5 Bad Habits Every New Real Estate Investor Must (FINALLY) Fix in 2020
Your strategies are influenced by your habits. So, you won’t really have a great real estate investment strategy unless your habits are mapped to your goals. Even if you manage to come up with something substantial – maybe you hired top property investment companies to help you come up with a proper plan – you would still fall short in execution.
Remember, what makes some a highly successful and smart real estate investor is not their bright ideas but their small every-day habits.
In that context, here are five bad habits every new real estate investor must finally fix in 2020:
1. Copying Successful Investors
What worked for them might not work for you. After all, they have their own unique needs and requirements. Moreover, their risk appetite varies from yours widely.
So, copying other successful real estate investors is a bad idea. Understand that there’s a big difference between copying and taking inspiration.
Recommended Read: Why Copying Strategies of Other Real Estate Investors is a Bad Idea
2. Being a passive real estate investor
There are investors who act when their residential or commercial real estate investment companies ask them to.
And then there are those who go out themselves to find and tap on the opportunities.
Needless to say, the latter ones end up building a better portfolio. And that’s what you want!
Instead of acting passively –waiting and taking cues – be proactive. Do your own analysis and calculation. Find your own opportunities. This will always keep you ahead of others, helping you climb the ladder much faster.
3. Not consuming enough market news
You won’t grow unless you’re spending time and energy in teaching yourself something about the market every day.
This makes consuming relevant and relevant news daily almost essential.
So, read more news, follow key people in the industry, and keep yourself informed about everything happening in the world that might affect the price of the properties in your country and outside.
The more informed and learned you are, the easier and intuitive will you find making accurate decisions.
4. Not networking with other investors
One of the best ways to learn is to talk to others. And yet networking remains an underrated thing among real estate investors. Don’t be one of them!
Attend events and seminars. Get active on social media. Interact with other investors. In between such exchanges, you will find many market insights. Listening to their hot-takes and opinions will help you shape your own ideas.
Recommended Read: Why Networking Is So Important in Real Estate?
5. Following the traditional model
The rules of real estate investment have changed a lot. Decades back, on macro levels, the market wasn’t this volatile; investors didn’t have to deal a lot with FUD.
So, following the traditional model is a bad idea. Don’t follow the old rules. Don’t jump to the residential properties when you believe commercial projects are a better option. Don’t shy away from investing in overseas properties.
Hire a good residential/commercial real estate investing USA based company and work along with them per how the market is “right now” and not how it used to be.
These are five bad habits that new real estate investors must give up in 2019.
The New Year brings with it a clean slate and plenty of opportunities. So, it doesn’t matter how your 2019 panned out to be. Use 2020 to build the kind of portfolio you dream to have. It won’t happen in weeks and months. But at least make sure you’re striding in the right direction and at a consistent pace.