23 Apr Preparing for Real Estate Investing in 2022 – Six Steps
No one really knows exactly what the year will bring to the real estate industry. But here’s what you can do to put your best foot forward and prepare for real estate investing in 2022.
Since the first quarter of the year is coming to an end, it’s likely that you already have the rest of the year on your mind.
And given the circumstances, I won’t be surprised if you have mixed feelings about what the future will bring. We can never be absolutely sure of what’s going to happen, right?
But we can definitely prepare ourselves to make the rest of 2022 a better year for our real estate businesses.
With that kind of cautious optimism in mind, know that there are six steps you can take to prepare yourself for the rest of the year.
And by following these steps I’ll share in this article, you equip yourself to handle the promises and challenges your real estate business may face.
The Six Steps to Prepare for Real Estate Investing in 2022
Step #1: Find a Niche That You Like (And Commit to Following Someone in That Niche)
My first step is about specialization and mentorship.
So, pick a niche in real estate that you like.
Then, find someone in that niche who is actively working in their real estate business. Someone who’s in the trenches, so to speak. And ideally, they should have far more experience in that niche than you do.
Also, they must have at least experienced one down cycle. This isn’t optional, by the way. Because if they haven’t been through at least one down cycle, they won’t be in a position to help you navigate your way through one.
Furthermore, they should operate with the same values that you have. That alignment is crucial for a successful long-term mentor-mentee relationship.
Step #2: Give the Person You’re Following Permission to Hold You Accountable
Have you figured out who your ideal mentor is?
If so, great!
Now, you need to give that person permission to hold you accountable. The objective here is to make sure that you stay on the right track.
That said, I suggest meeting with your mentor once every month. Use each meeting to update them on your progress. Seek their advice and suggestions of what you should be working on the following month. Share your plans for the next quarter or year and get their feedback.
Step #3: Get an Accountability Partner
Step 3 is basically a close cousin of Step 2.
The idea here is to have an accountability partner that you meet on a more frequent basis. In this case, it’s more of a two-way relationship.
That means both of you should help each other work towards your respective goals.
I recommend meeting once a week to go over your wins, your losses, and all your “aha!” moments. If you can do that, it’s going to be very difficult for you to get off track. And you’ll get what I call hardcore accountability.
Keep in mind that you’re free to choose your accountability partner.
In my case, my accountability partner is the part-time CFO I have on staff who’s also my CPA. And every week, we go through all those things mentioned above, as well as one big thing we should do each week.
Step #4: Know Your Metrics
I know that not everyone out there is a big numbers person.
But knowing your metrics doesn’t require advanced mathematics. Rather, this is all about keeping track of the numbers that matter to your end goals and KPIs.
For example, think about what the following numbers look like for you:
- How many contacts does it take for you to get 1 lead (on average)?
- How many leads does it take to get you one appointment?
- And how many appointments actually lead to a signed deal?
Knowing your metrics will help you plan what you need to do to reach your goals for the new year.
However, I also want to point out that it’s not just about hitting your targets. If you know your metrics, you can keep track of how your team is performing.
Do you have enough people at hand? And do they have all the education and training they need to do their jobs?
These are all important things for you to think about.
And you can’t really do that if you don’t have all the metrics you need at hand.
Step #5: Prepare for the Mental Side of the Business
Why do you think some people get a deal in 90 days while others take 6 to 12 months?
A lot of this boils down to the mental side of the business.
What do I mean?
Well, let’s say you’re 50 years old. So you’re carrying around five decades’ worth of baggage with you.
To be clear, I’m not saying this in a negative way. After all, every one of us has our own baggage to deal with.
But we need to make sure that we keep that baggage in check so that it doesn’t get in the way of the work we do.
That’s the reason why I am actually working with three coaches right now. One is a personal coach, the other is a quasi-energy coach, and the third is a real estate coach.
I’m sharing this not because I want you to get three coaches as well. My point is that you need to find a coach that can get the mental side of your business straight – it doesn’t matter if you just get one or more. It’s really about quality, not quantity.
Step #6: Join a Community That Allows You to Excel
Coaches, mentors, and accountability partners are all essential. But you further set yourself up for success by finding a community that brings out the best in you.
That community should be in line with your values, your goals, and your style of communication. It should resonate with everything about yourself that you’re most excited about.
It’s What You Do Right Now That Matters
Which of these six steps have got you thinking “I should work on this right now”? And which ones do you suspect that you might have a problem with?
As they say, the past is prologue. None of us can change what’s already happened.
The good news is that we can all make a major difference to our lifestyle, our finances, our family’s livelihood, and the lives of the next generation. But only if we take the right steps right now.
With that in mind, the next level of real estate investing is always around the corner.
So, are you ready for it?
If you’d like some help as you scale your real estate business, check out our Quantum Leap System.
It’s part of our Smart Real Estate Coach Academy, which empowers real estate investors to take on all the curveballs that come with the territory.