Six Real Estate Investor Qualities
By Elli Davis, May 4, 2012
Handshake by buddawiggi
Real estate investment is not an easy business. It takes a lot of time, energy, effort, and patience to succeed. Some might feel that they are doing everything they can, yet nothing seems to work. In my opinion, success very much depends on one’s personal qualities. What should one do and what qualities should one posses to be a successful real estate investor? Of course, there is no formula for success, but sometimes it is helpful to generalize.
- Read! Before you enter the world of real estate investing, it is important to know as much about the business as possible. Especially if you are a beginner, I strongly recommend you start by reading well-written and informative books about real estate investment. Here is my list of ten great books that I believe can teach you a lot. Give some of these books a try.
- Do not expect too much! Not even all the publications in the world can completely prepare you for what comes once real work starts. According to EpicProfessionals.com, “On the court and in the game is where one will truly learn how to be a real estate investor.” The switch from books to actual actions is not always smooth. Do not be upset if something does not work out the way you planned or if you do not quite know how to react in certain situations. To be amazing, one has to overcome many obstacles; do not give up after a few little mishaps. Nobody’s career is completely unproblematic, and even the best real estate investors deal with unpleasant situations every single day. Remember: practice makes perfect!
- Do not get too self-confident! People have a tendency to get a little too cocky if everything goes well. While it is fantastic that you are doing a good job, a huge ego can ruin everything. Just because you are succeeding now, it does not have to be like this forever. If your work is going amazingly well, celebrate, but do not think you can do anything. You will never know everything; even the most experienced investors have much to learn. Stay humble because those who do not can fall very hard.
- Goodbye, free time! If you want to be a successful real estate investor, you should be prepared for work, work, and more work. All those with great careers, even outside real estate investing, know how much time they have to devote to working. From the very beginning, you will most likely be completely exhausted, and your family and friends might feel a bit neglected. It is nearly impossible to be the best without hard work, however. It is tough, but only those who work really hard can experience huge success.
Tie by Faramarz Hashemi
- You need motivation! Why do you want to become a good real estate investor? The very best in this profession do not only do it for the money. All extremely successful real estate investors live for their work — they see a lot more in their job than a source of income. If you want to do something purely for the money, you will never actually enjoy the job and it will be nearly impossible to be the best.
- Be responsible! With great power comes great responsibility. The more power you have and the deeper you are involved in real estate investing, the more you have to look after your business. Pay attention to everything happening in the world of real estate investment, try to deal with whatever comes your way, and do not overlook your duties or try to make someone else do your job. Whatever happens, you always have to take your responsibilities into consideration; do not just leave something unfinished because it might have very negative effects.
Naturally, this is not to say that people who do not share these characteristics cannot be fantastic real estate investors or that those who have all these qualities will necessarily be successful. It is more or less just a generalization of the qualities that many greatly successful real estate investors share. If you believe in yourself and have confidence, I say go for it! Nobody has ever succeeded without at least trying. Good luck!