5 Small Habits You Should Adopt In 2017
By Paul Esajian on January 13, 2017
As a real estate investor it is important you take constant evaluation of your business. You need to know what is working, what needs to be tweaked and what should be scrapped all together. The last week of the year is the perfect time to examine your business and see what changes you can make prior to the start of the New Year. Instead of one or two wholesale changes you may be better off making a few smaller ones. The subtle changes you make now can help you hit the ground running for next year. Here are five small changes you can make for your business in 2017.
- How You Network. Networking should not be viewed as a necessary evil. If you are going to network you might as well get something out of it. There are many investors who look at networking as something they have to do instead of something they want to do. Networking is a reflection of your lead generation. The better you are at networking the more leads you will have at your disposal and ultimately the more deals you will end up closing. With networking it is easy to fall into a routine. You most likely do the same things with the same people every week. Take a look at how you network and look to see what changes you can make for the better. Joining a different group or finding a different club can have a huge impact. You should also examine your actions during your meetings. Do you arrive at the same time and only talk to the same people? Do you make small talk and wait for a business card before you offer one up? Small changes to your networking can equal big returns for your business.
- Relationship Building. The ideal scenario with networking is to turn a meeting into a relationship. Once you have established a relationship you need to take actions to enhance it almost every day. On every deal there is a possibility of having multiple real estate agents, a buyer, seller, two attorneys and either a mortgage broker or hard money lender. Each of these people can be a valuable addition to your business. If do not reach out to them you are missing out at a golden opportunity to build a relationship. Take a hard look at how effective you are at building relationships. Do you spend enough time building relationships and how do you do it? If you have worked with the people in the transaction you cannot take them for granted. They need to be shown as much, or more, appreciation than everyone else. Sometimes something as small as making a point of treating your team for coffee or lunch can keep you on their minds. If you do not work at building relationships eventually they will sour and you will be left wondering what happened.
- Where You Work. Do you work in the same place every day? If so you may find that your daily routine has gotten stale and is in need of a change. One of the things that makes real estate investing so great is that you can work anywhere. An investor renting space in an office has the same opportunity for a deal as someone working from their kitchen table. Take a look at where you set up shop and if you need to change it. Changing where you work doesn’t mean that you can work out of your house. Something as small as changing the places at your kitchen table can make a difference. You can also explore the option of working away from home at local coffee shops or even the local library. Where you work has an impact on your frame of mind which effects your work ethic.
- Attitude. Your attitude also has a huge impact on work performance. Do you let things you can’t control influence your daily attitude? It is no secret that people like to work and be around people that have a positive attitude. If you attitude is poor you may be driving away plenty of good potential team members. Think about what effects your attitude on a daily basis. Are there things you can do when situations don’t go your way? This could be as simple as surrounding yourself with positive people. If you are constantly hearing negative talk about your business eventually you will feel the same. Don’t be afraid to change your environment if you are looking to change your attitude.
- Technology. Technology has completely changed how business is done. Think about how you ran your business just a few years ago. Something as basic as the phone you used is most likely very different. In order to run an efficient and effective business you need to stay on top of technology. The end of the year is a great time to consider what changes in technology you need to make. Are there any apps, programs or websites that can make your life easier? Could a new tablet or updated laptop streamline your daily workload? Updated technology may seem overwhelming but it really is much easier to adapt than you may think. By embracing technological changes you can completely change your business for the better.
The end of the year is a good time to take a step back and look at how you run your business. Consider these five changes as you get ready for the New Year.