Commercial real estate investing can be very rewarding in many ways. With a little research you will see the opportunity that exists and the potential it can have in many areas, especially your bank account. Below I have added some additional steps to follow, such that you may enjoy the success I have found over the years by using commercial real estate investing as a strategy for building income and wealth.
As with any business strategy or idea the main focus is ‘Taking Action’. Without action your idea or dream will go nowhere, but in your head. Following the action taking steps below and learning to be accountable, will certainly increase your success dramatically.
Learn something new. There is plenty of training out there. Take advantage of what’s available.
As you drive your trade area, give yourself a pep talk. Keep yourself pumped up.
There will be days when you think that no opportunities are available in your neighborhood. If that’s true, you need to build some.
Phone a friend. Perhaps they’ll laugh at you or give you some negative feedback – but phone them anyway.
Make yourself accountable for your actions by writing an activity report at the end of every day. It will make a huge difference for you. It takes 21 days to create helpful habits and mold them into your daily activity. Before you go to bed, sit down for five minutes, and write what you did today that shows how you progressed toward your goal. Keeping a daily journal is a good motivator. If you have nothing to write down for a couple days, pretty soon you’ll start kicking yourself. You’ll be determined not to have another day of nothing, and vow to make something happen that very next day.
Talk to ten businesses that are not currently listed for sale. You just never know what opportunity may present itself by inquiring about buying their building. Plus, it essentially represents ten opportunities perhaps now or in the future.
A Matter of Perspective: or ‘Is the glass half empty or half full?’
There is a shoe company that wants to expand into Africa. They hire a salesman and send him over to Africa to sell their shoes. This salesman isn’t there long before he calls back to his boss at the head office and says, “Hey, Boss. You’ve got to bring me home right now.” He continues on, “You can’t sell any shoes here. Nobody wears shoes. This is never going to work and is a waste of time and resources.” So the company brings him home. However, not totally convinced Africa isn’t a viable and workable opportunity, they hire another shoe salesman and send him over to Africa.
This second salesman the very next day calls into the office. Headquarters gets a Voice Mail message from him. I am guessing they did not want to talk to him directly for fear of the same outcome as the first salesman. But to their surprise and jubilation his message was, “Hello, Boss. This is Harry. Send me all the shoes you got, man. Nobody wears shoes here. We’re going to make a fortune!”
As you can see the difference between these two salesmen is perspective. While the first salesman was negative and did not see an opportunity, the second one grasped the idea there was a genuine need for his service and that sales would be intense once he showcased his product.
Do you see the lesson here. While an opportunity may just present itself, more times than not, you may have to see the opportunity and develop an approach that will work. The same can be said for commercial real estate investing. In most cases, the opportunities you create can be much more lucrative and rewarding, than the ones that are obvious to your competition. Hopefully, this makes sense and you will incorporate the steps outlined above, and from an earlier article I did on this topic, into your business and it ultimately leads to you having greater success.
By Daniel Rray