The Top 7 Reasons Why People Succeed in Real Estate

Real estate careers can be quite lucrative. Netflix’s Selling Sunset agents are raking in anywhere from $100K to $250K PER SALE selling luxury properties. Agents that aren’t quite so rich or famous are still earning a cool $83,000 per year on average. And house flippers bring in an average of $25,000 per flip.

But how exactly do you succeed in real estate when you’re not guaranteed a steady paycheck?

The simple answer: it all depends on you. It’s the connections you make, the hours you put in, the way you market yourself, and most importantly, your understanding of how money is made in real estate.

Here are a few characteristics that set real estate top performers apart from the others.

1. They Know the Local Market

You don’t have to know everything there is to know about real estate to make good money. The best real estate pros stick to one local market and put all of their time and effort into it. This means knowing what homes are selling for in the area, the age, and condition of homes, and other fine details about the average property. You can find out instantly when a property goes up for sale because you’re searching for opportunities in fewer places.

It also means having connections in the area that can help you find and flip homes quickly and economically. When you flip a home, you need in-depth knowledge of local permitting requirements. You benefit from knowing local contractors that you can trust to work with you on your desired schedule. Going deep in your local market helps you become more efficient with your time and money, which can make you a more successful flipper!

2. They Excel at Self-Promotion

Top-tier real estate professionals know how to market themselves. You are your business, after all. When you know how to promote yourself, you start building a larger network of other professionals. Your reputation in the area grows and people become more likely to trust you.

When they see the caliber of work you’re capable of, home buyers may also feel more confident in buying a home you’ve flipped.

When you know how to promote yourself, your flipped homes might sit on the market for less time. This helps you maximize your profitability on every project and free up time and resources to take on new projects.

3. They Handle Rejection Like a Pro

Success in real estate is all about sales, and 90% of sales are rejection. That’s why the number one aspect of a strong salesperson is the ability to shrug off rejection and go right into the next opportunity. When you’re truly good at sales, you don’t worry too much over an offer that didn’t go through. You don’t stay awake night after night agonizing over that one lost opportunity.

Instead, excellent house flipping professionals are those who can bounce back quickly. Learn from deals that didn’t go through and move on. You’re going to win some and lose some, but you can win bigger and lose smaller over time if you can build resilience and keep going forward.

4. They See Every New Contact as an Opportunity

Nobody comes into real estate with a huge list of clients, contacts, real estate agents, properties, lenders, and resources. These are things you need to build yourself, and they can take time to find, vet, and nurture. But savvy house flipping pros do this consciously. They make networking a priority and treat every person they meet as a potential opportunity.

The truth is, you never know where your next opportunity will be. Someone you meet tomorrow could end up owning the next house you flip. Or someone you’ve known for years may know an excellent tile guy or carpet installer that can help you complete your punch list on the cheap.

The whole point of networking is to make your business more valuable, and value isn’t always immediately available. Never write off a new connection, as you never know what value they might provide months or even years from now.

5. They’re Visionaries

Some opportunities happen by chance. But most real estate investment professionals know that a great opportunity is the result of planning. You need to keep an eye on the market and watch for properties as they’re listed for sale. You need to already have a budget in mind and know what you’re looking for in a flip. Know how much you’re willing to put into renovations and upgrades. Calculate how much you need to make on the sale to make your real estate investment worthwhile.

When you’re a real estate visionary, you are in a much better position to spot the right opportunity when you find it. You can act quickly before someone else does and turn it into a tidy profit.

6. They Have a Mentor

One of the most overlooked opportunities to make it as a real estate investor is to learn from others. A mentor can be an invaluable resource that will help you avoid making beginner mistakes while maximizing your return on investment.

Mentors offer hands-on learning and firsthand accounts of what they know works and doesn’t work in house flipping. You can broaden your knowledge beyond books and theoretical knowhow without taking major risks in your business.

Get to know the systems and processes your mentor has put into place. See what technology they’re using and how they’re using it. Ask them to introduce you to other industry professionals, so you can grow your network quickly while earning some credibility. The value of a mentor only grows over time.

7. They Think Long Term

Flipping can be a huge undertaking, no matter the size of the home or the budget you’re working with. You’re playing the long game with every flip, pouring resources into the process for months before you can expect an ROI. To do this successfully, you need to excel at thinking about the future.

House flipping means spotting potential problems that could affect your budget or the home’s eventual scaleability. Flippers look at the fine details, from foundation issues to the age of electrical systems, to decide whether a home is a good candidate for their services. They know their own strengths and look at how they can apply those strengths to every project.

Thinking ahead is a skill that you cultivate over time. You might not be a forward-thinking expert with your first flip. But as you gain experience, being forward-thinking feels more second nature.

How You Can Succeed in Real Estate

Flipping a house has become one of the most popular real estate investment paths, and for good reason — there are tons of older homes on the market that need critical updates. The average homeowner might not have the time or know-how to upgrade their own homes, so a flipper can be a valuable resource in the real estate industry. At Hamptons Flips, we’re changing the conventional wisdom of real estate house flipping to help you achieve more profitable outcomes. Contact us today to learn how we’re putting house flipping within reach of more real estate investors like you!