Being a successful home renovator is about more than just finding great deals, getting rehabs done on time, and selling the homes at a decent profit. Yes, those are the bare bones of renovating, but to be truly successful in this business you have to embrace the fact that you’re not just a renovator—you’re a real estate entrepreneur. You are starting, running, and maintaining a home renovation business, and that means thinking and acting like a business owner and entrepreneur.
Every real estate entrepreneur I’ve ever met (myself included) has a few key habits, and you can learn a lot from them.
They Create a Schedule – And Stick to It
First of all, you can approach each day with a blasé attitude and put off the things you don’t want to do…but you’ll soon find yourself failing at renovating and back in the 9-to-5 world. Successful home renovators don’t do this. They create regimented schedules for themselves and their businesses, and they stick to them.
With a defined schedule, you’ll know exactly what you’re going to be doing on Monday morning. You’ll know when you’ll be calling motivated sellers, when you’ll be looking for new leads, when you’ll be checking on current rehabs, and—above all else—when you’ll be clocking in and out each day. Stick to your schedule, and you’ll be much more productive. You’ll also find that you have more free time, too.
They Understand the Power of Networking and Delegation
Next, they don’t do everything by them self. I work with an entire team who assist me with home renovations. I know that is something I couldn’t possibly do by myself. Even if you aren’t partnered with a team of experts, as you get into this business, you’re going to learn that partnerships and delegation are essential to success. You can’t do all of your rehab work yourself, and you may not even be able to chase all of your leads on your own. The more you network with hardworking, professional people, the more great partnerships and relationships you’ll have in the business.
They Don’t Fall in Love with Properties
So far, I’ve mentioned habits that apply to almost any business owner, not just to real estate entrepreneurs. Now let’s focus on one habit that’s specific to home renovating—never, ever fall in love with a property. It may seem like a wonderful deal at the outset, but then it could become a nickel-and-dime nightmare. Conversely, it may be such a great home that you fall in love and make all of your rehab decisions based on your own personal taste.
If you find yourself feeling attached to a property before you make the deal or while you’re getting into rehab work, stop and take a step back. The sooner you can disconnect your emotions from the property, the better off you’ll be, as you’ll be able to see potential problems and make the right decisions for your business.
As you build your home renovation business, you’re going to discover your own helpful habits that will increase your productivity and give you better perspective on being a real estate entrepreneur. Start with these three, though, and you’ll be on your way to successfully renovating more houses and making more money.