Becoming a successful real estate investor or a real estate mogul is not something that you achieve by a passing chance. It is the cumulative result of years of hard work and discipline that becomes a habit after some point of time. If you want to emulate and achieve what Donald Trump or Kushal Pal Singh (of DLF fame) achieved, practice as given below.auremar / 123RF Stock Photo
The most famous of real estate investors share common traits. These qualities are a result of a fixation to stay ahead of the masses. Besides, it is wrong to think that only few individuals can enjoy these qualities. When you repeat exemplary work habits over a certain period of time, it manifests itself as a permanent trait of an individual’s personality and helps him even when the going gets tough, and this is what separates real winners from opportunists. If you also want to see yourself in the league of winners, here are some of the habits that you must inculcate in yourself:
Take responsibility for your actions
Weak characters often blame others for their miserable condition, instead of owning it up to their actions. If you have to be successful, whether it is in the real estate sector or any other industry you have to learn to be responsible for your action, whatever the result might be. The adage, “You create your own good luck” is true to every word. Once you start owning up to your mistakes, you automatically make less of those.
Know the market
Every real estate mogul starts by concentrating on a single market, whether it is a non-descript area like Jharkhand or an established hub such as Bangalore. Although the real estate in Ranchi will not give him the same exposure and knowledge as of a metropolis like Bangalore, it will still introduce him with the basics of investing in a market. Once you gain an in-depth knowledge of the market, you automatically gain an unassailable edge over others in that area. Besides, it is an in-depth knowledge that induces sound business decisions.
Develop a niche
Instead of being a jack of all trades, become a master of one. Real estate investing is a broad area with multiple possibilities, and it is you who has to determine which genre of the real estate appeals to your style of business. Most successful investors develop a strong expertise in one particular niche, whether it is residential or retail, before progressing on to other niches.
Most important of all, learning is a never ending process for the top honchos. Always think of as an amateur. The moment you think you know everything, you will stop trying to learn new tricks of the trade, creating a ceiling for yourself. Instead, always be greedy when it comes to learning. Some people think that their understanding will come on the job through trial and error process. True enough, if you have the tenacity and humbleness to learn from your mistakes.
However, the process is a tad too slow. In contrast, if you seek out mentors who have already been through it, you can appreciate your levels and speed of success significantly. The most sophisticated of investors always keep investing in their education, reading new material, attending and conducting seminars, and being party to discussions or healthy competitions.
Build a Network
Everyone requires a support system. In your quest to get at the top, there will be times when you will bite the ground. A support system, comprising of your professional network and friends and family come to your rescue when the chips are down. Furthermore, sometimes a system can help evolve an opportunity right from nowhere. A network also keeps you in the competition, inspiring you to be better and bigger than everyone else.
About the Author-
Saurabh Tyagi is an expert writer having an interest in varied topics like education, technology, career and Web 2.0.