Success Advice

The 8 Traits Of A Successful Real Estate Mogul

Published

10 years ago

Dec 26, 2012

Joel Brown (Founder of Addicted2Success.com)

Image Credit: Unsplash

Investing in real estate can be risky. It’s been the making or breaking of countless individuals, but some people seem to thrive more than others. What are the common traits that these real estate moguls all shared?

Read on to find out what skills you need become a top notch real estate investor.

8 Skills Real Estate Investors Have

Unshakeable confidence

One thing that many real estate king pins have shared, is the confidence to convince others that they are the real deal. This is not only important when talking to clients, but also important when trying to attract investment from wealthy backers.

Donald Trump is the master of convincing both financial institutions and wealthy individuals to back his ventures.

Determination

As with making any kind of financial investment, when investing in real estate you only lose out if you sell for less than you’ve bought. This means holding out and selling at the right time, and not being put off by a temporary downturn in the market.

Patience is a virtue in this game, understand that and you will go a long way.

The good sense to know when to cut their losses

Contrary to the last point, sometimes hanging on in there for a good offer is counter productive. Sometimes knowing when to take a step back and make a minor loss is a very useful trait. It’s far better to free up capital and start again, than to lose it all slowly on a bad investment.

In a case like this you should go with your gut feeling, somehow we sub consciously know what is good for us and when we should follow our intuition.

The ability to avoid money pits

Maintaining real estate can often be expensive. The purchase costs are not the final costs.So a building that requires a large amount of money or resources to maintain can drain a fortune fast.

Successful real estate investors usually run a complete check over the investment before committing, make sure there isn’t anything fishy going on that the seller isn’t telling you about that will cost you dearly down the track.

They possess Marketing skills

Marketing is as important to a real estate mogul as it is to any business person, and can not be neglected. Marketing in real estate means not only selling the property, but also selling yourself.

Youtube is a great new avenue for those who are looking at showcasing their properties for sale. Create a YouTube channel and have it listed on your business card and e-mail signature to keep your clients u to date with the latest properties you have on the market.

The ability to spot trends

As with investing in the stock market, investing in real estate requires the ability to notice changes in trends and act upon them. Look at cities like Las Vegas in the 60s for example. What once was a dusty desert became Sin City almost overnight, and millions of people flooded there for their vacations. Imagine how much profit was made by those who got in on the ground.

This is not a one time thing. Houston Texas is becoming a major tech capital of the world, and money is flooding into the city. There are many opportunities that present themselves for those with the foresight to see them.

A knowledge of what they are signing up for

This doesn’t mean being fluent in legalese, that’s why they employ lawyers to read the contracts on their behalf. It simply means not getting into a bad deal. The ability to sense when they’re being led astray by someone looking to make a quick buck.

Investing in real estate requires a shrewd sense of business, and a healthy distrust of things that are “too good to be true”.

Seeing potential in run down buildings

A talented real estate agent like Barbara Corcoran, will totally disregard the cosmetics of a building, and look at the building in purely financial terms, rather than forming an emotional attachment.

Things like the interior aesthetics, and the grounds around the building can be fixed up very cheaply, as long as there’s no major structural damage, looks do not matter.

Barbara Corcoran grew her real estate company “The Corcoran Group” from $1,000 to $8 Billion over the years using her smart and persuasive real estate techniques. Here is a video by Barbara Corcoran on how she made it BIG in the Real Estate market:

(Video) Barbara Corcoran’s Lessons On Real Estate Investment

Barbara Corcoran’s current Net Worth is $66 Million

Article By Joel Brown | Addicted2Success.com

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Joel Brown (Founder of Addicted2Success.com)

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances. I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

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Some people seem to naturally know how to effectively communicate in a group setting. They can express themselves clearly and listen attentively without dominating the conversation.

Being a powerful communicator is important for several reasons, including building and maintaining relationships, achieving goals, resolving conflicts, improving productivity, leading and influencing others, advancing in your career, expressing yourself more confidently and authentically, and improving your mental and emotional well-being. Effective communication is an essential life skill that can benefit you in all aspects of your life.

But, don’t worry if you don’t naturally possess this skill, as effective communication is something that can be developed with practice, planning and preparation.

1. Listen actively: Practice active listening by giving your full attention to the speaker and responding to what they are saying.

2. Use “I” statements: Speak from your own perspective and avoid placing blame or making accusations.

3. Avoid assumptions: Don’t make assumptions about what the other person is thinking or feeling.

4. Be clear: Express your thoughts and feelings clearly and concisely by getting to the point and avoid using jargon or overly complex language.

5. Show empathy: Show that you understand and care about the other person’s feelings.

6. Offer valuable insights: When speaking in a group, provide a valuable takeaway or actionable item that people can walk away with.

7. Be an active listener: Listen attentively and respond accordingly, incorporating your points into the conversation.

8. Choose the right time: Pick the most opportune time to speak to ensure that you have the group’s attention and can deliver your message without interruption.

9. Be the unifying voice: Step in and unify the group’s thoughts to calm down the discussion and insert your point effectively.

10. Keep responses concise: Keep responses short and to the point to show respect for others’ time.

11. Avoid unnecessary comments: Avoid commenting on everything and only speak when you have something important to say.

12. Cut the fluff: Avoid being long-winded and get straight to the point.

13. Prepare ahead of time: Sort out your points and practice them before speaking in a group.

14. Smile and be positive: Smile and nod along as others speak, to build a positive relationship and be respected when it’s your turn to speak.

15. Take responsibility: Take responsibility for your own actions and feelings.

16. Ask questions: Ask questions to clarify any confusion or misunderstandings.

17. Avoid interrupting: Allow the other person to finish speaking without interruption.

18. Practice active listening: Repeat what the other person said to ensure you have understood correctly.

19. Use your body language too: Use nonverbal cues such as eye contact, facial expressions, and body language to convey your message and build rapport.

20. Be aware of the tone of your voice: it should be calm and assertive, not aggressive or passive.

By keeping these tips in mind, you can improve your communication skills and become a more powerful communicator, which can help you build better relationships, achieve your goals, and lead a more fulfilling life.

I you want to learn how to become more confident in life then you can join my weekly mentorship calls and 40+ online workshops at AweBliss.com so you can master your life with more success.