3 Life Tips for Real Estate Investing

If you think I’m going to say “location, location, location” you are incorrect. Yes, location is one of the most important factors in successful real estate investing, but I think you already knew that. Or at least I hope you did, because that’s like the investing equivalent to learning your ABC’s in preschool – and I don’t think we need to go over preschool-level material here. Instead, I’m going a little outside of the box today, and I’m going to clue you in on 3 things that you likely haven’t put enough emphasis on in your real estate dealings.

Your Communication Skills

Communication. It’s something we all do, every single day, and much of it is second nature. Something comes to mind, and we spit it out. But do you ever stop and think of how you’re spitting this information out? You should, because the “how” is just as important as what’s being said. If you’re not communicating effectively with others, you’re doing yourself (and them) a big disservice. Ineffective communication leads to all kinds of problems – missing or inadequate details, information overload, confusion, misunderstandings…the list goes on and on. To improve your communication skills, remember these tips:

• Think before you speak
• Get to the point and make it clear
• Don’t be afraid to ask questions
• Remove distractions while you’re communicating
• Consider your audience and tailor what you’re saying to them
• LISTEN (this is in all caps for a reason…you have to be a good listener to be an effective communicator, so shut up and listen)

Your BS-meter

We’re all born with a BS-meter, but some of us are better at using this innate tool than others. And just so we’re clear on what this tool is, it’s your built-in way of measuring the validity of something, whether it’s another person’s statement or a local housing market statistic.

Listening to your BS-meter actually takes a bit of practice, because many of us are nice, trusting people who just can’t fathom a world where people like to screw over other people. We’re not all like that, of course, but that’s because we’ve learned to listen to that voice in our heads and not take everything at face value. With property investment, the more experience you gain, the more you’ll learn to listen to your BS-meter and be able to tell when someone is not being completely forthright – which can save you tons of time, stress, and money.

Your Reputation

Lastly, and most importantly, is your reputation. In this business, your reputation plays a critical role in your success as an investor. You’ll learn quickly that every professional interaction you have either adds or detracts from how people view you. It takes a lot of time and effort to build a good reputation, and once you have it, you need to do everything you can not to mess it up. Treat others with respect, and don’t make assumptions about them until you have the facts in place. When you make mistakes – and you will – own up to them, right them if you can, learn from them, and move on.

In real estate, your name carries a lot of weight, so make sure that when people are talking about you, they’re saying good things. Just one wrongdoing can wreck a lifetime of work in establishing a solid reputation.

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