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Real Estate Investing for Introverts
Superficially, it may seem like real estate investing and introversion aren’t a good fit, but in reality, it’s one of the better avenues for the restrained and reserved. Real estate investing for introverts can be a really good fit. Introverts are naturals at focusing on the details that bog down more extroverted types.
From start to finish, success in real estate requires the ability to assimilate information and draw conclusions that you can put to work to build a successful portfolio. While extroverts can do that too, it’s a foundational instinct for introverts.
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Real Estate Investing for Introverts
- Real estate investing requires study. While introverts aren’t necessarily better students, they do have an easier time doing the research when they have to. They’re more likely to have the patience to spending time reviewing the viability of a property as a rental and once acquired, going over the details for managing it.
- Personal interaction is intermittent. Whether you use a professional property management company or manage it yourself, interaction with the tenants is normally minimal. After it’s rented and they’ve moved in, it’s not likely that they’ll require much more attention, outside of the infrequent request for maintenance or repairs.
- Real estate doesn’t require a shotgun approach to networking. Although you’ll have to do some, you don’t need to meet new people over and over to grow and foster your business. People in real estate who meet others in the business with whom they have a rapport tend to network with them over the years.Introverts have an innate ability for fostering long-term relationships. They are likely to have a few close friends and close business associates for long periods, unlike extroverts who tend to form more short-lived, superficial friendships.Networking will give you a chance to meet others in the business as service providers, and it’s much easier to manage a property by using time-tested contractors for the work. Most real estate investors hold their properties for years, and having good relationships with subcontractors makes the maintenance and marketing much easier.
- Listening helps. Many introverts have a highly developed ability to listen, an invaluable skill when it comes to making and negotiating deals with sellers and vendors. People aren’t always direct about what they want, but being able to give someone the time to express what they want without interruption gives anyone in real estate a unique edge.Taken one-by-one, their words may not express directly their expectations, but instead, paint a picture. A good listener has the advantage in these situations. After assimilating the information, the listener can draw accurate conclusions about the motivations of the speaker.Quiet listening is also an excellent skill to have when interviewing tenants. Giving them the opportunity to freely discuss the property with you may bring up issues for both you and them that could impact their suitability and satisfaction with the home. With rental property, it’s always best to discover the limitations sooner than later.
See also How to Attract Long Term Tenants
- Ability shines through. Extroverts have a clear advantage when it comes to the recognition of their achievements. Since they’re more inclined to externalize than introverts, more people will know what they’re up to and what they’ve accomplished.But just because they’re quiet about it, introverts get plenty done, and sometimes remarkably well. Think Bill Gates, Mark Zuckerberg, Warren Buffett, Meryl Streep and Michael Jordan who are all contemporary introverts whose success is inarguable.
As an introvert, don’t dismiss real estate investing. Anyone with the ability to listen, study and work closely with others will do well in this field.
JWB has more than 10 years experience managing turnkey rental property investments. We have a consistent approach that delivers steady cash flow from our clients investment properties. Curious what your cash flow could be from one of our rental properties? Try our cash flow calculator or contact us to learn more.