Being Successful In Real Estate

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Why is it that some people succeed as a real estate entrepreneur, while others can't seem to get to square one? This question has intrigued me recently, so I've spent considerable time reflecting on it.

I have examined my own real estate success and that of several of my students and colleagues in an attempt to pinpoint common elements. It's been a very interesting exercise with some very amazing results. Due to space limitations, I can't fully describe my findings here, but I can touch on a couple of key concepts.

In a nutshell, the successful entrepreneur will have, among others, these three characteristics:

1) Knowledge and skills, developed and focused in a couple of narrow areas of real estate expertise. Specialization. "My lifetime goal is to learn everything there is to know about rehab investing and foreclosures," as an example. If you dabble in this area and then dabble in that area, you are doomed to mediocrity. You must focus your attention and commit to "becoming the best you can be" at it.

2) Ability to make decisions with incomplete information. This is particularly important when deciding whether or not to make an offer on a piece of property. The marketplace rewards those who can decide quickly, even though all the facts are not known. You don't want to do something stupid, so you protect yourself with contingency clauses if necessary. But if all the other aspects of the deal look good, make that offer before someone else steals it from under your nose!

3) Ability to take action and solve problems. Real estate entrepreneurship is all about getting out in the marketplace, finding money sources, scouting neighborhoods, knocking on doors, making offers, following up on this lead, overcoming this obstacle, overcoming that obstacle, finding a solution to this problem, trying new ideas, etc, etc. Having the passion to take action and solve problems. Getting off the couch and into the streets.

To summarize: success in real estate, as in life, involves just two things: knowledge/skills and passion/desire. For it is the passion/desire that provides the energy to transform the knowledge into a desired result.

This is not "psycho-babble," it's real life!

How many "brilliant" people, those with off-the-chart IQ's or SAT scores do you know that just fizzled in life? We all know a few and it's a shame. But somehow they failed to develop a focus and a passion that would have carried them to great success.

And how about those "ordinary" people who went on the achieve "extraordinary" success? We all know a few of those too. And don't attribute their success to luck, being in the right place at the right time, having good looks, or other nonsense. They are successful for only one reason...they put themselves in the path of opportunity and they took action. And you can do the same.

There are many other important "secrets to success" that I have pinpointed and will be discussing extensively at my upcoming seminars. The combination of technical skills and mental outlook...a combination that guarantees success! I hope you can join us on this great adventure!

By Kevin C. Myers.

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