The start of the new year allows us to sit back and really evaluate ourselves. For real estate investors, this time of the year is critical to your annual success. Many real estate investors want to know the secret to be successful in this next year.
Tips to Follow for Real Estate Investing
We are here to share tips on how you can save time and money, avoid frustration, and increase revenue.
Set Goals
First things first: you need to set goals. Goals are the fuel to your daily efforts; goals provide you with direction, and they are what keep you going. We hear about people setting goals all the time. But how often do people manage to achieve these goals? The ones that do happen to achieve goals set SMART goals. SMART is an acronym to describe a useful purpose. Here is what it means:
- Specific
- Measurable
- Attainable
- Relevant
- Time-bound
SMART goals are what sets fantasies apart from realistic and achievable goals. For instance, you might dream of making millions of dollars this next year, but is that realistic? A better goal would be “I want to increase my profits this year so that I can increase next year’s marketing budget. I will accomplish this by testing new sales methods such as cold calling, to get more business in the door.” That makes your goals relevant.
Now take it another step deeper and say I want to increase my profits by 5% this year (specific, measurable, attainable, and time-bound). You can get even more specific by notating what steps you intend to take to achieve your goal.
There you have it – your goals are now starting to sound SMART!
Where many people make mistakes with goals is by not setting attainable goals. Many real estate investors focus on a dramatic change in their business, while this is very unlikely. Goals should remain challenging so that you can push yourself, but they shouldn’t be impossible to achieve. Start by setting small goals and then focus on the bigger picture. Start by setting weekly goals, then jump to monthly goals, and then determine one-year goals. Then, you will be able to set those big-picture goals that you want to achieve ten years down the road. Never forget to celebrate wins and milestones along the way!
Remain Focused and Disciplined
Where many people make a mistake in their business is by throwing money into new solutions in hopes that it will fix their business or help increase revenue. While there are many solutions out there that work, before investing your money into something, you should do your own research to determine just how well it could work for your business. Every business operates differently, and just because one solution worked for one person, doesn’t mean it will work for you.
Rather than trying out every solution out there that you think can bring in revenue, focus on your business internally. Where do you need help the most? Do you need management help? Does your sales team need assistance? Negotiation? Whatever you believe your business is struggling the most, determine the root of the cause, and find a solution that will solve that one problem.
For example, maybe you have an excellent sales team that is great at closing deals. However, they struggle on the front end when it comes to getting the deals in the door. You might want to consider looking into a solution like Call Motivated Sellers, who are experts at bringing in leads to your doorstep. This way, your team can focus on what they do best- closing deals.
Ask for Help
No one can do everything! That’s why many companies out there outsource their payroll, marketing, and sales. It’s essential to find out what you and your team are best at and excel at it.
Outsourcing your cold calling might be the best thing you can do this year for your business. As a real estate investor, you are probably best at managing properties. Wouldn’t you love to focus all your time and energy on what matters most while a team of experts brings you new opportunities? Outsourcing your cold calling will not only help generate more money, but you will have better time management to get the important stuff done.
When you work with Call Motivated Sellers, you are provided with a team of cold calling experts who will call people who have an investment property in the US so you can continue to grow your revenue with investment properties. In the case that the people our team calls find that someone does not want to sell their investment property, our team will forward the owner’s contact information to you, our client.
Plan with Purpose
The more strategic you are with investing this year, the more successful you will be. Before you get yourself into an investment, it’s essential to know what exactly you are getting into and how to get out if needed. For example, maybe you can plan to buy your first owner-occupied home with the intention of using it as a rental down the road. Whatever potential investment it is, make sure that there is a plan in place for when it works out, or if it falls apart.
Pay Down Debt
Debt is a headache that many people have. Debt can negatively influence your success this year. Rather than avoiding your debt, make your debt your number one priority. When you decrease your debt, you can focus on increasing your cash flow.
Use Assets to Pay Liabilities
A significant part about the real estate investment industry is that you can use your income from your properties to pay other financial obligations such as your car payments, insurance, etc., That vacation home that you consistently rent out. It’s never seemed more worth it until you use the money it generates to put into something else!
Call Motivated Sellers:
Making this the best year yet
Whether or not 2019 was filled with learning curves, or you want to continue the success you had this next year, these tips will help you get to where you want to be with your real estate investments.
If you are ready to bring in some new revenue and really grow your investments, Contact Call Motivated Sellers. We will take on all your cold calling so you can focus on your investments this year.