My father was a successful businessman, a great dad, and generally a wise man. One of his favorite comments when a task was discussed and a question of timing (often procrastination) came up: “There is no time like the present!”
Beginning investors are often so scared that they will mess up that they never get off Square One. That is like being so scared of the bicycle that you never learn to ride it, although admittedly, investing involves considerably more risk than a skinned elbow or knee. Those of us who learned to ride bikes generally enjoy riding and never forget how. Investing can be like that, too, if you give it a chance.
The key is to be ready enough, but not PERFECTLY ready, because you will never get there. Do you have buyers or know how you will find them? Do you have funding sources or strategies that do not require your cash? Do you know how to find leads? Do you know how to minimize your risk? If none of the above, find a partner or a mentor. But get going!
What can you do TODAY that will move you forward and closer to an actual deal than you were yesterday? Do that now. As Dad would say, “There is no time like the present!”
Without an adequate supply of leads, no business can be successful. Though there are many other steps that must follow, if you do not have at least ONE lead, you cannot even START to do the rest of the steps toward success. Sure, you can be busy. You can be active. There are many ways you can waste your time and think you are working. But without leads you are running on empty…and therefore going nowhere.
If you are not currently as successful as you’d like to be, count the number of leads you are currently working on. Then count the number of leads you have worked on in the last few days, weeks or months. Divide your total for any of those periods by 100 and round it down, drop any fractions or decimal positions. For instance, 60 divided by 100 is 0.60. We round that down to 0. How close does whatever number you got line up with the number of deals you closed in that timeframe? Any more questions about what your problem might be?
Is this a bit simplistic? Yup. But in my experience, it is one of the core reasons beginners are not seeing the success they expected.
So start here. No matter how many leads you are generating, you always need more. Find ways to ensure a steady, sizable stream where you can exert at least some control on its size. If sending 100 postcards could yield 1 lead, to get 3 leads, send 300. A similar principle would apply to any lead generation activity you might choose. Door knocking? If it takes 25 doors to get one lead and you want 3, knock on 75 doors. That is the control of which I speak.
If you have plenty of leads, are talking to lots of potential clients, but do not seem to convert them to closed deals, tune in for future postings. I’ll explore some other steps in which we often torpedo our own success.
Does this apply just to real estate? Nope. Without leads, your business…whatever it is…will not make it.
Most of us have had a science course of some sort at one time or another. They nearly always include a lab requirement. When we took an English composition course, we had to write. When we took an art course, we needed to do time in the studio. When we participated in athletics, we spent much time in practice.
We all recognize the value of actual experience to really learn anything. We cannot just show up for the game or write a novel if we have not done the drills.
Yet in real estate investing we tend to take a course or read a book or attend a boot camp and expect to go out and win the game. Then we cannot understand why we get run over or left in the dust.
I recommend to all new investors: Work with a mentor or partner with an experienced investor for a few deals until you catch on. You will find that the light bulb will come on multiple times during the experience as you suddenly understand the significance and the subtle nuances of what you learned in the course. Your success will be accelerated. You will not need to reinvent the success wheel by yourself.
If you are currently struggling, hire a mentor! Find a partner! Spend some time in a “real estate investing lab!” It will be one of the best investments in your success you can make at this point.
Have you ever noticed that after you take a real estate investing course, you cannot always implement what you thought you learned? You seem to be doing all the right steps, but your success is not happening like the guru described it.
There are many reasons for this. These reasons are much of the motivation for this blog. Being successful at anything is best thought of as a journey, not a destination. We must keep learning, growing, and improving or we will start to decline. You actually have to work to just stand still in a dynamic market. I am on this journey and have been for years. If I can offer some suggestions from what I’ve learned to accelerate your journey, that is my goal. Due to my years as a management consultant and coach for businesses large and small, much of what I will say also applies to entrepreneurs doing many other things.
Look through the archives. There are lots of gems back there that may be just what you need!
I welcome your comments and questions.