Three intangibles for success “Flipping Homes”
At many of my real estate seminars, I am often asked the question “what does it take to become a successful real estate investor?” More specifically, what are the intangibles that separate successful real estate investors from their less successful counterparts? If I had to break it down into three components, they would be knowledge, systems, and action.
Flipping Homes Intangible #1: Knowledge
Knowledge is power. This statement is essential in its application to real estate investment. In the real estate game, the most knowledgeable players are always the most successful. Informed investors thrive on information and are constantly seeking and finding resources to improve their knowledge base. The information they seek is specialized knowledge, the finer details you might say, within the niche in which they operate. If you don’t continue to gain knowledge at a rapid pace, you will fall behind the curve. To stay ahead of the curve in any field, you must continually search for new information. With the real estate market constantly changing, those who are educated will always be in a better position to succeed.
Flipping Homes Intangible #2: Business Systems
Systems drive business. When you create a strong system and implement that system in your business, you are setting up the infrastructure for success. Truly efficient companies have detailed systems. This allows them to insert new people at any time in any position and not miss a beat. By doing this, you can step back from certain responsibilities and replace employees when the need arises. This allows you to run your business instead of your business controlling you. If you are not able to create an effective system, you will always be a prisoner within your own business.
Business Systems allows you to duplicate your business in other markets. All successful franchise operations have detailed business systems that allow them to efficiently and effectively replicate their businesses in new locations. Whether your plan is to open one store or a hundred stores, a solid business system will make this process possible.
Flipping Homes Intangible #3: Action
Without action, knowledge and business systems will achieve nothing. You can go out and acquire all the knowledge you want and create an excellent business system along with that knowledge, but if you don’t take action and implement your ideas, they are wasted. This is the step that many people will never achieve. Action separates those who do from those who only dream of doing. Many people are afraid to take action, and as a result, they never succeed. While taking action is a risk, through education and system development you can minimize that risk. Successful business owners take action every day, and as a result, they expose themselves to risk and failure. This is inherent in any business, including real estate. With great risk comes great rewards.