- Slow Down! It's not a race. Take the time to do things right. Work at your own pace and work your own plan.
- Buy at market, sell at market. It's not necessary to grind on the price of every deal. Yes, you make your money when you buy, but don't need to screw over sellers to do so. Squeezing deals leads to missed deals.
- Treat people with respect. You don't win in business by being a pitbull or a jerk. You will need solid relationships with the professionals on your team and if you have to constantly rebuild those relationships because you're burning your bridges then you're wasting your time. Your reputation is key!
- Run it like a business. Whether you own one property or one hundred, you must operate like a business. Pay attention to cash flow, clients, inventory, expenses, revenue. Manage your risk. Prepare in advance for eventualities like vacancies and repairs.
- Always have an agenda. Have a plan and follow it - For your real estate. For your life. For your fun. For your business. For every meeting. Learn to manage expectations - tell your team what you expect from them.
- Celebrate the journey. Give yourself rewards for the steps along the way. Don't put it off until the biggest end goal is met - it might not come. Reward yourself for success in the small things.
- Be willing to walk away. There will always be more opportunities and more deals. Say NO to deals that don't fit your plan. They will turn out to be Time Vampires. Make your decisions based on fundamentals not emotion.
- Leave something on the table for someone else. Especially when selling. Don't constantly haggle your partners and your team. Let them make some money too. Help someone else achieve their goals and they will be there to help you achieve yours.
- Choose carefully with whom you associate. Surround yourself with people who are outperforming you. You will be challenged and learn from them. Partner with people who have complimentary skills. Know what jobs you're not good at and work with people who do have those skills. Protect your confidence - Ditch the people in your life that kill your dreams. Some people will live in constant judgement of you. You don't need them.
- Stick with YOUR system. Always follow your proven system. Ignoring what works will create chaos. Make your real estate business boring. It should not be exciting. If it is, you are doing it wrong!
Tuesday, December 1, 2009 at 17:09 | Posted by Jim Whitelaw
Note: The following is a summary of my notes from a presentation given on Nov 30 2009 by Don R. Campbell to the Edmonton REIN (Real Estate Investment Network) meeting. These ten items represent habits that are all practiced by a group of very successful investors interviewed by Don over the last year. The audience was mostly Real Estate entrepreneurs of course, but I think these are great ideas that could apply to entrepreneurs in any industry or business.