There’s got to be a difference.
Right?
Two real estate investors start a business in the same market, at the same time, with the same amount of money and the same amount of beginner knowledge. 5 years later, one of them has become the biggest investor in the city and the other has quit real estate investing altogether and gone back to his/her day-job.
Why did one succeed and the other fail?
What was the difference?
Heck — what is the difference between the top investor in a given market and the mediocre, side-hustle investors within that market?
Well, here are 7 things that top real estate investors do different than most. Take note.
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#1: They Only Hire A-Players
The ex-CEO of General Electric, Jack Welch, famously said that “No company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.”
And top real estate investors don’t just agree with him, but they work hard to ensure that they only hire A-players. Because they understand… your company is only as good as the people behind the scenes running it.
You don’t have to be as choosy as corporate employers, but it’s worth at least considering just how picky those employers are.
So who are you working with? Are the people you’ve hired A-players? How can you make sure you hire A-players in the future? Check out our article over here which explains how to hire A-players that support your entrepreneurial personality.
#2: They Delegate Everything They Can
You can’t do everything, especially if you’re planning to own one of the top real estate investing businesses in your market. To be among the best, you have to act like the best. And top real estate investors don’t work 20-hour days trying to juggle the vast responsibilities of building their own company.
(Or maybe they do… but they’re not happy about it!)
The most successful investors realize that hiring people they can trust and then delegating responsibility to those people is fundamental to building a long-lasting business. If you’re sick of answering the phone, for example, and would like to delegate that responsibility to someone you can trust, then check out Call Porter — our expert-trained, U.S.-based reps can start answering the phone for you within just 24 hours.
#3: They Remain Focused On Just a Few Important Things
Top real estate investors aren’t just experts at delegating — they also focus intensely on just a few important things. Rather than splitting their energy 10 different ways, they dedicate their time to a few big lever movers within their business.
They focus on optimizing processes, training and inspiring employees, and making their business machine run more smoothly and efficiently. They work on their businesses rather than inside of their businesses. And by so doing, they rush hundreds of yards ahead of market competitors.
#4: They Remain Flexible To Opportunity
When you started as a real estate investor, you probably planned to do just one type of investing.
Maybe your “one thing” was wholesaling, maybe it was buy-and-hold, or maybe it was flipping. And that’s good! When you’re a new real estate investor, you need that unerring focus on just one business model.
But as time goes on — as you learn how to do different types of investing and as you learn more about your market — it pays to stay open to any and all investment opportunities that come your way. No one can truly predict where the market will be a few years from now, so stay flexible and be willing to adapt your business model to the market’s ever-changing expectations.
#5: They Build Authentic Relationships
The benefits of building authentic relationships consistently within your community are too many to count. It builds rapport, it increases word-of-mouth and encourages referrals, it makes the sales process more effective, and it opens up partnership possibilities with other investors.
Top investors understand the power of authentic relationships and they’re never afraid to grab a cup of coffee with a new connection, attend local events, or help with community service projects.
You never know where a single connection might lead — and you won’t ever know if you don’t get out there and build some genuine relationships with the people in your market.
‘Social Selling’ is a strategy that focuses on building relationships to close deals.#6: They Understand Lag-Time
The entrepreneurial journey is an emotional one.
There is plenty of opportunity to get discouraged and to feel like the work you’re putting into your business is never going to pay off. But when you’re feeling down-in-the-dumps, remember the concept of lag time.
Lag time refers to the period of time between when you take an action and when you see the fruit of that action. It’s kind of like planting a garden. You might plant the seeds today, but if you were expecting flowers tomorrow, you’re going to call it quits by morning! You’ve got to wait and keep watering in order to see the results you’re looking for.
The same is true for your business.
Just because you’re not seeing results now doesn’t mean you’re not going to see results — it probably just means you’re in the gap. Top real estate investors understand this. And now, you do, too.
#7: They Embrace New Tools & Technology
Nothing moves faster than technology. And if you want to keep up with today’s fast-moving market, then you must keep one finger on the pulse of industry-relevant technological advancements.
Doing so will allow you to leverage beneficial tech before your competitors even know it exists, giving you a competitive edge and putting you at the forefront of your market… which is exactly where you want to be.
So spend a little time in online forums each week, chat with other investors and agents, and subscribe to a few tech news sites. When you’re the first to hear about a new tool which can maximize profits or increase lead-gen, you’ll be glad you did.