real estate investing success

I believe there are few things more important to your success as a real estate investor than credibility.

When it comes to raising money for your deals confidence and credibility make a dynamic almost unstoppable duo. When it comes to negotiating your deals and hiring your team, credibility makes the whole process go a little smoother. Whenever someone has to decide whether to do business with you – in ANY capacity – credibility plays a big role in their choice.

I recently read a formula for credibility:

Expertise + Trustworthiness = Credibility

(Thank you Kevin Hogan for this!)

So how can you create credibility no matter what your level of real estate investing experience? I have a lot of ideas and suggestions on this subject, and will be expanding on each of these at our upcoming Joint Venture Presentation Workshops, but here are 5 simple ones you can begin to apply and use now:

1.Practice What You’ll Say:become a clear and concise communicator. You must know your subject matter (your deals, your market area and your strategy). You must be able to communicate this without stumbling on your words or following a written script. Have a few key stories, words of wisdom and tidbits about what you do that you can deliver quickly and clearly to anyone interested in learning more about the business of real estate investing that you’re in.

2.Back Up Your Statements:Credibility is quickly established when you can show that you’ve done research and you’re staying on top of what is important to you as a real estate investor. For example, instead of saying “the city is growing and the rent rates are increasing” say “According to research conducted by Ipsos Reid, there are 50,000 new people moving here every year. And CHMC just put out their annual rental rate survey and rents in this area have gone up 8% year over year.”

3.Smile: I’ve talked about this before but experts in persuasion like Kevin Hogan and Robert Cialdini all suggest that you need to be likable to be credible. If people don’t like you it will be much harder for them to see you as credible. I think one of the easiest ways to be liked is to smile and be friendly.

4.Shine the Best Possible Light on Yourself: In other words, find a way to present the expertise, education and experience you have in the most positive way. I could say that I am a real estate blogger, but anyone could be a blogger. Instead I say I am an award winning blogger (because I have in fact won several blogging contests). Instead of saying you own two properties you could say you’ve been investing for four years (assuming of course you bought them in about 4 years ago). Find a true and authentic way to take what you’ve got and present it very positively.

5.Borrow Credibility: When we did our first rent to own a lot of prospective tenants asked us how many we’d done. We simply said “we’re working with two guys who’ve been involved in hundreds of rent to own deals.” That was true, Nick and Tom Karadza had been involved in a lot of rent to own deals and they were coaching us through our first. If they pressed we would tell them it was our first but most just wanted to be sure we weren’t making this whole thing up. We weren’t going to lie but also wanted to provide assurance that we knew what we were doing. If you’re working with a coach – borrow the credibility and experience of the coach.

Remember being credible is nothing more than being believable. It’s an important part of being persuasive and being a person people want to do business with but it’s not nearly as complicated as we make it out to be.

Become a market area expert and be trustworthy. Neither one requires you own a certain number properties before you become credible nor does it mean you need an MBA or masters in anything. Build your expertise and be trustworthy. Credibility will follow.

And if you’re wondering what to do to build your expertise, here’s a few resources that might help:

Market Research Checklist:
https://revnyou.com/Rental_Property_Location_Research_Checklist.html

Questions to Ask Before You Buy a Condo:
https://revnyou.com/Questions_to_Ask_Before_You_Buy_a_Condo.html

Housing Boom? Housing Slump? Housing Recovery?
https://revnyou.com/Housing_Boom_Housing_Recovery_Housing_Slump.html

Published October 14, 2011

Go ahead and eat that new mini Blizzard at Dairy Queen or indulge in an extra piece of fish when you go out for fish and chips because you aren’t REALLY what you eat. What you eat will determine whether you have energy or not. And it will determine whether your pants fit or not. But you aren’t actually going to turn into a cookie dough Blizzard or a batter coated piece of halibut.

But if you THINK you are going to be a successful real estate investor and you focus your thoughts on that then you probably will become a successful real estate investor. If you THINK you are going to be the kind of boss that gives yourself Tuesday afternoons off to go to the Spa then you have a good chance of becoming that boss to yourself.

Now I am not about to say that all you have to do is think it. I hope you’ve been around the Rev N You scene to know that I believe the missing piece to your success is almost always ACTION. Think whatever the heck you want – if you just sit on the couch watching CSI reruns you aren’t going to be anything different than what you were when you sat down.

The only thing holding you back from being 20 times more successful than we’ve been is YOU. You are standing in your own way right now. All you have to do is get out of your way.

The life you are living today is thanks to the thoughts you have had so far in your life. If it’s not quite the life you want then it all begins with a change in thought and a change in focus.

Now, if you’re sitting there thinking, that’s great Julie how can I think I am a successful real estate investor when I don’t have any money to invest or how can I can think about being a successful real estate investor when I have no idea where to start? Or, I already am a real estate investor but the bank has stopped loaning me money so I can’t get any more properties.

If one of those thoughts are similar to the ones you’re having then here’s what I suggest:

Change your focus: Instead of thinking that you don’t have money or the banks won’t loan you any more money figure out how you can get money to do your deals. Stop thinking about all the things you can’t do and focus your attention on the things you CAN do. For example, you CAN find joint venture partners with down payment money and you CAN find private lenders to loan you the money you need for financing and you CAN find creative ways to buy property that require less money down or have seller financing or no financing requirements at all. We’re going to be rolling out a program in August to help you find, present and sign up joint venture partners which is our primary strategy for finding money for down payments and getting financing. Or, if you just want to learn how to get private money we highly recommend the program we used to become private money magnets- the Private Money Blueprint.
Take Action: You kind of do have to ‘fake it until you make it’ but it’s not so much that you have to be phony about it. Rather I’m suggesting you act like a successful real estate investor would act in a given situation. Successful real estate investors are typically great problem solvers who hustle until a deal is done. When confronted with an obstacle they see an opportunity. So until you feel confident and knowledgeable enough to be that way make yourself pretend to be that way. A little thing like lack of funds wouldn’t hold a successful real estate investor back so it won’t hold you back either – when you’ve made the bold and unwavering commitment to become one.

Listen, this is uncomfortable. It sounds easy but it’s not. Your comfort zone is a powerful place and it tries to pull you back every chance it gets. You have to be conscious of the pull of the comfort zone and always fight it. Because the comfort zone is clever with the excuses that sound like real reasons to not do what needs to be done to become the person you want to be.

Your comfort zone fills you with fear and makes it seem like what has to be done is way harder than continuing to live the life that doesn’t satisfy you. But when you feel that pull simply go back, change your focus and take action. Bit by bit your old comfort zone will fade into a new comfort zone – one which is hopefully closer to the one in which your ideal life exists.

You are what you think you are – so start feeding your brain great thoughts!

Published July 28th, 2010

Image 2 Credit:Christopher Bernard Istock Photo

5 Tips to Create Credibility as a Real Estate Investor

How to Think Like a Successful Real Estate Investor

The only thing holding you back from being 20 times more successful than we’ve been is YOU. You are standing in your own way right now. All you have to do is get out of your way.