Do you want to hear the bad news or the good news first?
Personally, I like to know what I’m going up against, so I’ll start with the bad…
The Bad News: The simple truth is that the majority of entrepreneurs will have to re-enter the workforce because they failed to build a successful business.
Personally I think the 80/20 rule is a bit generous when applied to real estate entrepreneurs—I see it as more of a 95/5 split—but we’ll go ahead and apply the more generous percentage to this statement: At minimum 80 percent of entrepreneurs will fail.
The Good News: You don’t have to be one of them. You have the opportunity to learn from their mistakes! You can use those failures to identify and navigate those stumbling blocks that lead to failure.
Let’s look at the two biggest lessons you can learn from unsuccessful real estate entrepreneurs.
Lesson One: Lack of Consistency
You’re busy, but that’s no excuse for being inconsistent. While inconsistent marketing can lead to big problems, inconsistent follow up is the big death sentence for most businesses.
What really gets me is that this is the easiest thing to implement. It is 2020 and if you’re not using the power of automation to drive your follow ups, then your business will fail. Sure, you can use calendar reminders, a whiteboard, or sticky notes at first, but once you get more than a few leads a month, you need to set it and forget it with an automated follow-up system. And since you have access to one of the best automation platforms on the market for less than $100 a month (my not-so-shameless plug), there’s literally no reason why this common business killer should come anywhere close to your business dreams.
Lesson Two: Wasting Your Time
Stop trying to do everything yourself! Open your eyes and look around. Do you see even one entrepreneur making six or seven figures without delegating a single task? No? That’s because they don’t exist!
You shouldn’t be spending time on anything else except for negotiating and closing deals. That’s what gives you the income, and in turn gives you the freedom to leverage. Lead Qualifying and Automation are $10 an hour jobs that you should not be doing.
No more DIY! Seriously, STOP.
The way I see it is, you can choose to invest in the tools and the people that can help you succeed and make lots of money… Or you can try to do it all by yourself and watch all that money and time wash down the drain with your wasted dreams.
At the end of the day, you have an 80/20 shot at failing or succeeding in real estate. If you’re shooting for the 20 percent, I want to help you get there. Learn how we can help you shoot the gap at realestateinvestor.com.
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