By Sharon Teitelbaum

Incredible as it may seem, 2006 is just about over. Hopefully, you've had a year filled with new friends, new deals, new insights, and of course, new profits! If 2006 hasn't been one of your best, however, don't despair. I've got five specific recommendations - recommendations which go beyond simply setting goals, and which I've helped others successfully apply in my ten years coaching real estate professionals - to help you start or grow your real estate investing business.

Whether you're new to the real estate industry or an old hand, there are actions and strategies which you can begin now, to make sure 2007 is your best year yet.

1. Eliminate the energy drains.

   We've all got a finite supply of time and energy; I'm sure you're not surprised to hear that. What you may not realize however, is how much of that limited time and energy is stolen by small irritations we fail to take care of. The car that needs an oil change; the appointment with the dentist that keeps getting put off; the file cabinet that needs organizing.

   This Article is an excerpt from the 16 Page Print Edition!
   
   Are YOU getting the print edition of ForeclosuresMass Monthly?
   
   Get a FREE copy* of this month's newsletter (worth $49.97!) when you pickup your Real Estate Investors ONLY Free Gift (worth over $267.97!)

   First Name:
   
   Email Address:
   
   

   * Next 37 17 investors only!

   None of these incompletions by themselves are significant, but add them together and you've got a ton of distractions sitting on your shoulder, nagging at you and tying up your focus. Like a computer with too many programs open, these small annoyances slow down progress in other important areas of your professional and personal life.

   Eliminate energy drains by making a commitment to check one of these items off your list each day. In a very short time, you'll feel a surge of mental and physical energy that you can now put to good use.

2. Clear enough space - both physical and mental.

   Many real estate professionals work from home. The convenience and flexibility is one of the industry's benefits, and it's hard to beat the 30-second commute from the bedroom to the basement.

   The danger in combining personal space with work space however, is that it's easy to get overwhelmed with clutter and disorganization. You can't run a business on scraps of paper, and although you may need to "put your office away" periodically when guests come over for dinner, for example, you need dedicated space and equipment to get your work done. It doesn't have to be a "real" office and it need not be fancy (I worked on the dining room table for years), but it needs organization, along with materials and supplies that are worthy of the enterprise and that will keep your emotional energy flowing.

   Even more to the point is mental space. First time entrepreneurs in particular, tend to underestimate the time and effort involved in setting up shop. But working at it "here and there" won't get the job done, and in preparation for making a go of your business, you'll need to jump in with both feet. As a result, that will probably mean letting go of some other commitments - things you'd just as soon not do - so that you have the time and clearance needed to focus. Let your friends and family know that your ability to head up the church committee, host the next big event or plant the new garden may have to temporarily be put on hold.

3. Keep yourself nourished and hydrated for the long haul.

   While you'll probably need to forego some of your less enjoyable commitments as described in recommendation #2 above, take care not to throw the baby out with the bath water. Building a business is a marathon, rather than a sprint, and as any endurance athlete knows, you can't work all the time - rest is essential.

   Unfortunately, and particularly when things are not going as you'd like, there's a tendency to work more, and to ignore those things which keep our hearts fueled and our batteries charged. For you that may mean running in the morning; for someone else it may be going dancing once a week. Whatever it is that clears your head and gives you joy, resist the temptation to put yourself on an austerity program (i.e. "I can't enjoy myself until I'm successful") by cutting out your favorite activities. These things are not simply rewards for your hard work - they are part of the nourishment which helps you to succeed in the future, and it's essential for your success that you keep doing those things you love.

4. Get help when you need it.

   Working on your own doesn't have to mean working on an island. Many people have come before you, and often - at little or no charge - you can learn from them. Take courses, network with more experienced investors, read books, etc.

   Hire professionals when you need them. Engaging the services of a competent attorney or accountant, for example, will keep you from having to become an expert in everything, and will free you to focus on what you want to become an expert in, that is, investing in real estate.

   Consider delegating small, lower-level tasks (that don't really require YOU to do them) to others. For example, out of the 18 hours that you'll be awake on a Saturday, is it really worth spending five of those raking leaves, if you could use the same time to be with your family or work on your business? Household chores are often wonderfully delegateable, and by bartering, trading, calling in favors, etc. (it need not be paying cash), you can shed some of the lower-level maintenance chores that chew up your precious time.

5. Translate your goals into behaviors.

   I'm sure you've heard it before: "If you don't set specific, measurable goals, you'll never achieve all that you want." I don't disagree, but it's just not enough. Deciding that you're going to buy three properties in 2007, for example, doesn't say anything about how you get there.

   Once you've set your goal, you'll need to "chunk it down" into actionable behaviors. Sit down and figure out what you need to do every month, every week and every day, to reach your objectives. Determine the steps within your goals - "I'm going to visit ten properties this month;" "I'm going to research rents in a particular town this week;" "I'm going to finish five chapters in the real estate book I'm reading today;" etc.

