The new year is right around the corner, which means it’s time to start thinking about your New Year’s resolutions! By now, you may already be planning out goals you’d like to accomplish in your personal life. Maybe you’d like to lose weight, save more money, or wake up earlier. But, if you’re anything like most people, you’ll probably fall right back into your old habits in a week or two. Darn New Year’s resolutions! On the other hand, it might actually be a better idea to set resolutions for yourself as a real estate investor. I find that I’m more likely to actually follow through with my resolutions if they impact my professional life.
2018 is a great year to set yourself up for success in real estate investing! Here are a few ideas for resolutions you can set this year.
1. Try new strategies for finding properties
Everyone loves the MLS, but you may be missing out on opportunities if you are only using this one resource for finding properties. Make a goal this year to expand your horizons and search for new ways to find investment properties. You may be surprised out how many are out there!
For example, you could take a drive around your neighborhood in search of “for sale” signs. You’ll almost always find a few hidden properties this way. I’d also recommend building your network and finding new contacts including realtors, other investor, contractors and accountants. And, it’s usually worth searching for foreclosed properties in your area. Real estate agent and brokers tend to be “in the know” of properties that have been foreclosed on recently.
2. Manage your time better
This seems to be something that everyone needs to work on. If you find yourself at your computer answering emails and phone calls all day, you may want to reconsider how you are spending your time. One of the best ways to take an extra load off your shoulders, and free up some time, is to hire a virtual assistant (VA). A VA would be able to assist you with some of the more time-consuming tasks, so that you can spend more time improving and managing the direction of your business.
3. Improve your marketing strategies
Marketing as a real estate investor may not seem very important at first, but it’s crucial for finding new leads, motivated sellers, and networking. If you haven’t already, this year would be a great time to create social media accounts for your business. Or, if you’ve already created these accounts, focus on increasing your followers. Direct mail and websites are also great marketing tools to help real estate investors grow their business.
4. Increase your profit margin
Did you make $100,000 in profit last year? Make it a goal to increase that amount by even more this year! Whether you’d like to increase your profit by 10% or 50%, discover new strategies to meet your goal. Finding ways to save money on your renovations is a great start!
5. Learn something new
Last, but not least. Set a goal for yourself to learn something new. One of the best ways to be more successful as a real estate investor is to educate yourself about real estate investing. Learn the strategies, keep up to date on the trends, and research your real estate market. If you’re looking to increase your education even further, Christina and I have developed successful strategies based off of our own experiences that we share with our students through Real Estate Elevated. I’d recommend attending one of our events this year if you really want to get your business of the ground!
What resolutions have you made or will you make for 2018? Let us know in the comments below!