The Five Most Important Skills of a Real Estate Investor:
I see a lot of real estate investors. Some are good and others are lacking and always seem to be struggling with one thing or another. The more successful ones seem to all have the same characteristics. These are some of the most notable characteristics that I see in the truly successful ones.
- Work Well With Others In real estate investing you are going to encounter lots of different people and personalities. The question is can you work well with them?? Typically, I meet a lot of other investors, agents, buyers, sellers, bankers and wholesalers. Not to mention the wannabes, scammers, con artists and frauds.. I work very hard to work with all different types of personalities and skill levels to improve my business and my relationship with each one. If you feel you might need a little help in this area, I highly encourage to do some reading and some ‘self-discovery’ in this area. It will pay of in the long term.
- Find Deals and Analyze Properties and Markets. This is what separates ‘the men from the boys’ especially in the lead generation aspect. Right now, in this market there are not a lot of great deals on the MLS, so especially rehabbers are struggling because there is now a lower margin between purchase price and sales price. The increase home values on the purchase has not been reflected as much in the sales price. So, the successful fix and flip investors have upped their marketing and are buying properties directly from the home owners. Once you find a deal, analysis of it is critical. You can do this manually, and the more experienced you are the easier it becomes, but in the beginning your need to ask someone with experience or you can purchase a software to help.
- Build a Network As you start investing in real estate the success real estate investors have a large network of professional. They typically have people ranging from attorneys to landscapers and everything in between. It important you have dependable professionals that due good work and will work well for you. Again, if you are needing some professionals in your network. Ask around.
- Systematize the Process. One of the best things you can do for yourself to streamline your business is to develop systems as you go along. This will allow the second time you do something to be easier than the first. This will also make the tasks easier to hand off to an assistant or VA. Activities you can systematize include: purchase, rehab, rental, tenant move in, tenant move out, repair of rentals, maintenance, looking for partners for deals and determining when to sell your property. This skill is especially important if you are investing around a full-time job.
- Always be Learning. Most of the really successful real estate investors that I know are always learning. From reading books to attending seminars, they are always adding to their knowledge base. You need to be able to change with the real estate market, by having a wide range of skill sets you are more likely to be able to profit in any market. Besides, the seminars and live events are get opportunities to network.