4 Ways to Turn your New Business into a Powerhouse Success

Make no mistake—when you decide to be a full-time real estate investor, you are starting a new business. The decisions you make at the beginning of your new venture have a major impact on your success. People in the early phases of any startup often find themselves the target of a lot of unsolicited advice. It’s important to learn how to filter out the noise and focus on what will truly help you be successful. Here are four proven ways to boost your business.

Make New Contacts

It’s all about whom you know. The more contacts you make, the easier time you will have in making deals. Don’t lose sight of the importance of building relationships with people in your circles. Relationships lead to deals. Deals lead to success. Property investors meet many facets of the housing industry, including:

• Real estate agents
• Property managers
• Mortgage brokers
• Attorneys
• Accountants
• Contractors
• Home inspectors

You never know where the next lead could come from, so get out and meet as many people as you can. Set goals to make a certain number of business contacts each week. Networking groups are also a great way to gain exposure.

Break through the “Rookie Wall”

This sports metaphor refers to first-year players who suddenly stop having the kind of success they did before they made it to the professional level. In property investing, rookies often think those first deals are going to come easily, and they get frustrated when they do not. Frustration leads to a lack of motivation. To break through this initial struggle, stay positive and rely on that network of contacts you have been building.

Look for Multiple Streams of Income

New investors generally want to be in the rehab world. However, with increased popularity comes increased competition. There are great deals to be had in just about any market, but that doesn’t mean they will fall in your lap. It takes time to identify, and then do your due diligence on, a great deal. While you are working on that angle, consider branching out into wholesale deals. Supplemental income will get you through lean times—and you may discover that you really like working in the wholesale space, too. Another option is to get your real estate license. Not only will this help you learn more about your markets and make contacts, but you can act as your own listing agent on properties you flip.

Keep an Open Mind

Starting a new business is exciting. Often, we go into a new venture with a mental image of how things should go. Do not get so focused on what you expected investing to be like that you miss great opportunities that are maybe a little outside of your expectations. This goes hand-in-hand with looking for multiple income streams. By exploring other avenues, you may find you prefer an avenue you previously never would have considered. Success comes in many arenas. Don’t be afraid to shift gears and explore new options.

Seasoned investors will tell you that one of the best things about this field is there is no set path. You get to decide what works best for you, and what doesn’t. By following these four pieces of advice, you can get your new business off the ground quickly, learn from mistakes, and build on your successes.