Quick... can you think of a list of reasons why it’s been tough to get your business off the ground and begin achieving success?
Go!
I bet you could come up with several items on your list in no time at all. When you first start out in this business, it seems there are challenges and obstacles at every turn in the road.
Look, I get that…
Hey Moguls, Jamel Gibbs here and what I’d like to do in this lesson is point out 3 basic reasons that may be keeping you from the success you’re looking for. Even though your list may be a long one, let’s take a close look at these 3 and see if we can find you some solutions.
Reason #1: Structure & Mentorship
When I first started in the real estate business, I was all over the place. To put it simply, I had no idea what I was doing. I had no knowledge, no direction, no mentor, and ultimately, no structure.
By following this course of having no course, it was 13 months before I ever landed my first deal. And that first deal netted me a paltry $1,500. Discouraging to say the least.
It was at this point that I came to the conclusion that I needed help. I needed someone to guide, direct and teach me. I sought out a mentor. That step changed everything for me.
Want proof?
The very next deal I closed put $48k in my pocket.
Quite a difference, would you agree?
Bringing a mentor into the picture was well worth the costs involved.
My mentor was the first step in bringing order into my chaos. I also learned that I needed to have all the right tools in place. Without the right tools, it’s extremely difficult to make any money in real estate investing.
Here is a short list of the main tools you’ll need:
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Phone Lines
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Websites
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CRM Systems (Contact Relationship Management)
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Team Players
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Mentor
Reason #2: Investing in Your Business & Leads
If you Google search for lists of people’s common fears, some that top the list are things like fear of flying, fear of death, fear of public speaking…
I want to add yet another fear that seems to fit right in.
It’s the real estate investor’s fear of investing in their business. Well, perhaps it isn’t really a fear, as such, but it certainly is a strong reluctance.
It amazes me how people can so freely spend money on things that will cause them to go broke, but they will not spend money to invest in their own personal improvement, or their businesses.
These are people who say they want to make millions of dollars. But how can you make millions of dollars without sacrificing certain things?
Here are 2 specific ways in which you can invest in yourself and your business:
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Find someone who is actively investing in real estate and is successful in the business, and approach them about becoming your mentor. Face the fact, that this will cost you, but it will be a wise investment.
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You must invest in driving leads into your business. As with getting a mentor, marketing for leads costs money, but you get out of the business what you put into it.
Ask any successful investor how they find great off-market deals that net thousands of dollars, and they’ll tell you it’s all through marketing for leads.
Consistent leads are the make-or-break aspect of your business.
Reason #3: Making Offers
Oh, look! I’ve found yet another fear to add to the list mentioned above. This has to do with making offers...
That’s right, in my years of coaching and mentoring, I’ve discovered that new investors shy away from making offers on houses.
Why is that?
Remember, if you’re not making offers, there will be no deals.
Maybe the fear comes because you’re embarrassed by the offer. Actually, when you think about it, that’s a good thing. My theory is, if you’re not embarrassed by your offer, then you’re probably offering too much.
Maybe the fear comes because they believe that the seller won’t accept the offer. They dread to hear that “no” answer.
Or maybe they’re just getting in their OWN WAY.
No matter where the fear (or reluctance) stems from, the point is if you want to succeed in real estate, you must make offers. The more offers you make, the more money you make. That’s how the game is played.
Conquer These 3
Do you see how your business momentum could be slowed by 1) not being structured, 2) failing to invest in yourself, your business and marketing for leads, and 3) not making offers?
Look, you can make a long list of problems, challenges and obstacles that could be keeping you from making your investing business a success...
However, if you’ll start with, and conquer, the 3 that I’ve presented here, you’ll be 90% of the way there. You can do it.
Your Thoughts
As you think about the three reasons I’ve given here, give us your thoughts in the comment box below.
Take time to assess your business — is it growing as fast as you would like?
Set up your business by having all the necessary tools in place.
Seek out a mentor and let the mentor guide you to success.
Calculate your dollar amount spent on marketing — does your investment bring the number of leads necessary to bring about success?
Make offers.