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Successful real estate investment isn’t just about the numbers; it also requires a human element. To become a better investor, you also need to become a better version of yourself, both personally and professionally. You can do both by adopting daily habits that will set you up for success as an investor and as a person.
But first, whenever you are planning your investments, you should make following up with your mortgage agent one of your daily habits. To start the habit today, click the link below for a free strategy call.
Be a leader
Even if you think you’re the only person involved in your real estate venture, you likely have team members who are making things happen. Where would you be without your realtor, your accountant, your contractor or your property manager? These people are all crucial members of your investment team.
For future investment success, you need to lead your team. They work for you, which means they need a clear understanding of your investment goals to make your vision a reality. If you haven’t shared your goals and objectives with your team—or have failed to define them for yourself—your team cannot properly execute your investment strategy.
Don’t make excuses
If you missed out on an investment opportunity or lost money on an investment, don’t blame your realtor, the economy or other external factors. This is especially important if you have team members or employees whose performance depends upon their relationship with you.
Great investors find learning opportunities regardless of the outcome. Why did you miss out on that investment? What could you be doing differently? Reflect honestly on how you can do things differently next time to reach your investment goals.
Share your wins
While you shouldn’t blame your failures on your team, you should share your wins with them. Celebrate with co-investors when you have a great year. Give your realtor kudos for snagging you the perfect property and thank your accountant for spotting a deduction that boosted your profit margin. Sharing credit for your investment success helps your team members feel a sense of ownership and pride in your victory. It’ll make them want to continue working well for you.
Be open to feedback
You’re going to make mistakes when investing, no matter how many years you’ve been doing it. Be willing to learn from those mistakes and listen to others when they have the advice to offer. If you aren’t willing to listen to constructive criticism, you’re setting your business up for failure.
When someone does provide you with feedback, always thank them for doing so. Whether it’s an experienced investor telling you what she would have done differently or a tenant who thinks you’re not doing a good job managing the property, feedback helps you and your business grow. Separating emotions from your mission will help you make improvements where you need to.
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Network with fellow investors
Knowing you have a lot to learn is one of the best qualities of an investor and a leader. Spend time with colleagues and seasoned investors to soak up as much information as you can. Seek the company of like-minded individuals who also want to grow as investors and as leaders.
Search for local investment group meetings or similar opportunities for networking with investors. If you can’t find a group like this in your area, don’t be afraid to create it yourself. Getting to know your fellow investors will help you see that they aren’t your competition, but rather your support system.
Be a mentor
If you’ve been in real estate investment for a while and have received help from a mentor, pay it forward. Remember how nervous you were to get started? Make it easy for someone else and reach out to a novice investor seeking guidance.
Sharing what you’ve learned not only helps your mentee but also allows you the chance to reflect on what has and hasn’t worked in your investing career. You may find new business opportunities when you take the time to listen to others. Even if you don’t, you’d be surprised how rewarding helping others can feel. Being a mentor not only means teaching someone else, it means teaching yourself.
Read as often as you can
The best investors are voracious readers. Books aren’t just helpful for learning investment strategies; they’re also an excellent way to learn more about yourself and others. Browse your local bookstore or library for popular books on business, investing and leadership. Ask your colleagues in the investment group what they’re currently reading. Whether it’s part of a bedtime routine or an audio-book you listen to during your commute, reading will make you a better investor and a better person.
Challenge yourself often
Real estate investment is a challenge unto itself, but to keep growing you need to keep challenging yourself. Your challenge could be investment-related, like starting that meetup for local investors or signing up to speak at an entrepreneur conference. It could be a personal challenge, like training for a marathon or learning a new instrument. Whatever it is, facing new challenges regularly will help you grow in all aspects of your life. Even if its a small brain teaser or puzzle, this is a great daily habit for staying sharp.
Strive for work-life balance
Whether real estate investment is your main source of income or your side hustle, you still need to make time for the things that matter most. Don’t put your investments ahead of your family. Make it a daily habit to take time to spend with loved ones and with friends. Most importantly, take time for yourself to do the things you enjoy. When you’re fulfilled personally, you’re better able to thrive professionally.
Real estate investment isn’t available to everyone. You have a unique opportunity to control your wealth and build your own business, and you shouldn’t take it for granted. Practicing gratitude—whether by meditating or journaling daily—will help you gain a better perspective on your business and your life. This will better prepare you for whatever bumps the day will bring and help you appreciate what you have. So, make it a daily habit to express gratitude for what you have
Adopting these positive daily habits will help you achieve personal and professional growth on your journey as a real estate investor.
Whenever you are planning your investments, you should make following up with your mortgage agent one of your daily habits. To start the habit today, click the link below for a free strategy call.