Aug 2, 2018
Discover Your Niche To Level-Up Your Real Estate Business
Being good at a lot of things is one way to end up broke. That may sound counterintuitive, but have you ever heard the expression “Jack of all trades, master of none?” The problem with being a jack of all trades is that the masters are the ones making all the money.
Many real estate professionals, lenders and investors want to make money wherever they can. They want to make everyone happy and work on any deal that has profit potential. But is this the best for their bottom line?
When I started my company almost 10 years ago, I was a licensed Colorado Mortgage Broker. I was raising private money and lending it out to real estate investors and I was originating conventional loans. I was easily working 70 hours a week — and I had a newborn at home. As I learned more about business, I decided to track my time and compare that to my income. The results were astonishing. It was hard for me to believe that 80% of my time was spent trying to close conventional loans, while conventional loans only accounted for 20% of my income.
I had already learned this lesson once through my real estate investments, but apparently, I needed to learn it again. When starting my real estate investment business six years earlier, I was having a real hard time getting momentum. My offers were not getting accepted and I did not know what direction I was headed. Once I shifted my focus to lease options, I started closing a deal or two a month.
Simply focusing on a niche changed everything in both my real estate investment and my private lending businesses. Whatever your area of real estate expertise, you can leverage the power of a niche by taking similar steps.
Article source: Forbes