By Sharon Teitelbaum
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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.
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.
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.
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.
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.
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.
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.
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