We hope you’re still on-task for your real estate investment resolutions a month into the new year. After all, new investment strategies and re-evaluations can go a long way to boosting not just your bottom line but also your personal satisfaction in your investments. Real estate investing, while often referred to as passive income, takes a lot of time and — you guessed it — investment.
There are decisions to be made, meetings to hold and networking relationships to cultivate. A truly passive investor is ineffective. You must keep up with the market and address daily tasks to keep your goals in check and your priorities in order. It can be easy to get caught up in little tasks that don’t make a significant impact on your investments. Keep in mind: you’re either moving forward or stepping back.
Focus on small daily tasks that will help you see immediate results, as well as long-term tasks that build toward yet-to-be-realized goals. Both are important.
Real Estate Investment Strategies for Success
Constantly Evaluate Your Goals
Plan, plan, plan. Plans are important. Keep your list of goals with you throughout the day; spell them out in broad terms and in more narrow steps. Outline deadlines for your goals, keeping both the big picture and details in mind. While this can feel overwhelming, think of how staying organized and focused on your specific goals will ultimately keep you productive and profitable.
Finish Daily Tasks
It can be tempting to jump around from task to task on a daily basis without ever finishing any of them. This happens often when we feel overwhelmed by all the work to be done and don’t actually know where to start. How do you handle it? By keeping your to-do list achievable and finishing the things you start. Knock out small tasks to build momentum, and don’t start others until you finish. Make a list of a few things that you must do that day, and do them. Period.
Make Plans...and Follow Through
As a real estate investor, your reputation is your most precious asset. While emergencies and unforeseen circumstances can creep up and throw a wrench into your plans and demand a certain degree of flexibility, try your hardest to keep your commitments. If you make an appointment or schedule a meeting, be on time. If you tell another colleague that you’re going to do something — do it.
Play On Your Strengths
Find where your skills will be most effective in cultivating a strong portfolio and a good, honest reputation as an investor. Take advantage of your natural strengths, and use them to advance your investments. Utilize technology, apps and automated systems to take care of smaller tasks. Knowing your strengths also means knowing where you have weaknesses. Cultivate the mindset that skills are like muscles - you need to use them for them to get stronger. Make a conscious effort to build on the tasks that don’t come naturally to you.
How do you decide what to prioritize for your investments? Tell us in the comments.