10 Keys to Becoming a Real Estate Investing Legend

1. Be kind.

kindness

There’s a quote by Maya Angelou that just seems to ring more true as the years go by:

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

One of the first things we learn as kids is to play nice—to share. But being kind is more than just playing nice. It has more to do with genuinely caring about other people. It’s investing in them! As real estate investors, our business is deeply people-based. How we treat the people around us is paramount to our success. In this business, trust us: Even when you don’t want to take the high road, even when you don’t want to let go, even when you don’t want to be kind, do all of those things.

It’s not a big playing field, and no one wants to play with the guy who looks like the jerk, even if that guy was completely justified in the action that made him look like a jerk. Being kind always trumps being a jerk or burning a bridge. Even if you have to part ways, you can do it amicably.

2. Master your niche.

Another saying? The jack of all trades is the master of none. Be a master. Hone in on your niche and completely master it. Be the undisputed champion. Be the person who talks about your area of real estate investment and causes everyone to stop and listen.

It’ll take time to get that experience under your belt—but that kind of mastery is so worth it, not just for your bank account, but for the wealth of knowledge that you can pass on. Stay humble and remember that it take time. Nothing is worse than someone who wants to tout their achievements after completing two flips. Hold up and spend a little more time figuring out your niche.

3. Stay humble.

The best mentors know what they know and admit what they don’t. Stay humble. There will always be things that you still don’t know! Other investors will know more than you do in other areas. Lean into their wisdom. Listen. Pay your dues while you’re still learning—and even when you’ve spent 20 or 30 years in the business.

Humility is one of the best qualities you can have, period—not just for public opinion’s sake, but because it prevents hubris, which prevents us from making stupid mistakes. Stay humble and seek to educate first. Learn to educate in your niche from a point of humility, and your legend will be on its way.

4. Never stop learning.

mentor

Hand-in-hand with humility is realizing that you always have more to learn. No matter how long you’ve been in the real estate investment game or how old you are, keep pushing your education forward. Keep learning more because there’s always more to learn.

This is one of the best lessons I have ever been taught by my own mentors. The world changes quickly. Never think you know it all, and never discount others and what you might be able to learn from them. Spend your time with your eyes and ears open, and you just may be amazed at what you learn.

5. Find your own mentors.

One way to keep learning is to sit at the feet of the investors and experts you trust most. Not only do you get to lean on their wisdom, but you can learn from their character, too. They’re your mentors for a reason, remember. If you want to learn from and emulate them, there’s a reason. Surround yourself with people you want to be like. The company you keep matters. You will become the six real estate investing mentors your surround yourself with.

6. Make genuine connections.

Network, network, network! So many investors neglect this key step on their journey. Building up professional connections is key not only to generating leads, but to crafting a network that creates the support and structure your business needs in a way that’s mutually beneficial for everyone. That does not mean pass out business cards and then stand in the corner nor does it mean constantly e-blast and blink-copy every business card you have ever been given. Take time to try and make genuine connections.

7. Go above and beyond.

The best real estate investors have something in common: They all go above and beyond. You’ll never find a legendary real estate investor who settles for second rate. They all value excellence—in their services, in their properties, in their deals, in their effort, in everything. Be prepared to make some sacrifices if you want to be that investor. Along those lines, be prepared to give first when you are thinking of going above and beyond. Give before you ask and always give at a level that astounds the person on the other end.

8. Value the details.

Speaking of effort, another way to ensure your status as legend in real estate is to simply pay attention and value the little things—details. Do you make sure to remember things like names? Dates? Thank you notes? Do you follow up? Remember to make good on your word, even if it wasn’t an explicit promise or deal. People pay attention to those little details that add up to a whole lot of integrity. Don’t neglect those little things that don’t necessarily make a direct impact on you business but make a big impression nonetheless.

9. Own your mistakes.

A huge part of your reputation hinges on how you deal with failure and mistakes. Are you the type to pass the buck (and the blame) on to someone else? Do you mope and complain and deny your responsibility in mistakes and mishaps? Or do you own up to it and take charge of the situation? Think about it. The way you deal with the worst of what real estate investing throws at you says a lot to your colleagues.

man in jeans and brown shoes walking down the sidewalk with grass in the background10. Keep pushing forward.

