3 Skills of Real-Estate Entrepreneurs



The key to your success as a home renovator and real estate investor is not in the day-to-day things you do. Tasks like searching for fantastic deals on properties, making them better, and finding buyers are essential to making a profit on your investments, but ultimately, your success stems from how you see yourself. You are more than a renovator; you are an entrepreneur, building a business and a legacy. If you see yourself as a real-estate entrepreneur and consider your work to be building a business, you will make better decisions and build an enterprise of your own that can become scalable and profitable. Ready to start thinking like an entrepreneur? Hilary Farr Seminars shares three habits that successful entrepreneurial home renovators adopt.

  1. Don’t get attached to properties
We’ve all been there—you find a great deal on a home with amazing potential, and can’t help falling in love with it. While passion is important in any enterprise, getting too attached to a single property can cloud your judgment. It may lead you to make renovation decisions based on your own preferences rather than on market trends. Or you may hold on to it longer even as it’s clear your investment won’t pay off. If you notice yourself getting too attached, take a minute to get a distance check. Be aware of your emotions and disengage quickly if you notice yourself getting a little too blinded by a great property. While you can and should find joy in your work, true entrepreneurs focus on the turnaround, rather than spending their time and energy in the details of a particular property.

  2. Build relationships
Entrepreneurs in any field don’t underestimate the importance of networking and delegating as they build their businesses. When you rehab your houses, you probably don’t do all the heavy lifting yourself—you rely on a team of professionals, such as contractors, electricians, plumbers, decorators, and more. Even when locating properties, you likely get leads from wholesalers and others. You need to delegate the work of flipping a house in order to get everything done on time. If you are new to real estate investing, you should put plenty of time into building a strong network to help you with your rehabs.

  3. Keep a strict schedule
With house renovation, time is money. The longer you sit on a property and the longer the repairs take, the less your profit margin will be. Renovators need to create a strict schedule for themselves and their team, and hold themselves and others to it. If you find yourself procrastinating unpleasant tasks and not planning how to spend your time, you will limit your potential—and your profits. Each week sit down and make a plan for what you need to get done. Set timetables for properties, and schedule time to check on rehab progress, find new leads, contact sellers and wholesalers, and network. Decide what you will do each day and how many hours you’ll work, and stick to your plan. As you build your business, focus on developing these three habits. You may add more entrepreneurial skills as you gain more experience in real estate investing and house renovation, but these will help you in building a strong foundation in thinking like a business owner.

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