Real Estate Investing: How To Prepare Yourself To Win In The New Economy
Want to ensure your real estate business takes off and continues to flourish in the next few months and years?
It’s amazing to already see the great disparity dividing investors, entrepreneurs, and businesses. Some are going bigger than ever with ease. They are growing into new niches, with $100M pipelines and plenty of deals and capital lined up. Others are already struggling and the fear and doubt that is creeping in could prove self-fulfilling.
Whether you are just starting out in real estate, have been riding the recent bull run but haven’t experienced adversity before, or have been at it for decades, there are both regular cyclical and major macro economic shifts happening.
In order to get ahead, and keep winning and growing, you’ve got to be intentional about it.
It may take some tweaks to your model, or a whole new approach. This is an important time to refresh your perspective and anchor it in what really matters and will make you successful.
Consider these 10 ways to prepare for success in real estate, and avoid being swept away by external changes.
Take Stock Of What Really Works
What has really been working, and has directly created your success so far. Be sure to differentiate between those fundamentals, and the frills that may have come along with it.
For example; it was probably working the extra hours and going above and beyond to take care of those customers, not the Ferrari that got you there.
Remember the progress you’ve made and what you’ve achieved so far.
Take Time Away To Think
There are so many distractions around us. Which is often what leads to making serious mistakes, and continuing to slide into failure.
Take a long weekend away. Detach from the everyday tunnel vision. Gain time to truly think and focus.
Unplug and evaluate. Then take time to see new things, and what’s really happening outside of your own little bubble. See how so many are actually struggling right now, as well as how others are doing so well that they are oblivious to this. See new ways of doing things.
Relist Your Priorities
What is really most important to you?
Above the work, is it your family, a partner, or your own health?
In real estate, which metrics and KPIs are truly most important? Hint; they are probably customer happiness, NPS score, and net profit. Everything else may be a dangerous distraction.
Learn What The Successful Are Doing
How are those that have been through these changes before handling it? Not just what they are saying or recommending, but what are they doing in their own finances and business? What have they done to survive and thrive through changes and challenges in the past?
Is it shifting investment strategy, increasing marketing efforts, or being more prudent in their offers?
Read books by real human authors, with real experience. Join mastermind groups or start your own. Hire the right team for this phase of your business, and be sure you hold onto them.
Make Sure Your Team Gets It
Most founders should be horrified by the gap between their initial vision and efforts, and how the business ends up getting run on the front lines.
Ensure your team knows the big vision, the why behind changes, their most important metrics, and the values that are there as guide rails to get there.
Discern What Will Stay The Same Vs. What Will Change
You’re probably far too behind the trend to slap the ‘AI’ label on your business and hope it helps. Now we even have AI created Coca-Cola. It’s become a cheesy and cringe worthy meme, more than a signal of value.
It can help to sail with tailwinds, yet it is being strong in the fundamentals that make a good and sustainable business. Then you build the marketing on top of that.
Refresh Your Morning Routine
It may be time to shake up your morning routine. Add new important tasks. Ensure it anchors you in a positive and successful mindset to overcome the day ahead.
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