Having worked with thousands of apartment and commercial real estate investors from across the country, I have found that the most successful investors share some of the same habits. They “do” the same things, almost without exception.
It is truly uncanny.
The top investors I have worked with come from very different backgrounds. They have different “regular” businesses or employment. They live in different markets. They even invest in different types of real estate.
But what they all share in common is creating massive wealth for themselves and their families through real estate.
What I am about to share with you may not seem that exceptional on the surface, but take some time to think about each of these habits and whether these are truly the habits that you are following.
The Top 3 Habits of Successful Commercial Real Estate Investors
Habit # 1: They read voraciously.
It has been said that you can gauge a person's wealth by looking at the size of their personal library. I have found this to be very true among the top investors I work with.
Not only do they own a large volume of books, but they read voraciously. They spend very little time watching TV, checking Facebook, or simply “surfing the net”. When they do perform these activities, it is very focused and for a short period of time.
The most successful investors I work with read several books each and every month. They read more than one book at a time, and they read about a wide variety of subjects. It is interesting the breadth of business and personal knowledge that can be found in a $ 20 book, and most Americans simply will not spend the money. You can find the nuggets of 20+ year investors simply by reading their books, so why would not you do this? The top investors do, and so should you.
Habit # 2: They relentlessly focus on their goals.
One of the things I have learned to do is carry a planner with me at all times. It is a simple thing to do, but something many people do not do.
The top investors I know focus * relentlessly * on achieving not only their investment goals, but goals in other areas of their life.
Carrying and keeping a planner on a daily basis can help with this, while maintaining focus on your “Top 3” goals. It's great to have 100 things going on, but very difficult to make all of those a reality at the same time. Keep them on your list, but focus in on what I would call your “Top 3” and you will be much better off. But do this relentlessly!
Habit # 3: They take action … on a consistent basis.
Do you want to know the key difference between the top 5% and, say, the top 20% of investors I work with?
Simply put, they take massive action.
But the difference is that they take action on a consistent basis. That is the key.
Most investors that have some degree of success take action, but they work in what I would call “spurts”.
Week 1: They are excited, make calls to brokers and property managers, looking for potential purchases. They look over the financials on several properties.
Week 2: Follows much of the same activity level.
Week 3: Unfortunately things start to “sputter out”. Their cousin is getting married so they have to get things ready for the wedding, then the wedding is out of town … so nothing much gets done. When they return they are busy “catching up” on work so not much activity takes place, and so on.
Honestly, it is easy to see how many people can lose momentum. We are all human and have 1,000 other things going on in our lives. In fact, I would argue that many of the top investors I work with have MORE going on than most others. We all battle with what I would call “distractions” to one degree or another, so keeping these to a minimum is paramount.
Start with your plan, and stay focused on your goals. Take consistent action and keep going. These are really the keys, and reading a number of books every month helps to maintain that focus.
I have not shared anything earth-shattering with you today, but these seemingly small differences can produce large results in your wealth. It's all about the habits and maintaining consistency towards your investment goals.