3 Challenges for Real Estate Investors
Most people become real estate investors for one reason and it isn’t money typically, it is the flexibility and lifestyle that real estate provide. People love the fact that they can work from home. The U.S. Small Business Administration reports that over half of all small businesses in America are based from home. This has many benefits but it also creates several challenges.
The Small Business Admiration states that the 3 biggest challenges that home-based investors face are work-life balance, scheduling issues, and feelings of isolation.
Finding a Healthy Work-Life Balance
Finding the right balance of work and life is hard for anyone to figure out. Working from home can make this much more difficult. The reason is because there is not a physical separation of business from personal life like an office that you drive to does and the tendency can sometimes be to stay in work mode from wake to sleep.
Time blocking will help ensure that designated times are for business and certain hours are for spending time with family, friends, and loved ones. It is a good idea to have a room that is designated as the office since this will give needed separation for business and pleasure. When a person is working in the office, they should make it clear with the family that they are not to be interrupted while they work in the office. When a person is not in the office, they should enjoy the time with their families and friends. They can accomplish this by leaving their cell phone and laptop in the office. They will not do work unless physically in the office and it has been time blocked in advance. It is important for a person to time block with their spouse so both parties are clear and have input for what work times are and what family times are.
Scheduling Issues for Investors
Unless a person is extremely disciplined, investors can fall from one extreme of the spectrum to the other. An investor might have problems getting up and starting work or they might have problems shutting off. The natural workaholics can make a lot of money but it can be extremely tough for those that are easily distracted. If a person is easily distracted, it is a good idea to keep televisions off and away from where they work. All distractions should be removed from the office. There should be a defined start time and a defined end time just like many jobs make you punch in and out.
Isolation
Some people love working by themselves but for others this can be taxing or depressing. Many times if a person is always working from home they get isolated from the buzz and excitement of a team environment. That is why it is important to go to networking events on a consistent basis and have lunches with strategic partners. Sometimes something simple like working from a Panera or Starbucks for a couple hours will give a needed change of scenery. It is also a good idea to have someone that holds you accountable. People need constructive criticism and feedback. This will ensure you are staying on track and making progress since you do not have a boss to do this for you.