“Until you can manage your mind, do not expect to manage money.”
This quote has been and will always be a beacon for investors because it tells a big deal about their world and how it works.
Did you know that your psychological state tells a lot about how you manage your life? If you don’t take the reins over your mind, you will never be in control of your actions and their outcome.
The key principle of starting a real estate investing business is having a clear mindset in order to take the right decisions. An awesome feature of our brain is that it can be trained and given orders. This requires a lot of self-discipline, but isn’t this one of the main qualities any entrepreneur should have?
This is the part where you take control over your actions and their outcome. If by any chance something goes wrong you will know what measurements to take.
Running a real estate investment business in the 21st century can be very risky and time-consuming, especially if you don’t know where to get information from and how to organize yourself.
That is why we are going to list a series of frequent mistakes that real estate investors can make if they don’t manage their business (and life) properly.
Not having a marketing plan
A business cannot run without a marketing plan. It would mean going into a bricolage store and buying pieces for your new house, without having a vision or an idea of how you are going to implement them.
You have to make sure you are not working in the dark. You should have information about your customers and establish objectives that are specific, measurable, achievable and time-bound.
A marketing plan helps you compare your goals with your results. This way you will be aware of your patterns, your customers and competitors.
This brings me to the next mistake you might find yourself doing.
Not focusing on the core activity
This means wasting time on the small details and not looking at the whole picture. If you bury yourself with paperwork and administrative work, you will get nowhere. Instead make sure you are using a platform that excels at CRM, Lead Management and Collaboration, to help you organize yourself and your workflow.
Try to make your workflow as automated as possible. Using a Podio system will only help you use data to your advantage, work and communicate more efficiently, become more profitable and win back your time. This way, you will see the big picture and stop wasting time.
Everyone knows that time means money, so in order to make more, you should avoid the following mistake.
Not keeping track of your leads or not getting back to them
Communication is one of the key points to succeeding in a business. This also includes keeping in touch with your potential customers. As I mentioned above a CRM platform helps you be organized and on your toes. Having your team’s leads, schemes and ideas in one place helps a lot and it’s not complicated at all, even if you’re not tech savvy.
Efficiency plays a big part in how many contracts you close.
Not capitalizing more on your leads… oh boy, this leads to loss of contracts and money.
Keeping track of your competitors and budget
Competitors are another aspect that determines whether you are on top of your game or not. Knowing what makes your business different from theirs puts your objectives into perspective. Keeping track of the changes in the market will allow you to adapt your business, which would make it more flexible and in demand.
If you have not determined who your leads and competitors are, you will not know where to put your money. It is crucial to know what you are investing in, if your clients will buy your product and if it will pay off in the future.
Reality vs emotions
Many people invest the same way they lead their lives. Just as Warren Buffet said, “Until you can manage your mind, do not expect to manage money”. Being impulsive or a diehard optimist will get you nowhere. Facts equal reality, taking a calculated move will give you a concrete result.
As a real estate investor, how you manage your time will establish how your customers will see you and how reluctant they will be to work with you in the future, as well as to recommend your services.
You have to make sure that you are in full control of your business and see it like an automated system.
This would mean not wasting your time on the small details, easily automating everything from lead generation to signing contracts and making sure you have a good marketing strategy.
I think this is actually one of the biggest mistakes real estate investors make: focusing on small details and emotions instead of trying to turn their business into an automated system.
This is where integrated cloud platforms come in handy.
REIvolution is the first All-in-One-Data-Driven platform that enables Real Estate Investment companies to scale their business. We help real estate investors like you automate their business to use data to their advantage and also work and communicate more efficiently.
A good way to start avoiding mistakes such as the ones listed above is by using a platform like REIvolution Lite, created especially for real estate investors. It brings you access to systems and processes that help you grow your business and make decisions based on real data. Having it all in one place keeps you on top of your game.
So stop contemplating and start dominating your market today! Automate your business with REIvolution Lite.