At Carrot, we’ve helped thousands of real estate investors generate millions of leads online.
But we haven’t just helped our members with their online marketing strategies, we’ve joined them in their success. For years, we’ve put ourselves in the environment of high-performing real estate professionals — interviewing them (check out our podcast), going to their conferences, becoming real estate investors ourselves, and even hosting masterminds of our own (check out CarrotCamp).
And throughout our time talking with high-performing real estate investors, we’ve noticed some trends — trends in the way they run their businesses, the way they think, and even the way they start their mornings.
By knowing what those similarities are, anyone can work backward to build habits that lead them to a successful real estate investing business.
From what we’ve seen, here are the 7 habits of highly successful investors.
1. Consistent Lead Follow-Up
Successful real estate investors don’t easily give up on leads. In fact, they have a consistent follow-up strategy to make the most of leads they’ve generated and re-engage leads that have gone cold.
As you can see in the stats above, the majority of sales (or in our case, deals) happen somewhere between five and 12 follow-ups. Mediocre investors never follow up or stop after just one or two points of contact.
If you want to be among the best real estate investors, you need to use lead management software to create a consistent and persistent lead follow-up strategy. Then learn and iterate as you find what works and what doesn’t.
Any successful startup requires the ability of the founder to shift according to market demand. Regardless of how much research you do before launching your business, there’s simply no way to know for sure whether your business model will work until… well until you try it.
Which is exactly why the most successful real estate businesses we’ve seen stay flexible and willing to adapt to whatever the market throws their way. Top investors waste as few leads as possible, changing their business according to market demand.
Perhaps Eric Ries explained it best in The Lean Startup when he wrote, “We must learn what customers really want, not what they say they want or what we think they should want.”
How do you learn what your market wants?
By trial and error. By talking to your market, listening to your leads, and filling the gap between what they want and what service you offer.
3. Dedication To Long-term Marketing Strategies
There is, of course, something to be said for short-term marketing strategies. When you’re trying to get your business off the ground and gain momentum, you need to generate leads and close deals quickly. If it takes too long, you’ll lose momentum, get discouraged, and possibly even thrown in the towel (we’ve all done it).
But high-performing investors who do 100+ deals every year never focus on short-term lead gen strategies at the sacrifice of longterm momentum-building strategies.
Sure, they invest in short-term strategies (PPC, direct mail, and even cold calling), but they also invest loads of time and money into long-term strategies (SEO and partnerships, for instance) that create down-the-road consistent lead-flow and help build predictable business income.
Business is a naturally competitive environment. You want to outperform other investors in your market, doing more deals, building more relationships, and growing a bigger business.
And that’s okay — we want you to win, too!
But sometimes the best way to win (especially in 2019’s wildly competitive real estate markets) is to team up with other high-performing real estate pros. Most top investors we’ve talked with aren’t afraid to play nice with other agents and investors in their area. In fact, doing so often lends them faster business growth and more sustainable success.
Some investors just partner with agents since they’re not in direct competition and can offer mutually beneficial referrals. Some investors, particularly in competitive markets, team up with other investors to build a stronger business that’s more difficult to compete with. After all, if you can beat em’, join em’.
5. Commitment to Success
Many of the habits in this article are practical — do this, do that. But this habit is more about the way you think about your business. As it is, many entrepreneurs and real estate investors approach the growth of their business as an experiment, something that may or may not work.
And that’s fine… so long as you’re determined to make it work and shift if it doesn’t (see point #2).
While it’s easy to look at successful startup founders and think that they won the entrepreneurial lottery overnight, that is rarely the case. Behind those successful businesses is almost always a long stream of failures, lessons learned, pure, raw grit.
If you’re not determined to stick with it when the going gets hard, you aren’t going to make it far… because the going always gets hard.
I’ve always been of the opinion that there’s a big difference between the entrepreneur and the solopreneur.
What’s the difference?
Well, in my mind, an entrepreneur has employees (or at least freelancers) working under them while a solopreneur is mostly interested in growing a business that depends solely upon themselves.
And there’s nothing wrong with being a solopreneur and doing everything yourself if that’s what you want to do. But if you’re like most real estate investors, you started your business because you wanted financial freedom and time freedom for you and your family. Solopreneurship is not the way to achieve those dreams.
High-performing real estate investors delegate tasks that they don’t need to be spending their own time on, they hire the right people, and they even fire people who aren’t a good fit. It’s simply the nature of growing a successful real estate business that doesn’t demand 12-hour days from you alone.
7. Early Morning Wins
For every person, the way a day starts often determines how a day finishes. If it starts with a few small wins, then you will likely have more wins throughout the day.
If your day starts with snoozing your alarm clock and rushing out the door, then it’s likely that the rest of your day will feel like a dud as well (unless you take direct control later on).
This a truth that military commanders take very seriously and it’s a truth that the most successful entrepreneurs take seriously as well.
The fact is, starting your day the right way — with a few small wins like making your bed, meditating, exercising, and/or eating a healthy breakfast — will impact your entire day positively.
It’ll make you more productive, happier, and more motivated.
And the long-term success of your business depends on your day-in and day-out determination and execution. Start your mornings right and your business will win down the road.
Maybe you already own a real estate business. Or maybe you’re thinking about biting the bullet and starting one.
Whatever the case, you can use the above 7 habits to reverse-engineer building a successful investing business. The truth is, your mindset, your business model, and the way you run your business will all impact how quickly your business grows.
These habits aren’t growth hacks, exactly, but they are the habits of top-performing investors all around the nation who’ve built thriving real estate businesses.
They don’t guarantee your own success, but they sure as heck giving you a better chance.