Hindsight is 20/20, and often, if you learn from this and implement them into the future, it could critically change your business. It’s one thing to look at what you’ve done, but it’s another to get past the ideas and feelings that you sense. Often, people don’t actually look at everything that they’ve done, and clearly seen the results. Well, did you have goals at the beginning? Were you held accountable for them? Did you make adjustments? Lots of times, people don’t realize this, but some of the biggest things to change in a business do matter quite a bit.
You want to look at the positives and the negatives. Don’t just look at the negatives where you lost on a business deal, blew it a few times when hiring, made the process for training mistakes, again and again, went over budget, or not getting a clear direction of this. Instead also look at the houses that you’ve fixed and flipped, how you’ve had turnkey clients and built up your portfolio. Look at the extent of your portfolio, and the real estate team that you can have in your life. You should look at the sales that you’ve made too. Both the positives and the negatives, do matter here.
There are a few questions that you can ask yourself that you may often help you with lowering the mistakes. You should ask if you have goals, not just yearly, but three-year, and five-year goals. You should look at your relationship with them, and if you have mentors that you can go to for help. You should look at what success is for you, and if you’re leading the team to their own goals as well. You should also look at the quality of the people on the team so that you’ve got clear expectations for who they are, and are trained, held accountable, and given autonomy on what they should do.
One big thing, if you haven’t done it yet in your point BREeze real estate business, was to seek out a mentor. You could make way less mistakes and save yourself a lot of pain with this. these mentors will help keep your goals clearer and will keep things in motion. You’ll be able to read a lot more books and speak with those that are likeminded. You shouldn’t go to expensive events, but you need to have people that will help you, and will make sure that you’re on the right track. This is an experience, and learning together will help make it better, and you’ll be held accountable as well.
Also, make sure that you’ve got systems in. While you may know how to paint, price out your home, or manage cash flow, having a system on how to construct, acquire, the returns, and the decisions on what you shouldn’t do are huge factors in this. You may think you don’t need something huge, but you honestly did. There are different problems with each property, but that doesn’t mean it’s less important. Not having systems with a small business can be even worse, since you won’t have clear criteria for buying, and often, this is how money gets lost. This is often because there are others who are doing profitable closing, but all too often, they may miss out on a deal. It’s much harder for newer investors to lose out on this deal, so you need a system. Plus, systems that are effective will tell you what works, and what won’t work so you can actually improve the rate in which your business does run, and the financial aspects of this.
You should be careful with all of these because knowing how to invest is a key thing. If you’ve made mistakes in your business, start to make changes. Put in systems so that you can improve this, and from there, you’ll be able to create a better business.
Everyone makes mistakes, and it does happen in real estate investment, but the key thing, is to make sure that you learn from these. Watch what you’re doing, learn from the mistakes you’ve made, and from there, you’ll definitely improve.