The Real Estate Market is HOT NOW! Do I Want to Get In?

Want to Get In?

Having a simple process to learn new things can enhance your personal and professional life.  For example, I wanted to learn how to listen to Jazz.  It’s all about the learning curve and experience. I had to have a desire to learn something new. There had to be a simple system that I would be able to relate to and learn something about complicated jazz music. The music seemed to fit my personality. I did not grasp why some jazz was so caustic & other jazz was soothing romantic and enveloping.

If I couldn’t get an understanding quickly, it could prevent me from being able to listen to a new richer, quality music. My goal was to be able to discern really good jazz and why jazz sometimes, just did not fit with my values or my personality.  I utilized a five step process to determine if Jazz was a new genre for me to enjoy.  This same process can apply to seeing if a career in Real Estate is for you, and how to be successful. 

Step 1: Make a decision to learn something new.  In order to understand a new subject, new lifestyle, or a new business, we have to be motivated. Motivation can come from the carrot or the stick. The motivation can be long term or short-term.   However, investing in real estate is a long-term commitment. This is not a get rich quick scheme. The number of different educational subjects, opportunities and vehicles to invest in real estate are more than the fingers on your hands. Each one has pros and cons. Each one fits certain personality types and lifestyles.

Step 2: Determine which system, technique or real estate vehicle fits your personality.  There are people who happen to like conflict and confrontation (foreclosure). Those that like to have hard conversations (tenant management).  There are other people that want to be behind the scenes (accounting & research). There are people who just like numbers and not have to deal with people (HUD properties, FMLS). There are others that want to be in front of large groups of individuals (broadcast marketing, seminars, & training).  There are individuals that happen to like things to be exciting (auctions). We must evaluate what is our personality type to be able to enjoy the process and be successful.  I have met many people that would take the first steps, not enjoy the process and then drop out. I have met others that went through the whole system, completed it and then dropped out because it didn’t suit their personality (I commend these people because they were true to themselves).  None of the techniques are neither right nor wrong. They are right for you and that’s all that matters.

Step 3: Get a good understanding quickly. Bring in resources such as education, coaching, mentoring, vs. the school of hard knocks. My education from the school of hard knocks has been arduous and brutal. I don’t suggest that anybody learn this way on a regular and repeated basis. Be smart and go with professional education found in books and tapes and find a good mentor. I spend $3,000 per year learning new information.

Step 4: Value test your approach.  The key to relationship building and building a strong team is that everyone needs to be like-minded and they have to have the same vision. Just like starting in any business we need to bring on our power team and communicate effectively so that everyone understands precisely what is the vision (we need to hang on to the like vision people and get rid of the others).  Since it’s our business we need to be the leader and decide what is our mission statement and business model?   There was a time when I used to panic when somebody would make me figure out a mission statement, or commit to a business plan. I realized that the business plan is an outline. The mission statement is a big why and direction.  Once the plans are tested then there is tweaking to make them better.  The bad is thrown out. The good is reevaluated and there are adjustments that enhance the business and make it more productive. By improving the effectiveness and efficiency of our business we can set ourselves up for the success we want!

Step 5: Prioritize and choose. You don’t need to know all the techniques to win in this game. You only need to know one. I have two competitors that only do one technique and one type of transaction. It works for them. It is simple. It is easy to follow. They have a team. They have a salable business.

So what have I learned?  Pick what fits your life style and choose your direction. The market is HOT and NOW there is tremendous opportunity!  Pick the music that will enhance your life with the melody that will cause others to want to join you on your adventure. Music is the language of all people.  We just need to tap into it to get the benefits we desire.