Regardless of your career or depth of experience in real estate, everyone can at some point face the perilous position of burnout, exhaustion, and anxiety.
Take it from two men who have been in real estate for more than 30 years combined, balancing your strategy with a long-term view will pay off in more ways than just boosting your cash flow.
Renters Warehouse CEO Kevin Ortner and chief strategy officer Greg Rand shared with Think Realty a few tips that have helped them navigate the madness of real estate over the decades.
1. Don’t buy into the short-term hype
Over the years, Ortner has seen many real estate articles, talking heads and speculators espouse trendy ideas or dire forecasts that eventually fade. That’s why Ortner encourages everyone to take the long-view when investing in real estate.
“The media is so negative these days that any little bit of information becomes a big, negative news story about how the real estate market is going to blow up again. If you actually read into the data, you realize that that’s probably not true,” he said. “You don’t need to buy into the hype if you’re thinking long-term. You should have that long-term mindset that bumps in the road are going to come at some point, but they aren’t going to affect you,” Ortner said.
2. Keep your goal in focus
When the turmoil of life and work seem like too much, Rand encourages professionals to take a step back. Pause and reflect on the bigger picture of what you’re trying to accomplish and let your dream fuel you.
“I stay energized by keeping focused on the big goal we are pursuing,” Rand said. “We are building something that has never existed for people who deserve to be served, and I love what I am doing.”
3. Exercise your mind and body
You’ll never progress as a real estate professional if you don’t challenge yourself. Regardless of your investing goals and breadth of experience, Ortner urges everyone in real estate to continue learning and cultivating their craft.
“Whether it’s your full-time career or whether it’s your side business, continuously developing is important,” Ortner said. “It makes us better, and it helps us be able to handle stressful situations better.”
In addition to developing your mind, Ortner encourages real estate professionals to also take care of their health.
“It’s amazing how when you stay in shape mentally and physically, everything becomes easier to handle,” he said. “Treat yourself like the franchise player. You’re the most important person for yourself, your financial future, and your family’s financial future.”
4. Treat real estate investing like a business
It may seem obvious, but if you’re pouring tens of thousands or hundreds of thousands of dollars into real estate endeavors, you should probably take it seriously. Unfortunately, that’s often not the case as many investors float by with minimal or sporadic effort, Ortner said.
Ortner advises investors to organize their operations, create a strict schedule, and treat their investments as a business.
“There are far too many investors who continue to treat it like a hobby, and it shouldn’t be your hobby,” he said. “If you want to maximize your investments and make it as stress-free as possible, make sure you have your things organized, create a daily routine and a daily schedule.”
In Ortner’s personal organization, he uses bookends at the beginning and end of each day, which enables him to block off time for crucial tasks — regardless of whatever chaos will likely arrive at the office.