Did you know that 90% of the world’s millionaires were created investing in real estate? While lucrative, the real estate market is also full of pitfalls—so anyone who’s made it to the top is a real hustler and a great role model for any entrepreneur.
Let’s take a look at some of the most valuable lessons you can learn from successful real estate investors and find out how you can apply their advice in your own business.
#1: Prepare for the unexpected
As a real estate investor, you have to prepare for unexpected expenses like fixing a roof or buying a new furnace. If you don’t budget for these events, you can tarnish your name in the industry and ruin your career.
Whether you’re managing real estate or a small business, budgeting for unforeseen expenses to fix issues you’re encountering is key. But you should also be prepared for positive changes: Ensure that you have the means to rent additional space, invest in new products, or hire more employees so you don’t have to put the growth of your business on hold.
#2: Be a problem solver
Regardless of the industry you’re working in, you’ll always be a problem solver first. As long as you’re able to solve people’s problems, you’ll be needed and will do well. Uncover your market’s needs and stay up-to-date with changes so you can establish the strongest product or service for your customers or clients.
#3: Build a strong brand
Sharon Vornholt, a real estate investor from Louisville, Kentucky urges anyone who wants to make a name for themselves to “start building your brand from the beginning.” If you don’t differentiate yourself enough from the crowd, you’ll likely get lost in it.
Never underestimate the power of social media when building your brand. Connect with like-minded people, run ads to reach your target audience, and create a fun and engaging feed that inspires people and represents your business in a way that makes you proud.
#4: Stay true to yourself
It doesn’t matter if you rent out property or sell hair products, always remember your “why” so you can stay true to yourself and the mission of your business. If you’re ever starting to lose sight of who you are, ask yourself these questions:
- Why did you found your business?
- Why do you get out of bed in the morning?
- Why did you create your service or product?
Any opportunity that doesn’t align with your answers is likely not worth pursuing. Staying true to yourself will not only make you a happier person but it will also protect the integrity of your business and allow your clients or customers to trust in you.
Check out the visual below that expands on the lessons above with the top 9 business tips from real estate investors.