InvestorFuse Blog

Resources for real estate investors

Home » The 4 Mandatory Skills of a Real Estate Entrepreneur

The 4 Mandatory Skills of a Real Estate Entrepreneur

January 18, 2016 by Dan Schwartz Leave a Comment

The 4 Mandatory Skills of a Real Estate Entrepreneur

Investors can drown in the vast sea of information on how to do deals. There’s a tendency for any Real Estate Entrepreneur is to over-complicate an otherwise simple business model. I’m here to challenge you to start thinking about the skills you must be building first before you can ever do multiple deals.

Real Estate Entrepreneur

So, I hereby give you permission to forget about ALL of the nuts and bolts of wholesaling real estate, Podio, and all the fancy wingdings that can distract you. You already know what you have to do to get a deal done, but in order to do it effectively and stand out, you need to focus on learning and practicing the following mandatory skills.

I will expand upon all of these points in the form of longer blog posts later. For now, I’ve provided links to some great resources so you can dive deeper into these ideas and start sharpening your skills. Those resources will start you down a path of personal growth that will set the conditions for a massive real estate company. The following skills resemble the foundations of your personal business value, and can transcend into all areas of life:

Abundance
The mindset of abundance is a necessary skill. It’s like learning a new language. “I think,” “I should,” “I can’t,” are replaced with “I know,” “I can,” and “I will.” See if you can catch yourself next time you use words of scarcity. The awareness of these language patterns is where it all starts. As soon as the voice in your head changes its thought patterns to “how CAN I” accomplish this seemingly impossible task, your subconscious will start to influence every tiny decision you make.

These tiny decisions rooted in abundance will snowball into a better team, more clarity in knowing where you want to go, more deals, and more time for you to do whatever you want.

I’m HUGE on mindset and could talk about it all day, but check out this podcast with Chris Lee and Lewis Howes for some great insight on abundance.

Interpersonal Skills
Communication is the most powerful of all human skills. Learning to effectively influence, lead, and interact with your team and your sellers/buyers depends on your proficiency in communication. How you represent your company on the phone and in-person obviously plays a huge part in how well you can negotiate deals without being stepped on by the other party.

Learn how to control the frame, but most importantly, know how to position yourself when you are talking to sellers. You can have all the leads and the best lead management system in the world, but if you don’t know how to close deals, you’ve already lost. Listen to the following podcast if you want to increase your conversion rate on appointments: Todd Toback is the man.

Systems Implementation
This is a volume business, meaning you need to do multiple deals over and over. When you are doing something over and over, you need to define that process, build a framework for the process, and hire a team to execute the granular next actions of that process.

That is exactly what we’re building with InvestorFuse. The processes themselves will be built into the workflow of InvestorFuse, so we’ve got you covered there, but it’s still important to understand the mindset behind effective lead management and systems implementation so you can hit the ground running when InvestorFuse launches. Read “Work The System” by Sam Carpenter. Also, check out this video on the first steps towards systemizing your RE business.

Property Analysis

As a Real Estate Entrepreneur, your ability to know your market and understand the art of comps is a mandatory investor skill. Proper due diligence will make you millions (and potentially save you millions) over the course of your career. You need to know how to determine repair estimates or have someone on your team that is very good at this within 5-10k.

When I was first starting in Baltimore, I used the MLS to look at completed rehab deals, saw what they bought the property for, looked at the old pics, and used that data to learn specific areas of my city. It takes time, but you should absolutely become a master at this. Here is a great post from Justin Williams about properly analyzing deals.

The ONLY way to become a ninja at property analysis is to go and look at real live deals every single day. There are no automation tools that know the art of comps, so the more deals you look at personally, the more accurate you’ll become.

If you can prioritize practicing and learning about these 4 skills over everything else, the nuts and bolts of this business will naturally fall into place. Focus. There’s no doubt you’ll be a successful Real Estate Entrepreneur when you’re an abundant-minded master communicator, system creator, and property analyzer.

Cheers to your ongoing successful journey!

Filed Under: Entrepreneurship

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Our Customers Love Us!

Like our product and support team?

Leave us a review on Trust Pilot!

Blog Categories

Recent Posts

  • InvestorFuse Release 3.89 and 3.90 September 13, 2023
  • InvestorFuse Release 3.87 and 3.88 July 5, 2023
  • InvestorFuse Release 3.86 May 4, 2023
  • Why Use InvestorFuse? April 24, 2023
  • What do you do when your CRM fails you? April 13, 2023

Recent Comments

  • ifblog on InvestorFuse IF3 Release 3.74
  • Summer Anderson on InvestorFuse IF3 Release 3.74
  • AJ Santiago on Automate Driving for Dollars with FlipTeam CEO Chris Logan
  • Ed on Automate Driving for Dollars with FlipTeam CEO Chris Logan
  • Joe Hartman on Real Estate Novations with one of the Top Nationwide Wholesalers

Are you Interested in Getting Interviewed for our Podcast?

We are always looking for people to interview for our Podcast! If you’re interested in being a guest  please fill out this form. 

We’ll go over your application and let you know if we’re a good fit!

InvestorFuse Podcast Application

What Type of Real Estate Investor are you?

Get Info on IF3

  • Investorfuse Product Info
  • IF3 Pricing

Sign up for an IF3 Demo with Carlos!

Please Follow us on Social Channels

RSS
Follow by Email
Facebook
Facebook
fb-share-icon
Twitter
Visit Us
Follow Me
Tweet
YouTube
YouTube
LinkedIn
LinkedIn
Share
Instagram

Subscribe to our blog!

Get new posts by email
  • Investorfuse Product Info
  • IF3 Pricing

@Copyright 2021 InvestorFuse