Read Millionaire Fastlane
- Jul 27, 2007
I received this in one of the newsletters I subscribe to. This is part of one of the RE investment groups here in the Washington DC area (http://www.RealEstateCNG.com) and I want to share it here.
So, what's the secret that everyone knows and ignores?
I know that people out there are laughing that I would have the audacity to give a lecture on the importance of focus, but I do and I will.
I am not talking about the importance of focusing on only one thing at a time; I'm talking about the importance of market focus. Of identifying a niche, a segment - either geographic or demographic, or both - and becoming an expert in that area.
I see too many investors say, "I'm looking for motivated sellers" and be unwilling to focus on a geographic area. Why? For fear that they will choose "the wrong one" and miss out on deals outside of their area. And then they (predictably) get no results or get results that they can't work with and get frustrated.
When you fly at 30,000 feet, don't be surprised if you can't read the license plates on the ground. When you focus on "everything", don't be surprised if the customers on the ground - the motivated seller who lives in that 3BR rambler in a cul de sac in Fort Washington - somehow don't get hit by your "shotgun" approach.
I once heard it said that, if aliens were using our space exploration and investigation techniques to explore Earth, they would miss the evidence of intelligent life on our planet. Putting aside the jokes about "intelligent life on earth", there is something instructive there. Are you so scattered, so unfocused that you're missing the opportunities that you could have if you were willing to make a commitment and an investment in getting to know an area and a niche?
The riches are in the niches, not in being a generalist. Everyone knows that it's focused energy that creates power - how could you focus MORE and get better results in your business?
Not a sermon, just a thought.
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