I recently spent a full day masterminding with several other real estate investors. Individuals from Florida and Ohio were well represented in the room. A recurring theme was what I refer to as the “Bilbo Baggins phenomenon” – that little pat of butter being scraped across too much dry toast. In the real estate business, it’s easy to spread yourself too thin. One way to prevent that from occurring is to focus your activities on one or two key elements.
Many individuals, including myself, struggle with narrowing their focus. Two questions were asked repeatedly that are very helpful for narrowing your focus in your business activities:
- What are your unique abilities? One individual in the room had a unique ability to make very quick, tactical decisions in high-stress environments because of his long service as a first responder. While everyone else is running out of a burning building, he is running into it. Members of the group shared with him that this gives him the ability to walk into a messy situation that another investor or someone else has created and be able to prioritize the tasks that need to be done and the best way to get them done quickly and efficiently. That is where he should focus much of his effort.
- What revenue-producing activity do you really enjoy doing? The most common general answer was something that helps people. Each person would then be more specific as to what they were doing to help others that also gives them joy.
I hope these questions can help you focus your business as you move through the fourth quarter of 2017 and begin to gear up for 2018. Remember, a key element of your real estate investing playbook is being focused on things that consistently generate revenue while using your unique abilities and bringing enjoyment to you.