   You may not know all the steps needed to reach your goals, and that's fine. The key however, is to start laying out the steps - the chunks - that will get you there. And then do them.

Real Estate is a wonderful industry, offering great potential for both personal satisfaction and financial freedom. With this independence however, comes a need for creating and managing your own physical, mental and emotional environment. Regardless of which way the market may go in the coming months, by taking control of your own life, and getting clear for the next year, you'll have the potential to make 2007 your most profitable year ever. I wish you all the best.

Work-Life Coach Sharon Teitelbaum was a presenter at the MA Association of Realtors 2005 Leadership Academy and was featured in Realtor Magazine, published by the National Association of Realtors, in "What Life Coaches Can Teach You," by Bridget McCrea. Her 2005 book, Getting Unstuck Without Coming Unglued: Restoring Work-Life Balance can be purchased at her website. Contact Sharon at Sharon@stcoach.com, or at http://www.stcoach.com.

Don't miss Sharon Teitelbaum, live and in-person, as she shares her insights and point of view at our December Turning the Key: Monthly Investment Meeting. Click here for details.

« Hello and Welcome!

December 2006

Door Knocking for Profit »

Did you like this article? You May Also Like:

	Success Strategies: Generating Profit in a Down Market Michael Ouellette With property values decreasing across the board and sellers refusing to lower prices, it's more important than ever to know how to determine the true value of a property in order to realize profit. Long-time real estate investor Michael Ouellette explains why you must know the After Repair Value of a property - versus its market value - and why exit strategies such as owner financing can net you greater profits and appreciation long term.
	Success Strategies: What Banks See When They Look at Your Credit File Tammi Koza and Carl Phinney, Family First Mortgage Corp. Most people know the credit score is the first thing the bank looks at when reviewing a credit file, but did you know lenders also look at a host of other data? In this article, Tammi Koza and Carl Phinny explain why you need to view your credit file the way a bank does if you're serious about investing in real estate.
	Feature: How Real Estate Investors Make Big Money with Syndication Eileen Schwartz, Real Estate Investor Want to get in on a little "secret" real estate professionals have long known to offer a very considerable return on investment? Eileen Schwartz shares her knowledge of real estate syndication, a potentially lucrative strategy that involves forging a partnership with a group of shareholders to invest in multi-million-dollar properties. This introduction to real estate syndication provides everything you need to know to get started.
	Legal Corner: Do your Homework before Investing Suzanne Brunelle, Portnoy and Greene, PC So, you heard you could make a financial killing or find your dream home buying property at foreclosure? That may be possible, but first you need to beware the pitfalls of the novice and, as my father always said, "Do your homework"...
	Feature Article: Five Strategies for Successfully Negotiating Short Sales Elizabeth Weintraub As any seasoned investor can attest, dealing with banks on short sales requires a large bottle of aspirin and the wisdom of Solomon. Real estate broker-associate Elizabeth Weintraub gives you the low-down on how to successfully deal with banks - everything from dealing with confrontational bank agents and writing contracts to proving to the bank why you're the best buyer.
	Feature Article: Keep Your Title Clean: Three Strategies for Preventing Title Problems Jacqueline Fitzgerald-Boyd Did you know you can create some serious Title problems when you transfer Title on your own? And, did you know that a Title problem can sometimes exist for more than 20 or 30 years without ever being found - and then bang, one day this hidden ticking time bomb becomes your major Title headache? It's true. Title expert Jacqueline Fitzgerald-Boyd talks about common Title issues and how you can alleviate them. (Hint: Title is more than simply a piece of paper.)
	Nothing Succeeds Like Success: An interview with full time investor, Susan Munafo Susan Post Munafo How can someone who's been investing in the New England market for less than a year become so successful, so quickly? We sat down with Susan Munafo, Founder of HomeFree Real Estate Group, to find out what she's done to hit the ground running.
	Marketing Corner: Connect Successfully with Distressed Homeowners Maureen O'Grady Condon, MS Investors who have succeeded in the foreclosure market have mastered one key skill - they know how to write compelling letters to distressed homeowners...
	Legal Corner: The Foreclosure Process Charles R. Levin, Esquire Whether you're an investor, home buyer, realtor or mortgage broker interested in working with foreclosures, it's important to understand how the process works from the bank's perspective. Take a moment to put yourself in the shoes of the mortgage holder...
	Nothing Succeeds Like Success: An interview with investor and realtor, Dana Robinson Dana Robinson In seven years as a real estate investor, Dana Robinson has done everything from buying and rehabbing commercial properties to investing in and flipping multifamily foreclosures. We caught up with Dana recently, to learn more about his "CRE Kit," a simple, but effective, tool for introducing himself and gaining the trust of homeowners and potential partners.