create more success, by improving your entire model, buying more units and creating more revenues. Everything you currently have you should be pushing the limits and continuously building your portfolio. That is a huge component to success because if you stop growing, don’t build anymore and don’t expand, then you’re going to start shrinking, which is going to hurt your business.
Be results driven. You have to be results driven and gather information to make calculated decisions based on the data and results you achieve. You’d never want to forgo something just because of somebody’s opinion. You want to actually do whatever you feel is going to be successful and then judge the results. If it was successful, continue and improve upon it, and if it doesn’t work find out why and kill it. Try something different. If you don’t see a path of success, you shouldn’t rely on outside opinions, especially if they don’t have any experience with what you’re trying to accomplish. You have to keep a clear head and if you know you want to try and make something work, try and make it work. If there is some type of setback or failure, you can always move on or make it better.
Work hard, everyday. This is especially important during the times when you’re not so excited about working. When you have a rough day, show up and work even harder. Be consistent and push to achieve the goals you set for yourself. There are days where I come into work and feel tired or things aren’t going my way. Whenever any of those things happen to me, I still continue working and pushing ahead because whether you’re making slow progress that day because you’ve hit a ton of adversity, it’s better than just packing it in and quitting and doing nothing. It’s always important to stay consistent and continue working hard no matter what is happening. You have to keep pushing forward and persisting through the journey of creating success investing into real estate. You just have to keep pushing.
Hone your people skills. You need great people skills because you have to build a successful team. Building a team is critical because you can’t do everything yourself. You only have so much time every week to create success within your business, so hiring good people who are passionate, hard working and want to really excel and grow is key. That’s how you’re going to be able to expand, by rewarding and building your team to the best levels possible. Whether you have to train people or bring experienced people in, you’ll ultimately be more successful than if you try to do it all yourself. You can’t be a solo person that creates something huge and meaningful to society. Therefore, you have to bring on people so you can make the biggest impact possible with your community. And Throughout everything that you’re doing with your business.
Love what you do. This is ultimately the most important out of all seven traits to be successful in real estate. If you don’t love what you do and you’re not passionate about it, it’s going to be really hard to overcome a lot of the adversity, and any failures or setbacks. If you don’t love the work, it’s just going to get frustrating and it’s going to wear on you after a while. It’s not fun not succeeding, and you’re going to go through a lot of failures.
You want to make sure that whatever you’re doing you’re passionate about it. I wouldn’t be investing into multifamily real estate if I wasn’t passionate and didn’t love doing it. That’s what keeps me going. That’s also why I’ve been able to create success investing because I accept all the failures. It doesn’t bother me, so I keep fighting and pushing forward because I love what I’m doing.
Don’t give up. So many people give up way too early before they see any actual results. Real estate investing takes a tremendous amount of time and patience. You’re not able to put all the money and all the deals together and acquire all of the experience, all within a month’s time. It takes years and years of practice and learning from failures to become successful investing into real estate.
You need to have a never quit attitude and keep persisting through. Similar to being consistent, it works hand and hand together with never quitting. There’s always times where you’re going to be really frustrated, stressed out and just beat up because you’ve gone through so many problems and you’ve been persisting through so much. You have to have a tremendous amount of mental toughness to be successful. When I was playing hockey, I learned to keep going, no matter what. We would be skating drills and being worked really really hard, but you always had to continue no matter how hard the task at hand was. You just had to have a certain mental toughness and a persistence where you could just keep fighting through to be successful in whatever you’re doing. It doesn’t even matter what it is, make it successful and move onto the next task.
Never quitting is really critical.
These are the seven traits to be successful in real estate
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