Getting started in real estate can be an overwhelming experience. Most investors will want to take on every new deal that comes their way. While the aspirations are encouraging, they are not for the faint of heart. In reality, it is easy to get pulled in a million different directions without going anywhere. If you are not careful, you could end up spinning your wheels and heading nowhere. Instead of trying to learn every niche or waiting for the perfect deal, you need to change gears during the infancy of your business. By focusing on little things rather than the big picture, you will get more accomplished and accelerate your learning curve.
How are business relationships established? For the most part, they are cultivated in a shared belief and vision. You can hand out as many business cards and go to as many networking meetings as possible, but that alone will not help you generate business. You need to figure out what makes you different and what value you can bring to a relationship. This should be your focus every time you meet a potential business partner. Trying to get people to work with you when they have multiple options will leave you right back where you started. If you make the focus on others and how you can help them grow their business, while growing yours, you will be far more productive and efficient in your networking.
The real estate business is difficult to grasp and harder to master, especially in your first few months. Instead of trying to know everything about every step in the process, you would be much better served focusing on one aspect. It doesn’t matter if you make mobile homes or tax liens your area of expertise you need to be able to hang your hat somewhere. Not only is that good for your business but it ties into your networking efforts as well. In having a niche to identify with, you will be able to talk to people easier. Once you take a few weeks, or even months, to know everything about one area, you can move onto the next aspect. This will help you sort out which niches you want to invest in.
Many new investors sour on the business because they think deals will just fall on their laps. When they don’t, they become frustrated. Even if you have some contacts in mind, you still need to work for every lead you get. This means working harder and smarter than you possibly imagined. There is plenty of new business available if you are willing to go out and get it. Doing anything once will not give you a true indication of it’s success. You need to stick with it for months. Many of the strongest relationships in business are the byproduct of someone reaching out continually until they took no for an answer and decided to call back. This is how diligent you need to be if you are looking for new business. If you think you are starting to be annoying, you need to go a little further. The people that don’t want to work with you will opt out of your emails or not return your calls. All it takes is one new contact every week to make it all worthwhile. That one new contact could be the one that changes your business.
Getting started in the real estate business requires you to actually work on deals. You can spend months on education and networking, but until you have a deal under contact you are just spinning your wheels. You don’t need to make an offer on the first deal you look at, but sooner or later you need to take a leap of faith and get started.
Many investors will not touch certain deals for fear that they will take up too much time or could be a hassle. As a new investor, time should be your greatest asset. You should welcome even the toughest deal if it comes your way. Not only will you get an opportunity that you otherwise may not have gotten, but this is a great way to learn the business. Any investor can close an easy deal, but it is the great investor that can close a tough one.