5 Essential Steps to Build a Successful Real Estate Business

A little over a year ago, I had a great conversation with Reed Goossens on The Real Estate Syndication Show. That went on to become one of our most popular episodes to date. Obviously, Reed Goossens piqued everyone’s curiosity. Our listeners wanted to know how a native Australian-US immigrant became a successful real estate entrepreneur who built his own real estate investment firm, Wildhorn Capital, from the ground up. 

His extraordinary story of success, which he himself will admit was not without failures and struggles, with falling and getting back in the saddle time and time again, gave hope and inspiration to many. Real estate entrepreneurs, investors, industry players, and even industry outsiders can glean nuggets of wisdom from this conversation, offering life lessons that will help navigate your way through your chosen profession or industry. Let me share a few here. If you’d like to listen to the full podcast, please click here.

Educate Yourself About the Industry You’re Entering

Armed with a structural engineering degree, much audacity and a nagging fear of regret, Reed took a leap of faith and moved to the US from his Australian home. Shortly after the move, he began self-educating on the US real estate industry, learned US investing lingo, attended real estate investment clubs and within six months, bought his first real estate property. 

Educating yourself is about being aware of what’s going on in the industry – and there are many ways to stay up to date. There are plenty of free options on the internet, including websites (such as ours!), social media accounts run by industry professionals and government agencies, and news updates from reputable news sites dedicated to the industry you’re interested in. You may even sign up for online courses offered by education platforms such Udemy or Coursera. It’s simply a matter of dedicating time and forming a series of habits that will enhance your learning and knowledge.

Get A Mentor

“Find someone who you resonate with because that’s the most important thing, especially during a period of growth and building credibility,” says Reed of his decision to get a mentor.  

In every industry, you can find individuals who have gained valuable knowledge and skills in the field and are willing to teach others. With a mentor’s wealth of experience, a newcomer can learn valuable real-world lessons that no online courses could teach.  A good mentor Is always abreast of industry trends and is continually looking for unique ways to stay ahead of the curve. Hence, having a mentor who gives one-on-one advice can help you get ahead in the game and achieve your goals faster. Finally,  having a sounding board will help you get through the tough times.

Build Partnership

“I came from the construction world, the tools, boots on the ground, the dirt and mud, and construction management while my business partner came from the marketing world – salesmanship stuff, building business relationships. Those are two skill sets that balance each other, that helped us scale our business,” shares Reed on the essence of building partnerships in business.

Establishing partnerships with individuals who complement your strengths and foil your weaknesses is essential in business. As long as set expectations are clear, and goals are well-defined, combined abilities will add value to your business and will help your company grow quickly. Not only that, but business partners also stand to benefit from each other’s expertise and experience.

Hire Staff or Outsource

“As soon as my business grew, I found myself working 70-hour weeks with more tasks undone. I finally decided to hire someone for those tasks.  Just email them; we have a Slack channel and have all of these systems built up. That was the most liberating thing I have ever done! Just define what the task is and go see if you can outsource,” tells Reed, who has since freed up his time to focus on critical areas of his business.

Let’s face it – you won’t be able to do everything. As your business grows, you will need extra hands to carry out all other tasks that you can’t do. Yes, there’s great technology out there, but it has its limits. You will still need real people to enable and support your business expansion, and to put that technology to use in the right ways. So, recruit, hire or outsource and find reliable, qualified help for your business to scale better, faster and cheaper.

Overcome the Negative Mindset

“I went through those times that I questioned myself if I’m doing the right thing. Probably my biggest struggle throughout this entire journey is overcoming the mindset of failing — failing expectations for myself and for my investors,” shares Reed. He has since learned to not compare his journey with that of others to keep his mind free of unrealistic expectations and worry.

He recommends stress-relieving activities to take care of one’s physical and mental health, such as regular physical exercise and meditation. On the other hand, journaling, or listing to-do tasks or goals and crossing them out periodically allows for a celebration of small wins and does wonders for self-esteem. 

“It is the little steps – and then, when you look back over a period of a year, you’ll see how much you have achieved and you’ll have to give yourself that bit of gratitude and mental calm,” adds Reed.

Final Thoughts

So, are you ready to take that journey toward your business or life goal? It does take planning and a lot of courage but it can be one of the most rewarding experiences that you can have. If you think you’re ready to make that first real estate investment, you don’t have to do it alone. Call Life Bridge Capital and let us help.

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