5 Skills That Every Real Estate Investor Needs
The world of real estate investing can be very complex. There is a seemingly endless amount of information to know and trends to follow. As soon as you feel that you have mastered one aspect, you find another area that needs some work. It’s all part of mastering this unique skill-set of being a real estate investor.
You can help yourself navigate this confusion by sticking to your core skills. No matter what branch of real estate investment that you are in and no matter what type of deal you are working on, there are some core skills that you need to master. Check out the five core skills that you will need as you pursue your real estate investor career.
- The Right Frame of Mind
When you are working on new investment deals, you need to get yourself into the right mindset. The proper mindset is one that includes focus, patience and perseverance. If you keep expecting to make a million on every deal, you are only setting yourself up for failure. Instead of chasing a once-in-a-lifetime deal, learn to love the challenge that each day brings. Set small, achievable goals that are stepping-stones to your long-term goals.
Having a long-term goal firmly in your mind will help you stay motivated and focused as you navigate each deal.
- Knowledge
If you think you know everything about being a real estate investor, think again. There is always something new that you can be learning and you should never assume that you know enough. Whether you are learning from books, online lectures or more experienced investors, don’t let your ego tell you that you have enough knowledge.
Having an attitude that pushes you to keep learning and exploring new areas of interest will keep you sharp and prepare your for anything that comes up down the road.
- The Art of Communication
Real estate investing, like many investing areas, is all about communication. Your amount of success is directly influenced by your willingness to reach out and communicate. A seller might be reluctant to make a deal and you will have to negotiate with them. Don’t be pushy and don’t be a pushover. Learn to practice resilience and honesty while also developing your interpersonal skills. If you need some work in this area, don’t worry. You’ll pick it up as you go along but don’t be afraid to ask more experienced investors for advice.
- The Ability To Plan
You can be a very educated and experienced real estate investor but you won’t make any money in real estate investing if you can’t generate leads. This means that you need to make a solid plan to pursue and generate leads on a constant basis. Don’t wait for deals to fall into your lap; you need to make them happen. If this means making phone calls or touring properties every day, then get it done. Make sure your plan is flexible so that you can adapt to changing market conditions.
- A Love of Teamwork
There’s no getting around it, you need a great team on your side if you’re going to be successful. You’ll need to get to know other investors, realtors, lawyers, tax experts and accountants. There is just no substitute for a good team. The wrong team members can hold you back but the right teammates can push you towards success. Always assess your relationships to find out how you could do better and how you can make improvements when necessary. Don’t be afraid to be the first to apologize or move on if it’s holding you back.
These five skills, if continually developed, can set you up for years of success as a real estate investor. Practice them daily.