I have a few friends that say they are property scouts. When I ask them if they are successful…I never get a straight answer. They might say they haven’t found the right property, or they might say they haven’t found the right investors to work with. I hear lots of excuses.

So…. how does one become a successful property scout?

Some people say they want to become a successful property scout in real estate and never take the first step. They just dream on and on. Others take the first step and then get side tracked – they allow interruptions and dream stealers in. Some few have limited success as a property scout, but, very few actually take the steps and learn how to become a successful property scout in real estate. That is true in any business. The 80/20 rule always applies. Which percentage do you live in? The 80% or the 20%?

Are you truly willing to do what it takes? Are you really willing to learn how to become a successful property scout in real estate? A lot of people think they can just jump into the business and make lots of money with very little effort, but the reality is, they are not willing to do what it takes. Just like any business, it takes dedication, perseverance and a willingness to learn and take action on what they have learned. And that, my friends, is what separates the wannabes from the people who actually make money at this. And there is a lot of money to be made!

In working my way through the process on what it takes to become a successful property scout in real estate, I have found certain steps are necessary to achieve my goals. It all begins with a goal. As Napoleon Hill states in his book “Think and Grow Rich”: You have to have a goal and then make corrections as you go forward.

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The 5 Steps to Success:

Once you have set your goal and have it clearly in front of you, here are the five things you must do to become a successful property scout:

1. A successful property scout will learn the language of property scouting. Without the knowledge of what to say to a realtor, seller, banker or owner, you will be passed over as a time waster and will never get to first base.

2. Develop a plan of how many hours you will spend each week, searching for properties (locally and on the net). Additionally, a successful property scout in real estate will call banks and lenders to find the person that handles the commercial assets and see if there are any defaulting assets.

3. Do your homework. Look for properties in your local area. Start with the newspaper and local realtors. Attend meet-up groups (you can find them on the web) that are interested in property, commercial and residential. Drive your local area and look for vacant lots in the downtown or industrial areas. Look for apartments, office buildings and strip malls that show signs of deferred maintenance or vacancies. Successful property scouts in real estate are always looking and asking.

4. A successful property scout builds a list of realtors that can be contacted regularly. Build a list of investors that would be interested in having you find good deals.

5. A successful property scout will know the workings of a commercial deal, from a letter of intent, to contract, to due diligence, to funding and closing.

Even with all these five steps, if you really want to learn how to become a successful property scout in real estate, you have to continually work on each step in real time and adjust to the market place. For example, three years ago, builders were looking for land for homes and shopping centers. Today, investors are looking for properties that cash flow or will cash flow without a huge outlay of capital.

So, if your want to know how to become a successful property scout in real estate and you think this field is for you want all the wealth it can bring, then follow these five steps on your way to becoming a successful property scout.

If you want to learn more about becoming a successful property scout, click here

I wish you great success!