Now Which Way Do I Go?

Adaptability – It’s just one trait of successful people. Many people get into real estate and learn a technique that works.  Pretty soon, other people (their competition) implement the same strategy, and the next thing you know the first person has less success.  After a while, they say to themselves “This real estate thing doesn’t work”, and they are off to their next venture.

The reality is, if the same person had changed their plan, even just a little, they could have gotten back on track and gathered momentum again.  All they needed was to ADAPT to the  new competition or their changing market.  In my early years working in this business I quickly realized than no singled strategy worked all the time – I had to make changes to keep going.

Every July I like to take a little time to step back and analyze what is, and is not working in my business.  It gives me a chance to adapt to what the market may be telling me.  I have to admit that sometimes I get a little stubborn and stick to something that isn’t working.  I just keep telling myself that “It’s a numbers game” and I just need to do more of this or that….. but the evidence can show me something very different. This regular “pause” to analyze keeps my stubborn side in check.

For example:  We do various types of advertising and marketing throughout the year. We keep a close eye on what is working, and what isn’t.  When we do a review of the results, like we are doing again this month, we choose to stick with the best tactics, and give the rest a break.  We don’t shelve it completely, but we will scale waaayyy back – sometimes 90% or more of one particular tactic.

Our guest at Washington REIA this month is a good friend of mine – and he will share his tremendous story of someone who has started numerous business ventures, including real estate projects.  Some have failed and some have reached great heights.

His story isn’t about a rich kid who had every advantage available to him.  He grew up on a farm in Southern Maryland and has worked hard his entire life.  He still lives here in the DC area with his wife and two kids.

This month, take a pause, and reflect on what is working for you, and what isn’t.  Come join other investors and gather some information from them as well.  Many of our members are happy to share what they are doing.  This DC area is so huge that those of us with years of experience realize that there is PLENTY of opportunity to go around, and plenty of people that need our help.

Keep going, adapt when needed and stay motivated. Then get your ticket to WREIA for this Monday, July 15th.  We are going to help you stay on track for the last half of 2013.

Let me know if there is anything I can do to help your business,

John Peterson