In this episode, I discuss the relentless attitude that you need to adopt as a real estate investor. By relentless, I mean that when you get knocked down you immediately get back up and go at it again. Don’t wait, or you may lose your nerve. Relentless means that you not only do not take no for an answer, but you do not get complacent when things are going well!
Relentlessness is a trait that most successful business people possess. It is critical, especially when you’re starting out and things don’t always go well. In the last few episodes I’ve talked about things like conquering your fear of going out there and doing what it takes to succeed. The final component of conquering fear and facing your problems is to remember that things will not always go well for you, and relentless people find a way to get the job done.
When someone talks about being relentless they think of adversity: fighting through it and just keeping the motor going no matter what adversity you face. But I can tell you that you should be relentless when things are going well. An example of someone that I think of when I think of the word relentless is Steve Jobs. Steve Jobs definitely faced adversity in his life, but he was also one of the most relentless businessman in recent history when things were going very well. He had a drive and tenacity to succeed even when his business was soaring and growing at rapid speed.
In real estate, you can get on a roll when things start falling into place and you are making money. This is not a time to stop pushing and fighting. As soon as you take your foot off the gas, you will begin to slow down–much like driving a car. It takes more energy and more fuel to get your car to start moving again once it stops. It is much easier to maintain your speed and your momentum in business if you continue to keep your foot on the gas and keep working.
I was told once that a business should market themselves the most when sales are an all-time high. The reason is because the marketing you do when sales are at an all-time high will benefit you down the road when your business might have otherwise slowed down. If you only market when sales are down, you will have to wait for that marketing to take effect before sales will grow.
Real estate is no different. If you are a fix-and-flip investor, and you have two or three deals going, that is when you should be marketing the hardest for the next deal, because by the time you finish your rehabs, your marketing should have developed into more deals. But if you wait until you completely finished rehabbing and selling your current deal before you start looking for the next one, there will always be a huge gap in your cash flow.