5 Things You Can Do To Turn Your Business Around
By JD Esajian on May 27, 2016
Almost every real estate investor goes through ups and downs. There are times when you have more going on than you can handle. Other times you feel like you will never find your next deal. The key to a successful investing business is maintaining during the slow periods. It is during these times when you really need to dig in and work harder than you can image. Instead of sulking because your business isn’t where you want it to be you need to take action to turn things around. Here are five things you can do to help when you are going through a down period.
- Evaluate Work Ethic. The very first thing you should do when things are slow is to evaluate your work ethic. Real estate is one of the few careers where your work ethic has a direct correlation with your income. The harder you work typically the more successful you are. However there are times when it is easy to fool yourself into thinking you are working hard. You can spend hours keeping busy on a deal and sending emails without really getting anything done. To get the success you desire you need to work longer and harder than your competition. Just because nobody is monitoring how many hours you work doesn’t mean you can just send it in. By outworking your competition you will find a deal or two that you didn’t think was possible. This often means getting up earlier, staying awake a little later or just working harder during the day. The best way to get out of any tough patch is by working your way out of it.
- Step Outside Of Your Comfort Zone. There are many different ways to find new real estate deals. Between networking events, investment club meetings and contacts in your local area you have numerous options. What works for one investor often does not work for another. There are times when you need to step outside of your comfort zone and try new things. The first few times trying anything new can be horrifying. Like anything else the more you do it the easier it becomes. When you like it or not there is a large amount of selling in the real estate business. You are either trying to sell yourself to homeowners or sell your services to the people around you. Speaking up at networking meetings may not be your thing but they can quickly accelerate your business growth. The same is the case for door knocking, visiting local real estate offices or cold calling fsbo owners. You can get out of any rut by doing one thing every week that makes you uncomfortable. Not only will you find a hidden deal or two but this will also create confidence. Soon enough you will feel like you can do anything.
- Examine Lead Generation. If you are working hard and not reaping the rewards the problem could be with you lead generation. Take a look at everything you are doing to generate leads. Are you marketing to the right audience? Are you consistent enough in your approach? Do you need to try something different? You may not have to make wholesale marketing changes but there can be minor tweaks that are effective. Instead of sending out a new letter to homeowners try sending what you are using a few more times. Try changing the content of whatever marketing you are currently using. Think about where you find deals and what the cost per acquiring each deal is. There are also several outside the box methods you can try to increase your pipeline. Between bandit signs and advertising on social media you don’t need to spend a lot of money to get your phone to ring.
- Focus On One Idea. When you are looking for deals there is a tendency to try everything that comes at you. This is one of the worst things you can do, especially when you are in a rut. Instead of stopping and starting a dozen different ideas you should narrow your focus to just one. Try one method of growing your business or generating leads. Explore this one option from every angle possible. By making this your focus you can truly see if it is effective or not. Only when you have looked at it from every angle should you move on. More often than not what you will find is that by focusing on one idea you are much more efficient and ultimately much more successful.
- Review Past Leads. There are many times when new deals are right in front of you without realizing it. Being slow at times can be a blessing in disguise. It allows you to take a step back and take a look at your business. For many investors once their offer is not accepted they quickly move on to the next one. If you are looking for deals take inventory of every offer that was rejected in the last six months. Call the listing agent and find out if it is still on the market. If you make calls on twenty listings the odds are that at least one fell through the cracks. This can be an opportunity to get a property that you wanted as a steep discount. If nothing else it will put you on the listing agent’s radar. Ask them to consider calling you the next time they get a similar deal.
With the right focus and mindset you can often turn your business around in just a few days. The real estate business has some peaks and valleys but you need to be able to ride out the bad times and quickly move on.