Set your goals high for your career by mirroring the habits of the truly elite few.  According to Forbes magazine's annual list of "The World's Richest People," which ranks billionaires, 79 out of the world's 793 billionaires made their fortunes primarily or partially through real estate.  Here's what you can learn from their habits, lifestyles, and business styles:

  • Go commercial. Billionaires who make their fortunes in real estate don't do it by selling one home at a time. They do it by owning and operating office buildings, shopping centers, apartment complexes, and luxury hotels.
  • Do more than invest. Buying a piece of property and sitting back and waiting for it to appreciate in value is not the ay to make billions. You need to enhance its value. The late J. Paul Getty did just that after he bought New York's Pierre Hotel for $2.35 million in 1938 and turned it into a hub for New York society by convincing a prominent socialite to stay there. He increased the value of the investment by more than eight times.
  • Be able to see the property for what it could be. Just because you buy a shopping complex doesn't mean that's the best use of the property. Recognizing that real estae will have a greater value with an alternative use is what helped billionaire Laurence Tisch, now deceased, achieve success when he acquired controlling interest in the Loew's Theatres chain and converted prime Manhattan property into the Summit Hotel. Know the zoning laws in your area and apply to have properties rezoned if needed.
  • Be tenacious and relentless. Billionaires don't let obstacles or pitfalls keep them from achieving their goals. Just because you fail doesn't mean you can't succeed in the end. Kirk Kerkorian, whose many ventures have included ownership of Las Vegas real estate, specifically hotels, has made and lost millions in many investments, but he refuses to give up and always gets back in the game and continues to make deals.
  • Have a thick skin. People are by nature resentful and jealous of successful people. Don't let criticism of your work deter you from your goals.
  • Have superior information. If you do more research than your competitors, you'll have an advantage in any transaction.

 

Sources: Martin Fridson, Leverage World, an investment research publication, and author of How to Be a Billionaire (John Wiley & Sons, 2001); and Forbes magazine's "The World's Richest People," March 2006.