Saturday, October 13, 2012

traits of successful real estate investors.. more tricks and treats and tips !

http://www.biggerpockets.com/renewsblog/2012/10/07/traits-of-successful-real-estate-investors/
hello readers of succinct news! Thanks for joining us on the weekend here in the USA!! We are getting in deep on the business blogs 101 ..so feel free to take notes if you want. !Fall is a great time to be thinking real estate investing, if you haven't already! This happens to be my professional career turf and i'm all about defending the american dream with "buying" into the american home and experience. Let me give you today's topic, graciously written by James Vermillion III who owns his own business and is active with distressed homes in Oklahoma. His article "8 traits of successful real estate investors" is almost a perfect match of my resume so this article is of personal interest to me and i hope will be a "spark" to drive interest in our readers today. It's about leadership, professional and personal growth and success and yes, its about balance in life! who knew, everyone needs this level of success! I am going to add number 9 to this list so i can feel justified today with "giving back" to my community of green and real estate investors. So let the investing begin.. with you!
The writer, James, suggests looking around you to see who is financially successful but also those professionals that have embodied "personal success". As this writer always says to her children, "97 % of wealthy people , started in real estate investing." Fact.  . I have been a realtor since 1978 with the birth of my third child. creator of succinct news, Jesse cannella. October was actually the start of the award-winning season for me.So let's continue with the holy grail of investors with number 1.
Finding successful career professionals to mimic will give you great discovery of your own unique talents. Consider characteristics that have helped fuel success in a given field . Real estate investors are some of the most successful people. ! These people started successful real estate businesses and have mastered a "balance" i their own lives , which we all know is a difficult goal to achieve. The 8 traits identified for investors is not surprisingly a road map for any leader or professional wanting a successful career. All of these traits can be applied to every professional! How convenient is that??
1) starting with passion for investing, Time and personal equity required to become a successful investor is overwhelming for many people. Passion fuels drive, drive fuels action"! passion provides a boost needed to sustain enthusiam on routine days. Without passion, real estate is just another job just as any career needs passion for success.
2)discipline in decision-making- There is no success with undisciplined people. Discipline is usually a visible characteristic with people who plan for the future, work dilligently in the present and learn from the past!! i would say read this..commit it to memory and use it as a script!! if you don't get discipline with performance with your schedule and time management you will succeed at failure only. your work habits must be orderly and disciplined. For me this is an absolute daily function.
3)Understanding core principles. Failure is almost certain if you don't understand the foundational principles of business or real estate and the specific niche you are engaging in. Long term success requires not only an understanding of buying and selling real estate, or how to be a landlord but also having knowledge of basic economic principles . Understanding market fluctuations, economic cycles and monetary policy and other facets of economics will ensure your success. When changes occur in the economic landscape , you as a successful professional, will be able to react intelligently with a well-devised strategy. Learning basics is not always fun or exciting but  it is critical to longterm success.
4)Integrity in business dealings has been undermined by those seeking a quick buck in the real estate industry. Real estate is notorious for having had some "bad" apples that spoil the bunch. There can also be politics and trust me , the real estate office is not immune to the corruption as seen in other "office" businesses with romance and office relationships. Those seeking a quick buck should not be pursuing real estate or any other career unless they are willing to do the "dilligent" work needed to be successful. There are no "short cuts" in real estate just as there is no "crying in baseball".
Integrity should be first and working with like-minded professionals who want to make a difference should be the goal in every business and in every office. The quick buck seekers never last.. and they have a bad reputation that takes credit from a core group or team of hard-working professionals. this is not a trademark of successful investor. A successful investor has success that spans years and is attained through hard work. A long real estate career must be built on a solid reputation and ethical work habits.
5) Flexibility.. Murphy's law is alive and well in real estate and to survive inevitiable surprises , fluctuations and bad deals , you must revise and adapt your plan as you go.! Planning is critical but being able to respond and deviate from a plan is equally significant to overall success.Making  Adjustments to the original blueprint  to preserve the long term success of their investments and business is key! A professional who can react and respond with knowledge and alternatives at a moments notice or while under pressure is a true professional.
6)money management skills - Most small business fails due to poor money mgmt. forecasting, budgeting and financial planning is becoming a lost art among small business owners and it can be lethal to your business. That is why understanding the basics of accounting , tax law, cash flow mgmt. and debt mgmt. is so important even ifyou have a great accountant and book-keeper.
7)Team of successful people- You can only take your business so far and at some point you rely on other people. Real estate is a people business and every real estate transaction requires a team of people to close. Once a transaction is complete even more people are involved so its all important to form and maintain relationships with lenders, atty's. , contractors, agents, accountants and others who can contribute to the growth of your business. Once you have established a network , transactions can be a simple process and not one that you "struggle" with. Communications again...are key to making this process seamless.
8)Superior communication skills.. Did i say " communications, communications, communications"..in every people business. Effective communication is vital to the real estate investor and any professional who wants success i business! Negotiations of price, interviewing contractors, screening potential tenants or clients, partnering with others, listing and presenting at appointments and so many other daily tasks depend on effective communication. All investors can say they are involved in real estate but only a few can say they are among the best! The true best give signs of genius with habits, practices and truly individual talent. I would add that just as every person is unique with specific DNA programming so every Leader employs and implements different character traits that lead to success! I would also suggest that there are no "carbon copies" of any successful leader but only leaderships that are based on passion and discipline in a balanced strategy.
It's important to find out about the strengths of a leader and see how they sustained in bad times and advanced in good times. Self-realization will lead to positive changes and others will begin to looking to learn from you. As a realtor and professional this writer will contibute an additional trait..number 9.
9) successful leaders show a natural people and communication link. One that is based on trust and giving confidence to the client. It is the best habit you can develop. the golden rule habit of putting people first. A successful leader will listen and give opportunity to a client through education and protection. In real estate we call this consumer education and consumer protection. It is the shield that gives a successful leader , satisfied client relationships with "peace of mind and security". The factor of trust is huge when people want to minimize risk with their transactions. Take each and every client seriously and give them your full attention and knowledge and you will attract many clients and admirers!!!
This is detective sparks.. igniting a fire!! for small businesses made in the usa! Enjoy shocktocber.!
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until tomorrow.. get prepared for "big business". and vote Romney and Ryan for a brighter future for "small business" . I must be political in my comments today! no business survives without support in policies from the president.. the leader of our country!

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