Real Estate Investors And Multitasking Skills
There are plenty of jobs and careers out there that require multi-tasking. Being an entrepreneur is no different and in fact I would venture to say that as an entrepreneur multi-tasking is a must and a skill you have to master (or delegate to an employed who has that gift). There are two different areas in real estate investing you should have multiple solutions for: getting stuck in one way of doing something for your business and being limited in your sources of income.
Too many times investors’ keep doing things the same way and wonder why it’s not working like it did when initially started. For example, whether it may be certain vendors they use, a marketing method, an employee, an income stream, and an exit strategy. What I mean by all that is, ask yourself this one thing - if one of these sources or one of these things that you are dependent on were eliminated or were taken away from you, would your business still survive on a regular basis?
For example, if you have only one marketing method to find properties and that’s putting out We Buy Houses signs and all of a sudden a new mayor comes in and gets elected and they crack down like you wouldn’t believe on illegal signs and bandit signs. If that were your only marketing method for finding leads, then what would happen to your business? Would you still survive? Would you still be able to get paid?
If the answer is no, then obviously here you need to find different methods for marketing your business. If you are relying on a certain vendor to print things for you or take calls for you, and if that vendor went out of business, what would you do? Do you have backups?
If you have one employee and that employee does everything for you, what would happen if that employee left and got a new job? If you have one income stream, one exit strategy and that’s retailing for cash and all of a sudden the market dries up and the economy goes south, which it is right now. Would you still be able to make money and survive in this business?
So, be smart about this. Do not become over dependent on any one thing. Analyze your business. And if you find that you are dependent on just one thing in your business whether it is any of the examples I just mentioned or other examples we have not talked about, you need to find backups and Plan Bs for all of those things in case something happens and you have to adjust.
So, be smart. Don’t become over dependent on any one thing in your business.
You also need to explore other sources of income. My friends, this tip is huge.
If you’re not looking for other sources of income other than what you’re doing every day, flipping houses or whatever, then you’re not maximizing yourself. You’re not maximizing your potential.
Perhaps you’re comfortable with where you’re at in your business and you don’t need extra income streams. Fine. But I would venture to say that most of you reading these posts are entrepreneurs and always looking to get to the next level, no matter where you’re at, whether you haven’t gotten to the first level yet or whether you’re seasoned and doing extremely well. You’re always looking for the edge. You’re always looking for something else. At least I am anyway.
So, it would be wise if you did explore other sources of income streams. For example, did you know that a lot of the leads that you generate in your business, (leads where people are looking to sell their house or leads that you generate where people are looking to buy a house) that you could potentially sell those leads to other people in your market niche who would pay for those leads? They would pay anywhere from $5 to $25 to maybe even $75 or more per name per lead? That’s huge information.
And that’s a perfect correlation to what you’re doing in your business everyday. Find ways to incorporate other methods of income streams into your real estate business. It doesn’t have to be real estate business, it could be any business.
Perhaps your core business, your real estate investing business is doing great. Maybe you should start to explore other things. Maybe you should start to explore coaching, consulting, partnering, different things like that.
So, don’t be over reliant on an income stream and explore other sources of this because this is where true wealth comes into play. Anybody’s who anybody out there who really makes money, who’s very super successful has multiple income streams. They begin to leverage their time and their money to develop multiple income streams. So that way, if any one-income stream fails, they have more income streams coming from a different angle to live off of. It’s simply smart business.
