Take a few minutes to think about the successful people you know, not only financially, but also those people who embody personal success in all aspects of their lives. Think about the characteristics that each of them possess and how these characteristics have fueled their achievements in their particular field.
In recent years, I have been in contact with a good number of investors, both directly and indirectly, many of them successful in what they undertake. These people have not only started successful companies in the market, but also achieved balance in their life, a very difficult goal to achieve.
At this time, I managed to identify 8 key features that these investors show:
1) They have passion for investment: passion for what you do provides the momentum needed for hard days and excitement for routine days. In short, without passion, real estate investment is just another job.
2) They are disciplined in decision-making:I need to know the undisciplined person is successful, but I doubt that I ever know. While discipline can be a difficult trait to define, finding disciplined people is easier: seeing how they plan for their future, how diligently they work in the present, and how they learn from the past are the key features we can see in these people.
3) They understand the basic principles: failure will almost be certain if you do not understand the basic guiding principles of the business in which you are entering, in this case the real estate market. Long-term success requires not only an understanding of how to buy and sell real estate, but also an understanding of the basic economic principles of the business. Understanding market fluctuations, business cycles, monetary policy, and other facets of the economy will enable you to react intelligently when changes occur. Learning the basics is not always fun and exciting, but it is critical to achieve long-term success in any business.
4) They are upright in business: the "investment" business is known to lure people in search of fast money at all costs, but if you look at successful investors, their success stretches for years and is achieved through incredibly hard work, which we may not know. While it may seem easier to find a shortcut, a long career in the real estate market should build on a solid reputation.
5) They are flexible: Murphy's law also lives in the real estate market, and to survive surprises and inevitable market fluctuations, you have to be flexible enough to adapt your plans on the fly. Planning is absolutely fundamental, but so is the ability to decide quickly when it is necessary to deviate from the plan. The success of real estate investors is based on knowing when they have to re-evaluate their current plan and make adjustments to preserve the long-term success of their investments and business.
6) They have skills in managing their money: most small businesses fail due to poor money management, as an investor you will be creating a "small business", do not make the same mistake. With all the changes in the local economy, financially planning a business has become a lost art among small business owners, and this can be lethal to your business. This is why you learn and understand the basic fundamentals of accounting, taxation, cash flow management, debt management, and other financial principles. This item is very important, even if you have a great accountant that helps you in your day-to-day life.
7) They have a successful team of collaborators: the real estate market is a people business and each transaction requires a team of people to be able to materialize. It is important that you know how to form and maintain good relationships with scribes, lawyers, contractors, marketers, accountants, architects, and other people who will surely contribute to the growth of your business.
8) They have great communication skills: you've probably heard it a million times, but that's because it's true, being able to communicate effectively with others is vital. How can you not be able to negotiate prices, contractors, potential tenants, associate with others, and so many other daily tasks? Communication goes beyond face-to-face discussions, you'll also have it by email and even by whatsapp, communication is growing in the lives of most business people, so be sure to hone your writing skills, as well as your verbal skills.
All investors can say that they are involved in the real estate sector, but very few can say that they are among the best.
Find and follow those you consider to be the best and study their habits. Try to understand how their abilities helped prop them up in difficult times and propelled them during the good times.
Bryn Real Estate article (in spanish).