Those who leave behind their nine-to-five to enter the world of real estate often have one question on their minds: What does it take to succeed as a real estate entrepreneur? While success in this field requires hard work, determination, and of course, knowledge, there’s a vital piece of the puzzle that’s often overlooked: mindset.
1. Place Importance on Value, Rather Than Time
If you’ve made the transition from employee to self-employed, the biggest mindset shift happens in how you determine your productivity and achievements. Working a set amount of hours for a salary has taught you to view your output in terms of time. After all, as long as you show up when you need to and finish your designated tasks, you get paid.
Being a real estate entrepreneur, however, requires a radical shift in this mindset. The importance now lies in value — in other words, the deals you complete. But here’s the thing: A deal might take five days or five months to complete.
2. View Your Mistakes as Lessons, Not Failures
No one is immune to making mistakes. Yet, real estate entrepreneurs understand that missteps can be pivotal to their journey. This is because every mistake — no matter how minor — holds a valuable lesson and can heavily impact success.
The most prosperous real estate investors also live by the famous quote from Henry Ford: “The only real mistake is the one from which we learn nothing.” Examine your mistakes and determine what you can learn, along with what you will do differently next time you’re in the same situation.
3. Back Yourself With Decisiveness and Diligence
Accomplished real estate investors do thorough research, gather necessary information and make decisions without second-guessing themselves. It's this diligence and decisiveness that will help those starting within the industry go a long way.
4. Continue Learning and Have a Growth Mindset
Another common trait among successful entrepreneurs is their passion for learning. This applies to those within the real estate industry, too. Taking the time to continuously expand your knowledge and skillset allows you to grow in your industry. This attitude toward continued education helps you recognize how you can be a better entrepreneur.
To develop this growth mindset, take the time to stay on top of current real estate trends, take classes, and read relevant books. Here are some of our favorite real estate books to help you get started:
- The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan
- The Book of YES by Kevin Ward
- The Sell by Fredrik Eklund
- Real Estate Success in 5 Minutes a Day by Karen Briscoe
- The HyperLocal HyperFast Real Estate Agent by Daniel James Lesniak
- The Million Dollar Real Estate Team by Chris Watters with Bradley Pounds
- Shift by Gary Keller with Dave Jenks
5. Strive for Success in All That You Do
Some people think that by being a real estate entrepreneur, they’ll get rich quickly. Those who have climbed the ladder in this tricky yet rewarding industry aren’t in it for the dollar signs. Instead, they’re proud of their properties, their business, and the service they offer. They focus on maintaining high standards and approach their work with integrity at all times.
As you strive for success in every aspect of your real estate business, you'll make bigger and better accomplishments as time goes on. Soon, you will look back on how far you’ve come in your real estate journey and realize that this hard work, perseverance, and enthusiasm have paid off.
The 11 Irrefutable Laws of Success in Real Estate
In addition to these five tips, understanding John Maxwell's 11 irrefutable laws of success will help you get ahead as a real estate entrepreneur. Stay inspired by following us on our social media channels.
1. The Law of the Lid- Your level of business success will not surpass your knowledge of the real estate industry
2. The Law of Process- Your level of consistency in business dictates your outcome
3. The Law of Adding Value- The more value you add to the market, the more valuable your business will become
4. The Law of Magnetism- "Your vibe attracts your tribe." Become the type of person you want to attract to your business
5. The Law of the Inner Circle- Your growth can be determined by those closest to you. Surround yourself with like-minded, inspired, and motivated individuals
6. The Law of Momentum- Building momentum is the most powerful, unseen force in business growth. When momentum builds, it can turn one transaction into a dozen
7. The Law of Reproduction- Reuse methods that have led to successful business transactions in the past. Be consistent in your approach
8. The Law of Priority- What you prioritize and focus on will expand and grow
9. The Law of Sacrifice- Sacrifices need to be made to reach new levels
10. The Law of Timing- Business constantly changes. Be flexible and use your intuition when taking actions in business transactions
11. The Law of Explosive Growth- Exponential growth will come through consistent execution
How Will You Take Control of Your Success as a Real Estate Entrepreneur?
Maintaining the right attitudes as a real estate entrepreneur can be challenging, but having the right tools at your disposal can boost your confidence and make running your business easier.
This is where PropStream can help. We empower real estate investors with the data, investor tools and marketing solutions they need to make informed decisions and stay ahead of the game. Start your free trial today.