With the new year approaching, many people are considering how they can do things differently, be more effective, grow personally, do more, do less, and overall become better. Sometimes, in order to do more, you have to learn to do less.
If there is anything I’ve learned in my own real estate investing journey, is you cannot do everything on your own. Real estate investing is a team sport. There are a lot of moving parts that require specific skills and expertise. From CPA’s, to SEC attorneys, contract attorneys, lenders, property managers, brokers, etc., each person has something they contribute to the deal. Even further, as a real estate investor, there are even more skill that are needed just to complete one deal. From finding deals, to making offers, securing financing, raising capital, vetting property managers, managing the asset, refinancing or selling the asset, investor communication, etc., there are so many things required in sponsoring a deal.
It doesn’t make sense for someone to think they can do all of these things on their own. Instead, you have to identify what you can do well – your superpower.
Make a reference to how a superhero doesn’t do their own taxes, swim when they can fly, etc. They focus on what they are good at.
As a successful real estate investor you will have to identify your super power. Each person has their own unique skill, capability, or expertise. I’m sure you have something you are better at than anyone else you know, whether you know it or not. You might be very analytical and able to build financial models with attention to details. You might be a person with the ability to think of the big picture, and able to visualize what needs to be done on a larger scale. Maybe you are a great people person and are able to connect and relate with almost anyone. You might be able to raise capital from investors using this skill. Perhaps you are great at telling stories and would be good at marketing.
No matter who you are, you have a unique skill that you can use. If you haven’t unlocked your super power yet, here are a few ways to find that super power.
- Think of what you are good at
- What do you like to do?
- What do others look to you for?
The intersection of these 3 things is your super power. By now, you’ve probably started to think of your super power. Even further you can enlist the help of friends and family, by asking them. Here are two simple questions you can ask them.
- What is my unique ability?
- What do I naturally do better than most people?
Having external feedback from people who know you well will help you further identify how others see you. This plays into point 3 above, in what do others look to you for. By asking yourself and others these few questions, you will get a really good idea of what your super power is.
Don’t worry about trying to make your weaknesses your super power. There’s too many skills when investing in real estate to master everything. Instead, focus on your super power and partner with other people with complimenting super powers. Use your super power to the best of your ability. Use it to help others and yourself.
Soon enough, you look back at all the things you’ve accomplished by focusing on using your super power.