Questions all real estate investors should be asking themselves

[Julio Gonzalez]

Here are some questions all real estate investors should be asking themselves about their business.

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1. Am I being proactive about keeping up with the top 20 percent of my relationships? These are typically the ones that account for 80 percent of your revenue. First, figure out who is in your top 20%. Next, what are you doing to keep up with them? Are you talking to them regularly? Maybe it’s time to set up a coffee or lunch to catch up. If you’ve just left a conference, make sure you reach out to the people you met and keep a CRM of all of your contacts including details on their job and their specialties. A list of just names isn’t going to help you when you’re going through it looking for someone to call to help you with tax strategizing or a new area of real estate investing or an attorney, etc. Bottom line - ensure you are prioritizing the things and people that will help with the success of your business/investment properties.

2. Is the technology that I’m using secure and helping to create efficiencies across my properties as well as for my accountant? If tenants are still having to write you checks to pay their rent or maybe they have to text or email you to submit a work request, then maybe it’s time to look into new software options. Wouldn’t it be great to have all of your tenant’s work requests across all properties in one app/website to make scheduling with a repairman easier and to easily track and check off when each repair has been completed? This is also an efficient way to track exactly what parts were used in each property when the repair was made. Are you still using Excel to track your finances and having to download the file and send a ton of receipts to your accountant at the end of each year? Maybe it’s time to switch to another software that directly connects to your bank feeds and would also allow your accountant to have online access. Bottom line - if there’s an area that isn’t working very efficiently and is a headache, research technology solutions.

3. Did I hit any of my goals this year? Or did I make any progress on my long-term goals? What exactly are my short-term and long-term goals? If you don’t have a plan, how do you know where you’re headed? Maybe you want to buy a certain number of doors by the end of next year or maybe you want to have 50 doors in five years. Maybe you want to dive into a new type of real estate investment such as going from single family homes or small multi-family homes, to a much larger apartment complex or even a commercial building. Whatever your goal is, write it out and break it down into smaller, achievable steps to help you accomplish it.

4. Am I actually enjoying real estate investing? Obviously, every single day can’t be great, but when you look at it overall, you should be enjoying the work that you do. If not, maybe it’s time to re-evaluate how you are running your business. Can you automate certain tasks by implementing technology? Can you outsource tasks that are making you want to pull your hair out? Whatever it is that is making you not enjoy real estate investing, figure out a new game plan so you love showing up to work everyday (or at least most days!).

What would you make number 5? 👇