As a business owner, your success depends on your habits and the actions you take every day. Even if you’re doing well most of the time, the mistakes you’re making otherwise can hurt more than you think. Sure, bad habits may be hard to break, but if you are committed to building a successful real estate wholesaling business, it pays to make every effort.
Small hinges can open big doors – by which I mean, it’s often the smallest things that can have the biggest impact. Here are the top seven habits to focus on adjusting:
Working Late Into the Night
How often does 24 hours in a day just not feel like enough time to get it all done? You work eight or nine hours in your office, go home and put the kids to bed and then work another six hours. You do realize busy does not equal productive, right?
Many recent studies show that sleeping less than five hours a day significantly increases your risk of heart attack or stroke. Scientific evidence also shows that people who work too much are at risk for developing depression. It’s never a good idea to compromise your health for the sake of your business. Be more productive and effective during the hours you are working, then take time to relax and recharge.
One the best ways to be productive is to read The One Thing by Gary Keller and ask this question daily: “What’s the one thing you can do such that by doing it everything else will be easier or unnecessary?” I wasted countless hours not asking this question, and instead spending time on things that weren’t going to help me achieve my goals.
Listening to negative people
No matter what business you’re in, you’ll always hear naysayers telling you what you can’t or shouldn’t do. Yes, it’s important to listen to the advice of your mentors and people you respect, but you absolutely must block out the comments from jealous and negative people. Listening to them puts you at risk of believing their fears.
Look at the most successful people in the real estate industry, or any industry. They have carved out their own niche out and done things on their own terms. Surround yourself with people who believe in and support your success. Take advice only from those people who have achieved what you want to achieve.
The pace at which you’re running can be frantic, especially if you don’t have support staff. So you may find yourself knee-deep in everyday details and tasks, which limits your opportunities for long-term planning and growth. If you don’t set aside time to sit, think and strategize for your business’ future, you might not have one. I recommend scheduling time every week, even if it’s only an hour, to review your goals and progress. Then once a quarter you need to go away from the office for an uninterrupted, in-depth planning session. Additionally, you should time block your “one thing” on a daily basis. Focus on the things that matter the most.
Spending before earning
One of the biggest differences between being a real estate wholesaler or investor and working as an employee is how you get paid. As a wholesaler, you get a sum of money when you close a deal. Especially in the beginning, you may only close a handful of deals a year. That’s okay, but you have to be very disciplined in how you’re spending that money because it can make a big difference on the success of your business. Constantly chasing the next deal just to break even, will eventually wear on you. You’re much better off running your business and living your life within your means. Don’t spend before closing.
Ignoring Mobile Marketing
Mobile marketing is not only for millennials! According to this article on SmartInsights.com, “mobile digital media time in the US is now significantly higher at 51% compared to desktop (42%).” Clearly, if you’re not reaching your audience through mobile search or display, or providing a satisfactory mobile experience, you are missing out to your competitors.
Advertising to and allowing sellers to reach you from their mobile devices is an absolute must these days. Break this bad habit by making sure your website is smartphone accessible. If it’s not, put making the necessary changes to implement mobile marketing as a priority on your to-do list.
Keeping a regular schedule
If you’ve left your job as an employee, you’re probably facing an adjustment to having the freedom to do whatever you like whenever you life. In a traditional office job, you knew when you had to be in the office and what you were responsible for doing there. As a wholesaler, you are free to make your own schedule and work whenever you see fit. Not everyone handles this freedom well.
Just like with managing your money, you need to be disciplined. Since no one is pushing you out the door to a go to a meetup, you can always defer until next week or next month. However, it’s rarely in your best interest to skip meetings because in the end, you’re the one who suffers.
Wasting time on social media
Tying in to bad habit #6, when you’re not clear on what exactly has to be done and by when, you can easily get sucked into wasting hours on social media. Yes, social media has its place in business, but make sure you’re separating your social media for business time from your personal social media time. If you’re using an app such as buffer or hootsuite to manage your business social media accounts, it shouldn’t take you more than a few minutes a day to post something new or respond to a comment.
If you’ve been working long hours, putting in late nights, and giving your heart and soul to your real estate wholesaling business, and still not seeing the growth and results you were expecting, look at your habits. See if you’re guilty of any of these seven bad habits that are derailing your efforts and make the necessary changes today so you see better results tomorrow.