In the face of difficulties, the best thing you can do for your reputation is to keep going. It won’t be easy, but when you show perseverance and the will to carry on, it says a lot about you. Many of the best investors you will find today, those who may truly be legendary, are the ones who persevered through the toughest real estate climate any of us can remember. They put their heads down and went to work—not after the crisis, but through the crisis. They kept pushing forward; they took hard meetings, made tough phone calls, and continued to believe they would succeed. These are the true legends of real estate, and their example of finding a way should be one you seek to emulate.

-Chris Clothier, Bigger Pockets

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SW Idaho Q1 Vacancy Report

Ada & Canyon county vacancy rates on average decreased from 4.0% in Q4 to 3.7% in Q1 of this year. The largest decrease being single family homes in Ada County going down 1.4%. Canyon County single family vacancies decreased by .8%. Multifamily vacancies in both Ada and Canyon County combined decreased .5%.

q1swvacancy5_2017
Ada County single family rental rates increased an average of $186 per month and multi-family rents increased an average of $87 per month. Overall the average increase was $44 per rental unit putting the average rents at $1187 in Ada County.
Canyon County rental rates overall increased once again an average of $73 per rental unit, with single family homes increasing by $15 per unit and multi-family units decreasing by $26 per unit.

View full report from NARPM

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How Property Management Benefits REALTORS

As a real estate agent, finding the most efficient way of doing things can save you a lot of money, frustration and time. More and more, Realtors are choosing to work with property management companies to help streamline their day-to-day responsibilities and to increase earnings.

If you’ve been thinking of working with a property manager, you’ll be interested to learn about these three huge ways that property management benefits Realtors.

Property managers open up your earning potential

If you’re spending your time dealing with your investment property, you’re losing valuable time you could be using to show and sell properties that are on the market. Losing that time can mean losing sales, which means less earnings overall—not an ideal situation by a long shot.

When you have a property management company taking care of things for you, you can spend your time on more lucrative ventures that help you grow your business and earn more money.

Think of it like this: If, for example, you earn 5 percent commission, and you spend three hours showing a $500,000 property and closing the deal, you stand to earn $25,000 for that amount of work.

Now, think of spending those same three hours at your rental property fixing a toilet or repairing a broken heater in the middle of winter. If you’re not working with a property management company, you can add up those potential earnings over time, and the amount of money you’ll be missing out on can become downright staggering.

Why spend your most valuable time on your investment property? Instead, you could be doing what you do best and earning more money for it—that’s an ideal situation.

You don’t have to deal with maintenance

When you have to take care of something at your property, such as a leaky faucet, you might quantify it as, say, an hour’s worth of work that you’ll lose out on. However, think about the real amount of time you spend working and resolving an issue like this.

You first have to find a plumber or maintenance worker who can fit your property into their schedule–this can involve calling a number of vendors.

Then, you might have to meet that worker at your property. Depending on how close you are, getting to the property can eat up a significant chunk of time as well.

Waiting around while the repairs are made so that you can pay the bill for it is even more time. Add up that “hour” for fixing a leaky faucet, and you may have lost almost your entire afternoon. When you have a property management company taking care of maintenance at your property, the amount of hassle you have to deal with is significantly diminished.

Your time becomes yours again

If you got into owning investment properties to earn more money, you might be doing so, but at the expense of your free time (and your time doing your “real” work!). Spending time finding tenants for your rentals, vetting contractors for maintenance, chasing down rent checks, and other minutiae related to being a landlord can suck up all of your free time—and then some.

You don’t need to be leaving the office early to show an apartment or missing dinner with your family to meet a repairman.

When you have a property management company looking after your properties, you can be present at work and earn your living, then go home when you’re finished—your investment won’t feel like a second full-time job anymore. Living the life you deserve to live is easy when you have a property management company taking care of your property.

If you’re a Realtor and you’ve been looking for a way to make your investment property work better for you, working with a property management company can be an excellent solution.

With property management, you’ll have the potential to earn more money at work by using your time in more beneficial ways, you won’t have to deal with maintenance headaches, and you can leave the busy work to someone else.

-Andrew Nast, inman

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