5 daily habits of a successful commercial real estate investor

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May 26, 2017

Successful Commercial Real Estate Investor

Apple CEO Tim Cook sends emails by 4:30 a.m. every day. Charles Dickens took a three-hour walk each afternoon, and Ernest Hemingway tracked his daily word output on a chart. Howard Schultz, executive chairman of Starbucks, works out and is in the office every day at 6 a.m.

What do these successful people have in common? Daily habits. A recent study showed habits make up 45 percent of everyday behaviors, so with the right habits you’ll use your time more efficiently and have more success as a commercial real estate investor. Below are five daily habits of successful commercial real estate investors:

Review your goals.

Every day, Benjamin Franklin asked himself “What good have I done today?” Steve Jobs likewise asked himself daily, “If today were the last day of your life, would you want to be doing what you’re doing?” Though the questions are different, they get to the same point: review your goals daily.

Studies show that people who write down and review their goals daily stay on the right track. Your goals have to be specific—instead of a general goal like “invest in and sell property” or “flip houses” write exactly what you want and when you’ll achieve it. Your goals need to be quantifiable: “flip 20 houses by end of year” or “wholesale 12 properties per month.”

Meet someone new every day.

Whether you do it online or in person, connecting with people every day is a key to your success. Networking can happen anywhere. You may be in line for coffee when you hear about an exciting investment. Or talking to the people down the street while you’re walking your dog. Online, sites like RealConnex connect investors with people who may give them their next great opportunity. Never turn your ears or your eyes off—you never know when you’ll find the person who’ll help you advance your career.

Learn something new every day.

Set aside time every day to learn something new. Investor says he spends at least an hour every day reading real estate articles and leadership books. He also spends time listening to webinars related to real estate investing and reading about finance and economics. So why is this an important habit? Because in the information age, data is always being updated and market conditions keep changing. You need to understand the economy, market, and where opportunities may arise.

Work on what matters, not on what keeps you busy.

If you’re setting and evaluating your goals and learning daily, but nothing else, you’ll never succeed. Successful investors make taking action a habit. Tim Ferriss, in his book The Four Hour Workweek, writes that 80 percent of results come from 20 percent of the work. The remaining 80 percent of work may make you feel productive, but doesn’t produce results. In other words, it’s busy work. Successful people ensure they’re spending enough time on projects that will get them to their goals. So every day, they take action toward one of their goals.

Take a time out.

Though always looking for an investment opportunity, successful people take time to do something besides work. Some successful people, like Dickens and Schultz, get exercise. Others spend time with their families, watch their favorite TV show, do volunteer work, or spend time relaxing. No matter what it is, recharging yourself every day will help you succeed. After some time away, you can better focus on your business and goals.

Successful people have daily habits. These routines aren’t something that distract them from their work; rather, daily habits breed focus and efficiency. By reviewing goals, networking, learning, taking action, and resting every day, successful people keep their commercial real estate investment business on track and headed toward their goals.

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