There are a myriad of reasons real estate investors fail. In fact, they are dropping like flies. People with great intentions drop out of the world of investing every day and although the excuses are as unique as the individual, the actual reasons typically come down to a few select reasons.
- TIME: WHAT you spend time on is critical and many people are doing it wrong. Your head is swimming with ideas – you spend time scanning the internet and listening to the next great guru telling you how to find leads but you just don’t have the time to pick up the phone.
A recent quote from successful real estate investor Sharon Jones of SJonesREI.com in California (investing throughout the country) sums it up perfectly: “You need to make calls….make more calls…more calls….return calls, return text, answer emails…Believe in yourself & the journey you have chosen! It will not work itself -YOU must participate!“
- WRONG ORDER: There are a few exceptions to this rule but you need to take things in the correct order. Don’t think you can jump to step 3, then back to step 1, then over to five, and so on. In Real Estate Investing, the successful ones have a conversation with the seller before they do any of the work. They will learn more from that initial conversation and will know if this is something to pursue. Stop wasting your time by running numbers, pulling statistics, doing research on a property before you find out anything about the property and having a conversation with the seller.You need to put the letters in order for them to make sense. Do things in the correct order – have a conversation with the seller THEN decide if it is a hot lead THEN do the due diligence and run the numbers. Taking this out-of-order is a waste of time and irresponsible.
- OVER FOCUSED: One of my clients has spent the past 15 months signing up for almost every system on the market. In that time he has successfully closed no contracts and has actually spoken with 6 sellers. He is completely beside himself as to why this isn’t working. ORCVirtual brought him over 8000 motivated sellers names and phone numbers and he called 6 of them. You need to focus on one strategy, work it, and stay the course. Remember these words of Confucius:
Person who chases two rabbits catches neither.
- GIVING UP EARLY: When do you quit? That’s a great question. Here’s the answer: you don’t. Don’t quit. Stay the course. Stay focused. Do what you KNOW you need to be doing. And don’t get upset when things aren’t handed to you on a silver platter. If you aren’t willing to work for your dream then throw the dream out right now and make room for someone else to close that deal.
Don’t ever give up on a dream just because of the amount of time it may take to accomplish it.
“What if I had given up at 15? Or 40? Or even 60?” – Kathryn Stockett on having her first novel The Help picked up by a publisher on the 61st try. It went on to become a New York Times Best Seller and a DreamWorks Studio movie.
Now – go forth and do what you KNOW needs to be done, in the right order, and don’t stop.