Hi Everyone,
I hope you are all doing well.
As a new real estate investor, you may not yet understand the importance of associating yourself with goal oriented and like minded people.
Doing this is absolutely critical to ensuring your success as a real estate investor.
Fellow Canadian Real Estate Investors and Bloggers Tom and Nick Karadza have done a lot of reading on the topics of real estate and business. They have a number of great recommended readings over at their Rock Star Inner Circle Blog. A number of books that they recommend discuss the importance of associating yourself with goal oriented and like minded people. In addition, topics such as ‘accountability partners’ are discussed in some of these books.
We will now dive into today’s blog post, as I will discuss with you 3 reasons why you need an accountability partner…
The First Reason you need an accountability partner…
Real Estate investors are an entrepreneurial lot. As entrepreneurs, we all personally hold ourselves accountable in different ways. Some of us are very good at being accountable, and some of us are not very good at being accountable.
From my observation of real estate investors, I believe that most lack an ability to keep themselves accountable.
Due to the fact that most of us have a poor ability of keeping ourselves accountable, we need all the help we can get with this.
Therefore, the first reason you need an accountability partner is because your partner will keep you on track. When you are on track, you stay focused on your goals. Due to this rediscovered focus you are able to complete tasks and accomplish goals more rapidly than you would have been able to, had you not been matched up with your accountability partner.
The Second Reason Why you need an accountability partner…
A good accountability partner can be a great help. Not only can this person help us, they can also serve as a gauge as we measure our own success in comparison to our partner’s.
For example, you may have two individuals acting as accountability knockoff richard mille rm 52 02 partners for one another. The first partner, let’s call him Sanjay, owns 3 rental properties. The second partner, let’s call him Frank, has not bought his first rental property yet.
As Frank and Sanjay engage in their discussions as accountability partners, Sanjay’s experience in purchasing 3 rental properties can prove to be a great help for Frank.
Frank can try to reproduce Sanjay’s success, by purchasing his own rental property.
No one really likes to be left behind. As such, Frank can use Sanjay’s success as a motivator in order to push him closer to the goal of owning his first rental property.
The Third Reason Why you need an accountability partner…
An accountability partner will help you to become smarter. Each person in a 2 person accountability partner relationship has different strengths.
For instance, one partner may be great at raising joint venture money, while the other partner might be great at building a strong real estate team.
Because of the different skills sets that you and your partner have, you can easily learn from one another. With dedication and commitment, you can learn from your partner and become better at tasks that perhaps you were previously not very good at. Since you will now be better at tasks that you were once not very good at, your level of overall intelligence and general knowledge will have increased!
So in summary, the 3 reasons why you need an accountability partner are as follows:
- Your partner will keep you on track. When you are on track, you stay focused on your goals.
- They can also serve as a gauge as we measure our own success in comparison to the success of our partner.
- An accountability partner will help you to become smarter.
Best Regards,
Neil Uttamsingh
PS: To keep up to date with my blog, enter your e-mail address on the LEFT hand side of the blog. To receive The First Rental Property Newsletter, enter your e-mail address on the RIGHT hand side of the blog. In The First Rental Property Newsletter, experienced real estate investors will share with you how they bought their first rental property. They will also share with you some ‘tips’ and ‘tricks’ to help you buy your first rental property.
Hey Neil,
Great post man! I couldn’t agree more with what you’ve written. I just so happen to have a stretch goal I’m committed to delivering on and I look forward to updating my accountability partners/mastermind when I do.
Also, I think you just inspired the next post I’m going to write.
Cheers,
Erwin
Erwin,
Thank you for your comment.
Accountability partners help to make a big difference with an individual’s performance, as you know.
They help us to keep on track, they help us to stay motivated, and most importantly I believe is that they help us to look within and determine what our goals and objectives REALLY are.
Regards,
Neil Uttamsingh
[…] Start you own mastermind group – tired of trying to talk about real estate to your friends, family and spouse and equally tired of them brushing you off? Then start your own mastermind group. Ask a small number of people from your network whom your respect, have a skill or experience or success you don’t already posses. Create some structure to your meetings, make sure everyone has a turn to speak and have their problems solved by the mastermind, set goals to be completed before the next meeting and hold each other accountable. For three great reason why you want to be held accountable, I’ll let me friend and fellow Hamilton real estate investor Neil Uttamsing explain in his blog post titled: 3 Reasons why you need an accountability partner […]