This is especially important when it comes to real estate investing. Here are some key strategies you can employ to help you to grow your skills as a real estate investor.
1. Always be networking
What you know about real estate investing is important, but never forget that who you know is just as vital. As a real estate investor, establishing and growing relationships with people in the industry is a great way to develop your skills. Seasoned real estate investors know who to call for a property inspection, plumbing problems, a bid on a remodel, and lawn maintenance. They also typically surround themselves with trusted advisors such as real estate agents, mortgage lenders, and real estate attorneys.
Action Step: Locate and attend a social event focused on real estate networking
2. Always be learning
The real estate market is constantly evolving, with ever-changing laws, trends, values, market rents, and real estate loan parameters; growing your skills as a real estate investor requires you to learn new things all the time. Sometimes this looks like taking a formal class, but it can also be as simple as reading a relevant blog article or chatting with an expert in the industry. No matter how you approach it, the key is always pursuing knowledge and actively seeking learning opportunities.
Action Step: Sign up for a real estate investment newsletter, course, or podcast
3. Always be communicating
Communication is a critical component of almost any profession, but mastering the art is especially needed when you are a real estate investor. Whether you are chatting with a tenant, negotiating with a seller, discussing the next move with your financial strategist, or providing instructions to a property manager, be actively growing your communication capacity. This involves listening, speaking, and thoughtful and timely responses to non-verbal communications like emails and text messages.
Action Step: Reach out and chat with someone you haven’t spoken with recently
4. Always be organizing
As you grow your real estate investing skills, don’t neglect to include organizing in your to-do list. Many aspiring real estate investors seek after portfolio growth, which is great, but then they find that they are not organized and ready for the added workload that will inevitably come with this growth. Do you have secure and adequate file storage and backups in place? How do you keep track of e-signatures and important electronic documents? Is there a plan to manage data and information generated from your investments? Answering these questions will prepare you to stay on top of the necessities and be more successful as a real estate investor.
Action Step: Make a plan and then tackle one organizational problem this week
5. Always be analyzing
Doing analysis is not just important when deciding whether to buy an investment property but is an activity you should practice regularly as a real estate investor. Just because a property made sense three years ago doesn’t necessarily mean it will make sense today or in five years. By getting into the habit of regular analysis, you are more likely to adjust your holdings and make decisions that keep your portfolio profitable and meet the goals that you have set for your financial future.
Action Step: Do an in-depth analysis of your current real estate portfolio
Whether you own a single rental property or an entire portfolio of properties, there is always room to grow your skills as a real estate investor. You will become a more skilled and effective real estate investor by utilizing the above strategies and possibly employing some of your own.