Tuesday, May 29, 2012

Being Successful in Real Estate


Being Successful in Real Estate by Mendy Lipdsker{4:00 minutes to read} There are 2 questions that people who are interested in real estate often ask me:

  • What does it take to be successful in real estate?

  • How long does it take to be successful in real estate?

I’ve spoken about the first question in many previous articles. You have to be willing to put in the time and do the hard work to be successful.

At seminars and real estate events that I have attended, I have learned that whatever you have now is based on what you did 3–6 months ago. In other words, if you are on vacation, chilling out and taking life easy, in 3 months your phone is gonna be on vacation, chilling out, and taking life easy, too. And, of course, your bank account will be on vacation as well.

  • Where do I find buyers?

  • Where do I find sellers?

There is a known law of attraction that works when it comes to something you are passionate about. It’s like when you own a certain car, all of a sudden your eyes are drawn to that car on the road, in the parking lot at the shopping mall, etc. You find yourself meeting, striking up conversations, or running into people who have the same car.

In the same way, if you are really working your business, your passion for selling real estate will draw buyers, sellers and investors to you.

How long does it take?

In selling real estate, it could take a good 18 months until the momentum really starts kicking in and you start making deals. You will have ups and downs like with everything, but if you can’t get deals going within that time frame, then this business may not be for you. If you are cultivating and building relationships with real estate investors, buyers, and sellers, and making progress, remind yourself that it takes time to make a deal. Rome wasn’t built in a day.

Even when a buyer or investor steps up and says, “We’re closing in 30 days,” it is rarely 30 days. It takes time to get the deals done, but once you have things in your pipeline, then it will evolve from there.

You can dedicate a good 1½ to 2 years to the business, but if you’re working for a serious company and they don’t see that you are making progress, have some momentum, or that you have deals coming along, you may be getting your pink slip.

It takes at least 3–6 months to get rentals going. For sales, you need a good 18 months to really get things kicking off.

What do you need to do to be successful? Take a look in the mirror and honestly ask yourself,

  • Hey, is this working?

  • Am I on track?

  • Is this for me?

  • Are we doing this, or are we not?

And if it’s for you, then go all the way. You’ll have your tough times, but if this is the right thing for you, you’ll make money over the years. If it’s not for you, then maybe it’s time to go and explore a different path to success.


Mendy Lipsker
Mendy Realty Inc.
822 Montgomery St
Brooklyn, NY 11213
Phone: 646.662.5454
email: info@mendyrealty.com
website: mendyrealty.com

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