Starting out in real estate can be challenging, especially if you’re new and working with a limited budget. But fear not, there are specific activities you should focus on to set your week up for success. Here’s a breakdown of what every new real estate investor should be doing on a weekly basis.
Introduction to New Investors
If you’re just getting started in the real estate industry, you’re likely a solopreneur—someone running their business alone. It means you don’t have the funds to hire a team yet. The goal is to focus on actions that will generate income, build experience, and grow your business.
Focus on Prospecting
Make Prospecting a Priority
Prospecting should be the core of your weekly activities. Drop everything else and commit 90% of your time to finding deals and potential clients. This is how you will generate the income needed to scale your business.
Schedule Your Week
Create a daily and weekly schedule that prioritizes prospecting. Use a simple notebook to list tasks for the day. Categorize them into three buckets:
- Activities that get you paid – These should always come first.
- Things that must get done – Important tasks that keep the business functioning.
- Things you want to do – Nice-to-have tasks like organizing your desk.
Overcome Analysis Paralysis
Confront Your Fears
Many new investors suffer from analysis paralysis. You may feel the need to learn everything first or fear making mistakes. It’s crucial to break this mindset. Embrace failure as part of the learning process. Aim to fail at least a hundred times a day. Each failure is a step towards success.
Learn by Doing
You won’t learn how to succeed in real estate through books alone. The best education comes from real-world experience. Each failure teaches you what not to do and brings you closer to mastering the game.
Streamline Your Day
Write It Down
At the start of each day, jot down all tasks that need to be done in a spiral notebook. Then classify them:
- Get Paid – Focus solely on activities that bring in revenue.
- Must Do – These are non-negotiable tasks like filing taxes.
- Want to Do – Less critical tasks that can be done later.
By focusing on revenue-generating tasks first, you ensure the business keeps moving forward.
Platforms like Propelio offer resources and tools that can help you in various areas of real estate investing. Spend time familiarizing yourself with these tools but remember, they are there to assist—not to consume all your time.
Weekly Calendar Setup
Build a Weekly Calendar
Design a calendar that allocates most of your time to prospecting. Here’s a sample breakdown:
- Monday to Friday:
- 8 AM – 12 PM: Prospecting calls and meetings.
- 1 PM – 3 PM: Follow-up on leads and negotiate deals.
- 3 PM – 5 PM: Administrative tasks and learning new skills.
- Saturday:
- 10 AM – 2 PM: Open houses, property visits.
- 2 PM – 4 PM: Networking events or catch-up on missed tasks.
- Sunday:
- Day off or light work: Review the week, plan ahead.
Conclusion
Starting out in real estate investing can be daunting, but with a focused weekly plan, new investors can set themselves up for success. Prioritize prospecting, confront analysis paralysis, and streamline your daily activities to ensure that revenue-generating tasks come first. Utilize available tools wisely and maintain a structured calendar to keep your efforts on track.
By consistently following these steps, you’ll build the foundation needed to grow your business and eventually scale up. Remember, the key to success lies in persistent action and learning through real-world experiences.
Get started with Propelio and unlock all the tools you need to succeed in real estate. Sign up now for a 14-day FREE trial: Start Free Trial
