Practice Makes  Perfect? Well, Not Exactly…

Practice Makes Perfect? Well, Not Exactly…

Practice Makes Perfect? Well, Not Exactly…

When I first began investing in the early 1980’s I did what I thought were all the right things. I read books, listened to tapes and gurus, but for some reason even with all that education behind me I found that I didn’t close as many deals as I thought I should have. Have you ever felt that way?

As I think back, I learned many important lessons in my life, but some of the most important ones came from professional sports. Back in 1983 I had the opportunity to attend my first professional golf tournament, the Doral Open in Miami, Florida. I was the guest of AT&T, one of our corporate vendors, (yes, friends, I had a real job back then) and I have to say, I was impressed.

They did it all first class; a hospitality tent, gifts for all the guests, cocktails and gourmet food. I had never experienced anything like it! It was all a bit intimidating for a junior executive just starting out.

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During the second day at the tournament I came face to face with one of my all time idols, the Golden Bear; none other than Jack Nicklaus. I was nearly speechless but at least had the presence of mind to wave my pairing sheet under his nose for an autograph, which he graciously provided.

So how does any of this relate to real estate investing or closing more deals, you ask? It doesn’t, but here’s what does, the next morning I arrived at the course early, 6:30 am and there were at least 10 pros on the practice tee and they were hitting ball after ball after ball. By 7:00 am there were 20.

Over on the practice green there were another dozen or so professionals putting ball after ball after ball. That afternoon after they finished, many headed right back to the practice tee or the practice green and again they would strike ball after ball.

Jack Nicklaus…Ball After Ball

These were top professionals, the best in world, yet they practiced before the tee off and again after the round. They didn’t show up unprepared when the money was on the line. They were as prepared as they could possibly be. Can you make the same claim when you are talking with a seller, a buyer, a realtor, banker or contractor?

Are you always ready for the big game?

What I have learned that helps close more transactions than anything else is to be prepared for the big deal. When that motivated seller calls and needs to sell quickly, do you have the ability to analyze the opportunity quickly and correctly then get it closed? Do you see more than one way to make the deal? Can you see multiple exit strategies?

Perfect Practice is the Key

We’ve all heard the old expression, practice makes perfect but it is untrue. Unfortunately just plain old practice won’t help you get better. However, perfect practice does make perfect! What I failed to mention about many of the golfers on the course that day were that they were there with their coaches. They had objective feedback to help them make those subtle swing changes that might serve them well next time a $500,000 prize is on the line.

The goal of this blog is to provide you tools and ideas to help you achieve that “perfect” practice ability. If you do it wrong and continue to practice it the same way day after day you’ll just get better at doing it wrong and keep a low batting average. But if you start developing and sharpening your skills the right way, you’ll be hitting them out of the park in no time!

As a good southern buddy of mine puts it, “even a blind squirrel finds an acorn every now and then.” Don’t be a blind squirrel, practice, study, learn and grow! You’ll find enough acorns to grow a forest!

To Your Success,

Augie

5 Key Steps To A Becoming a Successful Real Estate Investor

5 Key Steps To A Becoming a Successful Real Estate Investor

5 Key Steps To Becoming A Successful Real Estate Investor

Success in Real Estate is not based on luck, family connections, or natural talent. There are no genetic or biological factors that will guarantee success in this business. BUT! You CAN be successful. Here’s the good news:

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What Are You Already Good At And How Did You Get That Way?

We all grow and profit as investors in much the same way we would become successful in any other industry. When leading skill development workshops on Negotiating Skills, Deal Structuring, Creative Financing or any of our Investor Quick Start programs I often ask the attendees to think about something they have been good at or had success with in the past, be it a talent like playing the guitar, a sport or a hobby.

What made you good? What separated you from others?

The responses are always similar. They understand the specifics of what they were good at, they were focused, had a good plan, executed it, surrounded themselves with like-minded individuals who shared a similar passion, and were coached by a successful, experienced person.

As a youngster, I learned to play the trumpet. I took lessons in school with all the other kids. What helped me to excel and eventually play professionally were the hour and a half weekly private lessons with a professional musician. He helped me see the music differently; develop practice drills and a plan for effective practice.

