Take a few minutes to
think about the successful people around you, not only financially, but also
those who embody personal success. Consider the characteristics each of them
possess and how these characteristics have fueled their achievements in their given
field. Over the past several years I have come in contact with quite a few real
estate investors, both directly and indirectly, and have recognized many I
consider to be very successful. These people have not only started successful
real estate businesses, they also seem to have mastered balance in their life,
a very difficult goal to achieve. I have identified 8 key traits that these
investors display, (not surprisingly, this same list can be applied to the
leaders in any field):
Traits that Successful Real Estate Investors Embody
Passion for investing: The time and personal equity that is required to become
a successful investor is overwhelming for many people, which is why most people
who plan on becoming real estate investors fail. Passion fuels drive and drive
fuels action; without action the chance of becoming successful is zilch.
Passion provides the boost needed for difficult days and enthusiasm on routine
days. In short, without passion, real estate investing is just another job.
Discipline in decision-making: I have yet to meet someone I would consider both
undisciplined and successful, and doubt I ever will. While discipline may be a
difficult trait to define, I find it is often fairly easy to pick out, as disciplined
people plan for the future, work diligently in the present, and learn from the
Understanding core principles: Failure is almost certain if you do not
understand the foundational principles of business, real estate, and the
specific niche you are engaging in. Long term success requires not only an
understanding of buying and selling real estate, or how to be a landlord, but
also basic economic principles. Understanding market fluctuations, economic
cycles, monetary policy and other facets of economics will ensure you can react
intelligently when changes do occur. Learning the basics is not always fun or
exciting, but it is critical in achieving long-term success.
Integrity in business dealings: Real estate is notorious for attracting people
looking for a quick buck at all costs, but if you look at successful investors,
their success spans years and is attained through incredibly hard work. While
it may seem easier to look for a short cut (and rip someone off in the
process), a long real estate career must be built on a solid reputation.
Flexibility: Murphy's Law is alive and well in real estate, and to survive
inevitable surprises, market fluctuations and bad deals, you must be flexible
enough to adapt your plan as you go. Planning is absolutely critical, but
equally so is the ability to quickly decide when it is necessary to deviate
from the plan. Successful real estate investors know when they need to
re-evaluate their current blueprint and make adjustments to preserve the long-term
success of their investments and business.
Money management skills: Most small businesses fail due to poor money
management. Forecasting, budgeting, and financial planning is becoming a lost
art among small business owners, and it can be lethal to your business. This is
why understanding the basics of accounting, tax law, cash flow management, debt
management, and other financial principles is so important, even if you have a
great accountant and book-keeper.
Team of Successful People: You can only take your business so far, and at some
point you will be forced to rely on other people. Real estate is a people
business and every real estate transaction requires a team of people to close.
Once a transaction is complete, even more people are involved so it is
important to form and maintain relationships with lenders, attorneys,
contractors, agents, accountants and other people who can contribute to the
growth of your business.
Superior communication skills: You have probably heard it a million times but
that is because it is true, being able to effectively communicate with other is
vital. How else will you be able to negotiate prices, interview contractors,
screen potential tenants, partner with others, and so many other daily tasks?
Communication goes beyond face to face discussions too, email and text
messaging are ever-growing in the life of most business people, and the
occasional written note will never go away, so make sure you hone your writing
skills as well as your verbal skills.
investors can say they are involved in real estate, but very few can say they
are among the best. Find those whom you consider to be the best and study their
habits and practices. Try to understand where they have been and how their
skills helped prop them up during difficult times and propelled them during
good times. Figure out which areas you have mastered and which you can improve
upon; self-realization will lead to positive changes and others will begin
looking to learn from you. Karen Venier is a Broker
Associate at Keller Williams. She is a part of Carr Peck Group which has been
recognized locally and nationally as in expert in real estate. Locally
they are 6th in Denver Metro home sales out of 5,000 agents and have been
recognized by the Wall Street Journal and Real Trends as one of the top selling
agents in America. For more information feel free to contact heror call 303-908-9584.
Photo provided by freedigitalphotos.net. Content provide by emerge marketing,
J. Vermillion III
Author:Jason Peck Phone: 720-446-6301 Dated: August 27th 2014 Views: 744 About Jason: ...
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"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!