Do you want to know how to stay motivated as a real estate investor for long term success?
It is essential that you are able to call upon high levels of motivation to overcome the barriers in your real estate investment business and achieve your goals.
Staying motivated every day is essential to your real estate investing success. You are going to have a number of good and bad days, so you need strong motivation to offset those bad days.
Believe it or not I had a problem with continual motivation when I first started out in real estate investment. On those bad days when everything seemed to be going wrong, I found myself thinking “why am I doing this?”
I was new to real estate investing at the time and had been involved in other businesses prior to this such as computers and technology. Maybe this was the reason that I found myself thinking sometimes “there has to be an easier way to make money”.
How Do Successful Real Estate Investors Stay Motivated?
I have said this before and I will say it again – you will face a number of problems in your real estate investment business. You will have to overcome a number of disappointments to achieve your goals.
And that is why keeping your motivation levels high every day is so important.
So, I want to share with you in this post how I keep myself motivated every single day and never have any feelings of giving up. You need to accept that things will not happen instantly in real estate investment.
It can take you a long time to find the right properties for your projects.
Once you do find them then the action really kicks in and you will need to ensure that everything falls into place for your project to be a success.
So, you need to stay motivated during the quiet times when you are looking for the right deals and also in the crazy times when everything seems to be happening at once.
All successful real estate investors have learned how to do this.
How to Keep Yourself Motivated for Success
It took me a while to figure out how I could stay motivated as a real estate investor. I decided that I would need to make specific changes to the way that I approached my real estate investment business so that I would have the required levels of motivation to drive me forward when the going got tough.
Here are my tips to develop your motivation for real estate success:
1. Create a strong “WHY” and review it daily
To succeed in any business, you need a strong “Why”. Real estate investment is no different. If you have not created your “Why” statement yet then please read my post on how to find your WHY.
This is your reason for being a real estate investor. It needs to be compelling and something that will drive you towards your goals.
Place a copy of your “Why” statement in a place where you can look at it every day. I carry mine around in my wallet and I also have a copy of it next to my computer.
If your “Why” statement doesn’t provide the motivational boost that you need then it is time to rewrite it so that it does.
2. Visualize Every Detail of your Goals
Take a good look at your goals for your real estate investment business. Take the time out to visualize every aspect of them.
What will you feel like when you have accomplished each goal? What sounds will you hear? What smells will you smell?
When you are visualizing your goals make the feelings as strong as possible. You need an emotional driver linked to your goals so that you will persevere with them no matter what.
Take a few minutes out before you start on your business each day and go through the visualization process.
3. Deal with Negative People
When you set up in business on your own you will always receive negativity from others.
If your family members are the kind of people that have always worked at conventional jobs then they will tell you that you are taking a big risk, and maybe even that you are wasting your time and your education.
Close friends can do this to you as well. If you find yourself in this situation then you need to stay strong.
If someone says to you “it will never work” then neutralize this immediately by thinking “I know that my real estate investment business will work”.
You need to accept that a lot of your family members and close friends don’t want to see you succeed. They want you to remain with them at the bottom, struggling from one month to another.
This is the harsh reality that you need to accept and deal with every time you meet these negative people.
If they ask you how your business is going then tell them “it’s going great” even if it isn’t. By always answering in this way they will soon tire of asking you.
I was lucky as my parents had always owned their own businesses and so had my brother. But not everyone is going to be in this situation.
Be wary of negative people in your office.
Some people are negative by nature. They seem to have no control over this. So, if you hear things like “this project is never going to happen” then you need to deal with this immediately.
Tell everyone that it will happen and you will make sure of it. If it gets too negative then let the pessimists go and find another job.
Of course, the best way to avoid the negativity of others is to not meet with them at all. But this is not a practical solution as you are always going to run into family members and old friends.
Just practice neutralizing their negative statements with positive thoughts. Change the subject if it is getting too much.
If you have a pessimist in your office then you can try and convert them into an optimist. The best way to do this is to prove them wrong. For the individual that doesn’t believe the project will happen challenge them to a bet.
If it does happen then they will have to pay you in some way. This can be a small bet. All you want to do here is prove the person wrong in front of everyone else.
As a condition of the bet explain to the pessimist that they have to become optimistic about all future projects if you win. A converted pessimist can be a great asset as they are never shy about making their feelings known to everyone.
4. Don’t Compare Yourself to Others
While I would always recommend that you have a mentor for your real estate investment business, I don’t want you to compare yourself to this person or anyone else.
I have fallen foul of this in the past and it can really de-motivate you. Your mentor has a property portfolio of more than 100. So what?
Just be answerable to yourself. You do not want to spend your precious time comparing yourself to other successful real estate investors. Learn from them by all means, but don’t try to be them. It never works and will just make you judge yourself in a poor light.
5. Create a Positive Team
This is not easy to do but the rewards will be really worth it. I took my time to find the right people to work with me in my real estate investment business.
One of the traits that they all had to possess was optimism and a positive outlook.
When times get tough, and they will, your positive team will support you and help you to overcome problems. Reward your team with bonuses and think about giving them stock options.
If your team members have an investment in your business then they will remain positive and do more to make it succeed.
6. Get help when you need it
It is always possible that you will encounter a problem in your real estate investment business that you don’t know how to solve. When this happens, you need to get the right help.
If you try and tackle the problem alone it can overwhelm you and really challenge your motivation.
Believe that there is always a way. With a problem like this there will always be someone that can help you solve it. Even if you have to pay for their help, it will be worth it.
Just be sure to learn from the whole experience so you know what to do if the problem comes up again.
What will you do if you find your Motivation waning?
You need a strategy for situations where you find your motivation diminishing. I suggest that you try a few things here and see what works best. For me it is always a review of my “Why” statement and a review of my goals.
For you it may be something else such as talking with your mentor. It doesn’t matter. Just do whatever you need to do to get your motivation back on track.
To be successful, you need to know how to stay motivated as a real estate investor.
I have shared with you how I achieve this and I recommend that you apply my tips in your life. It will take a little time and effort to implement these things but it will certainly reward you in the long run.
Giving up in the real estate investment business is not an option.
Please share your thoughts and experiences in the comments section below, I would really love to read them.
Thank you very much and have a wonderful day.