Enjoying a successful business in Real Estate is no different. Virtually every successful, wealthy agent, broker and investor I know became wealthy because they took the time to educate themselves on different options and opportunities, have laser sharp focus, execute a well thought out marketing plan, surround themselves with a strong, experienced team, and have a coach or mentor.

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1. Understanding Requires Core Knowledge

What is going on with the market now? What will the market be like a year from now?

In order to have a long, profitable career, you will need to be familiar with multiple ways to purchase properties and multiple ways to sell.

The strategy you utilize in a sellers’ market will most likely be different than the strategy you utilize in a buyer’s market. If you aren’t flexible and prepared to adapt to the changing market conditions, then you will be left behind. When the market changed from red-hot to ice-cold a few years ago, many agents and investors stubbornly kept the same marketing plan. They simply failed to respond to new conditions. After all, it had worked well in the past, so why change? Many of those folks are no longer in the business.

Rehabbers who failed to adapt have since lost their jobs had to find new careers. Recognizing when to focus on short sales, lease options, subject to, selling with owner financing, or buy and hold strategies is important.  Mastering the different strategies required to adapt to a changing market will allow you to maximize your profits.

2. Possessing Laser Sharp Focus Is The Secret

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Mastery of anything has a number of requirements but none is more important than one’s ability to focus. When are you at your professional best? It’s when you know exactly what you want and exactly what you are required to do in order to achieve your goal.

When do most mistakes occur? When uncertainty exists. Uncertainty is the opposite of focus. When you are focused, you complete tasks. People who lack focus tend to procrastinate and/or make unnecessary and sometimes costly mistakes.

There is no doubt that knowledge, or lack thereof, plays an important role in focus, as does our next step; having a detailed plan.

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3. Your Marketing Plan

You can have all the knowledge necessary to close any real estate transaction, but if no one knows what you do, then how will you close any deals? If you are not generating leads and connecting with people, you will not have any opportunities for transactions.

So how do you attract motivate sellers? A good marketing plan will identify a number of different strategies. I recommend a minimum of 3.

Note – if 3 is good more are better!

When planning out your marketing strategies remember to budget your time as well as the financial requirements. It does you no good to have a goal mailing 500 letters a week or distributing 1000 flyers if you don’t budget time for this activity as well.

So what works best for attracting motivated sellers? When done properly, a targeted direct mail campaign is the most successful form of advertising. Incorrectly implemented is can also be a great waste of money. It is important that you work with an experienced company that has a solid track record and the right mailing list.

If you have no marketing dollars then you have to make marketing time to spread the word. Whether it is door knocking, gum-flapping or handing out business cards or flyers in front of a supermarket (I don’t recommend this) you must get the word out! Sometimes other people can help with this.

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4. Build Your Dream Team

We’ve all heard the expression, “No man is an island.” It is true and you cannot do this business alone! Even if you are an extremely capable person that doesn’t require assistance from anyone else to buy, fix and a house, you will still require the services of another contractor, a lender, a title agent and attorney, CPA or other professional.

Why do you need all this help? What would you do if while you’re working on a project and another great deal falls in your lap? Leveraging others allows you to focus on your business and build your wealth faster. The assistance of others will lead to more transactions and more profits.

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5. Leverage a Coach or Mentor

Think of one well known, highly successful person who is at the top of their field. It doesn’t matter if they are an athlete, actor, business tycoon or famous personality, they have one thing in common: a coach.

Coaches have experience in areas that you do not, can guide you, help you avoid major blunders, and drive you to do more than you ever thought possible.

It doesn’t matter how many books you’ve read or cds you’ve listened to; your first few deals will throw something at you that you’ve not seen before or even anticipated. When this unexpected and sometimes frightening situation occurs, it’s good to have someone who’s been through these situations before guiding you through the transaction.

To summarize, while virtually anyone can have success in the real estate business, not everyone will have success. If you seriously wish to be wealthy, then do what other wealthy real estate professionals do. They commit themselves to being life-long learners and never stop expanding their knowledge base.Screen Shot 2016-03-04 at 2.26.32 PM

Successful investors are extremely focused; they plan and execute diligently. They surround themselves with other successful professionals, and are coached by someone who will help them continually achieve more and do it in less time.

We are now accepting applications for our new and improved 12 month Personal Action Coaching and Transformation Program (PACT). This session starts in January! Learn more from our information and videos at www.PACTProsperity.com. To your success…..