Managing the shift well takes more than just collecting investment know-how. Success in real estate investment requires dedication and focus, and these qualities can be tough to cultivate for those who are used to following a boss.

For a lot of first-time investors in real estate, the single greatest obstacle to be overcome is cultivating the right mindset for working entrepreneurially. Reaching one’s goals in real estate investment requires focused, confident action, and that has to spring out of a certain frame of mind. The good news is, that mindset can be cultivated.

Developing the Right Mindset

Mastering the range of different skills an entrepreneur needs can take months or even years. But you can get off to a fast start by making use of focused advice concentrating on the mindset of the successful real estate investor. Here are four keys that will give you a head start on developing the right frame of mind or mindset.

1) Evaluate Your Work On Value Generated, Not

Time Spent

An integral part of entrepreneurial work is that the revenue you generate is dictated by the deals you complete, not the number of hours you put in. This is tough for a lot of first-time real estate investors to grasp, particularly those who come into the industry from a more traditional employment background.

This concept is a simple one, but a lot of investors are held back repeatedly by losing sight of the way they need to prioritize. The more conventional office work you’ve done, the more inclined you are to organize your workday based on the idea of sitting behind a desk for eight hours a day. You must internalize the truth that you earn money based on what you produce, not how many hours you work.

A given project is going to generate a given amount of revenue, no matter how much time and effort you invest in it. Whether you close the deal in five days or five months, you end up with the same money. The benefit of developing a really deep understanding of this principle is that you will begin to work faster, more clearly, and with more focus.

2) The Value Of A Plan Comes Only From What It

Produces

Business plans are powerful tools. Setting out a clear path for how you’re going to build your business is a great way to get started. A business plan can help out further along in your career, too, keeping you focused on your goals and helping you avoid pitfalls.

But a business plan – or any sort of plan, really – becomes a hindrance instead of an asset if you let them get in the way of taking action.

You need to strike an effective balance, making your investing plans useful without wasting any time on fancying them up. Pretty graphs may impress the employees at your local copy shop, but they’re not actually going to provide you with useful insight — especially if you spend hours on graphics that you could use more productively.

Get comfortable with the idea that your business plan is going to evolve as you learn more about real estate investing.

3) Respect The Value Of Your Network

Most people with any sort of professional experience have already heard hundreds of words about the power of networking. Your prior work might have attached negative connotations to the phrase “networking”; perhaps your mind turns to airless hotel conference rooms where uncomfortable people in business casual clothes fling business cards at each other, never pausing to make any real connection.

If you’re going to make it as a first-time real estate investor, though, you have to get comfortable, and eventually proficient, with networking.

There’s a crucial pitfall you have to avoid when you start networking to support your real estate investment career. Don’t think of networking as a numbers game where collecting the largest possible number of connections is your goal. You need to think of your network as an organic, evolving resource that needs cultivation. Appreciate the people who can help you; don’t badger them for favors.

When you’re first getting started, your network is probably rather modest. There’s no problem with that; just remember to put in the time to cultivate it. Look for opportunities to help others who might be in a position to help you later on. Consistent, wise work on your network will help you strike your first real estate deal and all the deals thereafter.

4) Visualize What Success Is Going To Look Like

Visualization is a powerful motivational concept that’s been extensively studied. The term first came into common usage after the New York Times coined it as an alternate term for the sort of “mental rehearsal” athletes began using in the 1960s. Visualization involves both imagining positive outcomes and making plans for dealing with potential adversity. it can help you cultivate the right mindset.

In real estate investment, it’s useful to imagine where you’ll be after you’ve bought your first property. You can use visualization techniques to create a “goal picture” of that outcome.

You can integrate branding into your visualization process. What sort of names and logos would inspire confidence in your future clients? You can even take visualization into the physical realm, creating mock-ups of what your first successful deal is going to look like.

Combining The Keys

Bear in mind that developing a good entrepreneurial mindset is just one of the things you have to do to succeed in real estate investment. You also have to put in a great deal of effort in reaching your goals and educate yourself on the practicalities of buying and selling property.

Make cultivating your mindset a top priority along with your other real estate skills. When you approach your independent investing work with the right attitude, you may reach heights of success beyond your wildest dreams.