Focus has proved to be the main reason people excel in their endeavors. Students who focus on their studies ultimately perform better than those who don’t. In the same way, focus in real estate investing is both important and necessary. It makes you more productive and quicker in achieving your goals.
1. Avoid Wasting Time With Buyers
When you finally start out and market your business, you are likely to get many calls. While this may seem to be a great thing, relax. Wisdom requires you to understand the kind of calls you get. Majority of the calls are likely to be from buyers. Purpose to focus on sellers more. Negotiate with them and if all goes well, close the deal. Buyers are simply your competitors. You all want to buy houses. There is logically no point in spending plenty of time on fellow buyers. Don’t let them distract you. You may not make progress. In fact you will end up with nothing.
2. Stay Within Your Budget
This is a business like any other. At the end of the day you want to generate income and create wealth. Staying on your intended budget, or better still under it, is one way of maintaining your focus. Marketing, closing, fixing roofs or the bathroom could bring additional costs. Let your budget take care of all unexpected costs. Adjust it to meet every need. Work from home to minimize costs. After all, you want to eventually make money rather than waste it.
3. “Walk Away” if Need Be
Not all deals end up well. Low cost is not always an indicator of a great deal. Some buyers and sellers may make it difficult for you to close. They may come up with their own terms and conditions. Others may want you to do everything their way. You will waste a lot of time with such clients. The best way to handle them is to walk away from them. When they realize that they require your services, they most definitely will contact you.
4. Keep Networking
The longer your pipeline is, the more deals you are likely to close. It is therefore important that you keep networking and prospecting. Having a long list of prospects does not always lead to closure. You also don’t want to strike a single deal in the entire year. Therefore, maintain the focus and keep networking. The results will be enormous.
5. Right Pricing
Cheers for coming this far. You have worked quite hard. Researching, coaching, buying the property and renovating it is all done. You now want the profit you have been waiting for. How do you price the property to realize this? Focus calls for a consideration of the amount spent in buying and renovating the property. Under-pricing it means that you lose profit. Overpricing means that you may take forever to sell the property. This can quickly kick you out of business. You can also seek the services of an independent valuer to help you establish the right market value.
The importance of being focused cannot be overemphasized. Success in real estate investing in particular requires determined focus. Avoid wasting time with buyers and stay within your budget. Keep networking, ‘walk away’ if need be and price the property right. These tips will help you stay focused and succeed in income generation and wealth creation. So, why don’t you click, watch, like, share and subscribe to https://www.youtube.com/watch?v=HvOliH4Zg58