7 Qualities that Separate Successful Real Estate Investors from the Herd

7 Qualities that Separate Successful Real Estate Investors from the Herd

“Successful people are not gifted; they just work hard, then succeed on purpose.” ~

  1. K. Neilson

We all know them; those glittering suits and expensive watches; they win the crowd just by walking among them; and they are courteous, while being unafraid to speak their mind. If you are not in the golden circle yet, and wonder how all the successful made it to the other side, just hang on a little longer. The secret behind success is that there are no secrets, but discipline, determination, and a plan to achieve what you desire the most. If you are a real estate agent who is trying to make it to the top, here are some habits of the successful lot that you can benefit from.

Note: We’re going to use as many quotes as possible to offer a long-lasting motivation, and fall in the steps of those who achieved success.

Successful Realtors® Work with a Plan

“Success is blocked by concentrating on it and planning for it… Success is shy- it won’t come out while you’re watching.” – Tennessee Williams, Playwright & Author

Successful realtors as well as investors consider their work as business, and start with a business plan. If you are among one of those who put more emphasis on their shopping list than life planning, it is high time to refrain from doing that. Start with a plan that caters your short-term as well as long-term goals. Further, a plan will help you stay on the track and make sure to reward yourself after every milestone.

Profound Knowledge of the Market

“An investment in knowledge always pays the best interest.” – Benjamin Franklin, Founding Father of the United States, Author, Inventor, Politician, Diplomat

Every thriving real estate professional understands the important of local knowledge, and invests in it. Remember that your customers, both buyers as well as sellers, will rely on you for every decision, and you will have to be an expert in the local market. Start with the local trends, unemployment rate, customer habits, and use this information to predict future trends. For starters, attend local real estate seminars, join real estate investment clubs, and educate yourself as much as possible.

Note: It is best to find a real estate mentor, and return the favor with hard work or even a share in profits.

Honesty Goes a Long Way

“Honesty and integrity are by far the most important assets of an entrepreneur.” – Zig Ziglar, Author, Motivational Speaker

Successful real estate professionals and investors maintain high ethics, doing what they see as the right and just way to do it. If you believe otherwise, keep in mind that real estate is all about networking, and you want people to respect you for your work ethics. An otherwise ideology could get you short-term success or a couple of deals, but we are not talking about peanuts, are we?

A Narrow Area of Focus

“The successful warrior is the average man, with laser-like focus.” – Bruce Lee, Martial Artist, Actor, Filmmaker

The key to sell successfully is to understand the market in-and-out. According to Bennie Waller, finance and real estate professor at Longwood University in Farmville, VA, agents with a narrow target-listing area sell houses 1.21% higher than agents who list homes in a larger area. In addition to a specialized area, working on a particular type of real estate transaction can have similar effects. You can become a specialist in foreclosures, short sales, commercial properties, or a similar niche.

Understand Technology & Continue Education

“If your business is not on the internet, then your business will be out of business.” – Bill Gates, Business Magnet, co-Founder of Microsoft Corp

There is enough evidence proving what Bill Gates said, and successful realtors embrace technology. According to a report from the National Association of Realtors, 2015 Profile of Home Buyers and Sellers, as many as 92% of the homebuyers used internet for their home search, and 50% of these buyers used a mobile app or website for search in 2014. With the extensive use of technology in real estate, you need to be adept with the latest technology trends. Successful investors invest in technology, and if they don’t have an expertise in it, they hire professionals for the same, while educating themselves about the latest online services.

Network Efficiently

“Networking is simply the cultivating of mutually beneficial, give and take, and win-win relationships. It works best, however, when emphasizing the “give” part.” – Bob Burg, Author

If you want to become a successful realtor®, start networking like one. Expert real estate professionals create huge networks, and let their network bring in more referrals than they can on their own. Success in real estate industry requires team effort; you yourself meet lenders, listing agents, marketers, attorneys, and other relevant people in the field, so why not build a network around them. Start by networking with the top influencers in your area, such as real estate attorneys and lenders. Pay equal attention to the service providers including inspectors, staging professionals, and large handyman services. Some non-profit organizations and events can bring in relevant opportunities, such as hospital charities or support groups, so in addition to the happiness you feel by donating; you might even attract more business.

Find a Mentor or Coach

Successful real estate professionals understand the importance of learning and they continue to learn new things. One of the best ways to harness the experience of experts is to become their student, and the good thing is that many experts are open towards such relationships. Always pay the favor in equal return, starting with offering a profit in the business or assisting them close a deal in return.

Acting upon these habits is a challenge, but it is worth the hard work, and you will have more success than you could ever imagine. Every now or then, make sure to take a short break and assess your plan as well as results.

Always remember:

“Success is the sum of small efforts, repeated day in and day out.” ~ Robert Collier

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