It doesn't matter if your company specializes in selling pencils or investing in real estate, all successful businesses share a few common characteristics. Here's a list of the top four:

1. Focus. It’s very easy for entrepreneurs to get off track and start thinking about the next big idea before the first one is complete. As real estate investors, we sometimes have a tenancy to look at the next transaction when the task at hand needs our full attention. There will be hundreds of opportunities and obstacles that arise—and sometimes it seems like it happens everyday. Successful real estate investors see the light at the end of the tunnel, that is why they succeed - they remain focused on the prize. They realize other opportunities may present themselves.  They understand that the next great opportunity could be dangling like a carrot right before their eyes. And although they’re creative and ready to bounce from one task to another whenever necessary, they're still very disciplined and recognize that pursuing “the next big idea” might not be consistent with the activities needed to accomplish their goal.    

2. Hire intelligently. A company’s success hinges on its ability to hire the right people. Real estate is no different. You and your team will need to make important decisions and take actions that can significantly impact the success of your investments. Hire intelligently. Screen carefully. Your team must be competent, responsible, well-trained and possess the enthusiasm necessary to succeed in a fast-paced, rapidly changing environment.

3. Effectively Communicate. You have hired intelligent employees. More then ever before, good communication is absolutely critical. Too often investors drop off paperwork to their manager or management company and disappear. Management companies can do the job, but you need to do your part too. Nobody can hit a target they can’t see—it’s your job to aim your team in the right direction. Your goals and objectives must be thoroughly communicated with your team. Your vision and values need to be followed. Team members must be given some sort of performance review and ongoing training to make the most of your efforts. If you have a team member who's unable or unwilling to pull their weight, encourage them to find a new team!   

4. Success Isn’t The Only Thing, It’s Everything. Certainly we're not suggesting that you should sacrifice everything in the name of success--that's just foolish. But real estate investing is just like any other business—some fail and others succeed. If that’s true (and it is) then that means success is everything! Failure is not an option. You have to play to win. Unfortunately some investors will lose, but others will make millions. The good news is there’s enough success to go around for everyone. This isn’t a sport where there can be only one winner. Lots of investors can win—and do. But they do it by planning and executing an investment strategy designed to get them where they want to go.

Focus on your goals and hire the best people you can find. When you do that and effectively communicate your expectations, your chances of success greatly increase.