Tip #10
Your Network will = Your Net Worth
“Your Network Will Equal your Net Worth.” This is a catchy saying we hear often at a lot of different real estate meetings. But so many don’t understand what it really means. People are the most important part of your business, not your marketing, not the contacts you have, not the money you have – it’s about the people in your network. If you build a strong enough network over time you will find tons of private money, new deals, partners, trades, realtors, pretty much everything that you need – even the people and resources you didn’t know you needed. Like crucial professionals such as your attorney or your accountant. In this business, it is really all about the people in your network. The sad and unfortunate truth is many of us miss that. So, believe me when I say, “Your Network Will Equal your Net Worth.” Growing a strong reliable network of people TODAY will provide you with more resources and growth opportunities TOMORROW. Start building your network today.
Tip #9
Stay Focused on ONE strategy until Mastered Before Moving to the Next
Stay focused on one strategy until you master it. Once you have mastered your desired strategy then consider learning and adding new strategies to your business plan. I often see many people get into real estate and start bouncing around from one strategy to another… and another… and another. They get into real estate with the idea that they’re going to wholesale. The next week they’re rehabbers and the week after that, they’re taking a class on how to buy non-performing notes. What they’re really doing is chasing the easiest way to make money… or trying to. The fact is, there is no easy way to make money. All successful real estate strategies work at one point or another depending on the market cycle. The real professionals in R.E. investing know what they want to do and what they are capable of. They immerse themselves in the education necessary to become a master at it. Bouncing from one shiny penny to another or one strategy to the next, just because you think it’s going to be easy, will keep you from mastering anything.
Tip #8
Systemize Everything
To systemize means to repeatedly do a task in the same way so that you can do it in the most efficient manner possible. When you systemize tasks for efficiency it allows you to accomplish more faster. It’s important to organize and create these systems so that you can easily train another to do the same. Setting up standard practices and repeating these tasks eliminates room for error and allows for more growth in your business. As your business grows, your employee numbers will too. Having in place practices and systems will allow for a smooth transition. If you don’t work towards systemization you will never own a business you’ll just own a job.