How the Law of Consistency Applies to Multiunit Property Owners in Residential Real Estate

In the world of real estate, especially for those managing multiunit properties, the journey to success isn’t always about making big moves or landing major deals. Instead, consistent growth and discipline can make the difference between flourishing and faltering. This is where The Law of Consistency, as outlined in The 15 Invaluable Laws of Growth, becomes highly relevant. This law emphasizes the importance of discipline in achieving long-term success, particularly when combined with motivation. For residential property owners, this principle is crucial not only in maintaining properties but also in navigating the ups and downs of managing multiple units.

Motivation Gets You Going, Discipline Keeps You Going

At the start of a property investment venture, it's easy to be motivated by the idea of financial success, the satisfaction of being your own boss, or the excitement of acquiring and improving properties. But as the initial enthusiasm wanes, it's the discipline to keep moving forward that leads to lasting success.

For a multiunit property owner, this means committing to the daily tasks that are often overlooked: keeping up with maintenance schedules, addressing tenant concerns promptly, or staying on top of financial records. Motivation will help you begin these tasks, but it's discipline—the daily, consistent actions—that will keep you moving forward even when the going gets tough. As the saying goes, "Discipline is really a muscle to be developed." Just like physical exercise, the more you practice discipline, the easier it becomes.

Growth is Not an Event, It’s a Process

As a property owner, growth doesn’t happen overnight. While it's tempting to think of growth in terms of one-time achievements (like purchasing your first building or securing a lucrative tenant), true growth happens through consistent effort over time. By focusing on developing positive habits and maintaining a steady work ethic, you ensure that your real estate business is always moving forward.

For example, small, consistent improvements to your property (upgrading units, enhancing curb appeal, or even improving energy efficiency) can add significant value over time. As tenants appreciate these efforts, your reputation as a responsible landlord will grow, leading to better tenant retention, fewer vacancies, and ultimately, increased profitability.

The Power of Small Disciplines Repeated Daily

Small disciplines practiced every day lead to great achievements over time. This principle applies to every aspect of real estate management. Whether it’s showing up to inspect your properties regularly, reviewing financial statements each week, or responding to tenant inquiries promptly, it’s the small, consistent efforts that add up. You might not see immediate results, but over time, these habits compound into significant benefits.

Just like a musician practicing scales or an athlete training daily, real estate owners must stay committed to these small, consistent actions. The more you cultivate these habits, the better you will become at handling the various challenges that come with managing multiple units.

Why You Must Keep Improving

For property owners, improvement isn't just about increasing rental income or expanding their portfolio. It's about creating an environment where you and your tenants can thrive. Understanding why you want to improve your business is essential to staying motivated and focused on long-term success.

Take the time to reflect on your why. Is it financial freedom? Is it the joy of helping tenants find a place to call home? Is it the personal satisfaction of building a legacy? The clearer you are about your motivations, the easier it will be to stay disciplined in your approach. Without this clarity, it’s easy to get bogged down by the day-to-day tasks and lose sight of your long-term vision.

Moving from Goal-Oriented to Growth-Oriented

As property owners, it's tempting to set large goals—like acquiring ten new properties in the next year or increasing rents across all units. However, shifting your mindset from goal-oriented to growth-oriented can lead to more sustainable success.

A growth-oriented mindset focuses on the journey and emphasizes lifelong learning and improvement. It’s not just about hitting a specific target, but about becoming better each day—whether that’s refining your communication skills with tenants, learning more about property management trends, or adapting to market conditions. Focusing on growth ensures that when you do achieve your goals, you’re ready to continue improving beyond that point.

Consistency Equals Productivity

Being constantly productive doesn’t mean working yourself to exhaustion or pushing yourself to complete every task immediately. Instead, consistent productivity means showing up every day, doing the important tasks, and being disciplined in following through with your responsibilities. It’s about maintaining steady progress, no matter how small, and ensuring that each action is contributing to your overall growth.

For example, managing a multiunit property requires routine checks, addressing maintenance issues promptly, and responding to tenant concerns. It may seem like a lot of small tasks, but these consistent actions contribute to the overall health of the property and the success of your business.

Applying the Law of Consistency to Property Ownership

To truly apply the Law of Consistency to your real estate business, it’s important to:

• Align your motivation with your personality: Understand what drives you as a property owner. Is it the financial reward? The satisfaction of maintaining high-quality living spaces? Or perhaps the challenge of growing your portfolio?
• Exercise consistency like a muscle: Commit to showing up every day—whether it's dealing with a tenant issue, managing finances, or exploring ways to improve your properties.
• Set daily goals: Small, achievable goals are key to keeping you on track. Even if your long-term goals seem overwhelming, breaking them down into smaller tasks will help you stay motivated and disciplined.

Conclusion: Building a Legacy Through Consistency

For a multiunit property owner, success isn’t just about making large, bold moves. It’s about consistent, disciplined actions over time. As you develop the habits of success and practice consistency daily, you will not only see improvements in your properties and your bottom line but also in your personal growth and development as a business owner. Remember, consistency isn’t just about maintaining the status quo; it’s about actively growing, adapting, and improving in every aspect of your real estate journey.