Characteristics of a successful real estate investor

You can be successful as a real estate investor if you follow certain principles that have made others wealthy. You can be successful as a real estate investor if you follow certain principles that have made others wealthy.

1)      Have a workable plan.

Having a plan is easy, but having a blueprint of the plan needs pen, paper and needs to be “thinked-over”.  Make a plan that will work for you in a daily basis. The tendency is that your real life always seems to get in the way of your long-term goals. Successful investors battle this tendency to get caught “in the thick of things” by creating not just of goals, but a daily plan of getting there.

2)      Network with people.

Choose a mentor who is knowledgeable, motivating, accessible, and is known for high ethical and business standards. Don't abuse your mentor by constantly asking for information that you could get from a simple trip to the library. And don't forget to thank your mentor by taking him to lunch, giving him gift certificates to his favorite restaurant, and, of course, letting him in on good leads when you find them. Where do you find mentors? Try your local non-profit real estate investment or land lording association. It's full of people who are there to share.

3)      Update the list from time to time.

As you become more exposed, your skills and knowledge become honed. You will be able to evaluate those properties which are saleable at the latest situation in whatever factors like the location or what the neighborhood had become and etc. Successful investors review their portfolios at least once a year, and aggressively get rid of their loser properties before they can damage the profits from their winners.

4)      Protect your asset.

Arranging your affairs to protect your assets from creditors, plaintiffs, and the taxman is tedious, complicated, and time consuming. Yet every successful real estate investor takes the time to do it, thus assuring that their hard-earned money stay theirs.

5)      The Code of Ethics in Real Estate

We tend to think of our investment activities in terms of bricks and cash. In fact, the real estate business is about people. Without sellers, renters, contractors, agents, and so on, you would have no real estate business. And since your business activities affect other people, it's important to decide how you are going to treat the people you come into contact with each day.
Since there is no formal code of ethics for real estate investors, it's up to each of us to decide how we'll behave toward customers, tenants, sellers, workers etc. Instead of using as a measure, "what can I get away with?", or "what allows me to sleep at night?", perhaps the proper question is, "what’s fair?". Take the time to think about your activities and how they affect people that you come into contact with.

6)      Service

In sales, every product is the same. It may vary features but its aim is basically the same. The only thing that differs is service. Servicing your client, doing an extra mile, extending an ear to listen to, empathizing and becoming a friend can more valuable than the product you sold. It’s already proven that when a client is satisfied with your service, your client will do the sales for you through their friends. All you just need to do is to facilitate in signing of the contract.

7)      Family involvement

There is nothing sweeter that the arms extended and the support given by your own family. Get your family involves and understands what you are doing.  There are times when their suggestions are helpful, and they will be willing to assist you in anything and are free of charge. Celebrate with them and treat them with a nice dinner when you have a successful transaction. 

8)      Invest on Education

Have time to upgrade and update yourself with new trends and technologies. Becoming open to changes will help you cope with new technologies and schemes that will be helpful in your business.

9)      The ability to share

Just as successful investors have mentors, successful investors become mentors. By passing on their knowledge to novices, they keep our industry alive, give others at chance a financial independence, and get a wonderful sense of their own accomplishments. Now that's what I call success.