In talking with some of my coaching students who are newer to real estate investing, I find there tends to be a pattern of behavior that I like to discuss with them, upfront, in a frank manner. Darren Hardy, a bestselling author and publisher of SUCCESS magazine, who is a mentor to CEOs and high-performance entrepreneurs himself made a short list of mistakes that most entrepreneurs make. Here they are.
Being a big thinker and trying to “dent” the universe. If you begin with illusions of grandeur, you’ll probably never get started, or you will mess it up. With real estate investing, that could be thinking you need to create a whole new system or procedures to effectively build your business, when I have already created it for you. Or thinking you will be able to acquire an unreasonable number of properties your first month. Start where you are, if that makes sense. You must start on a smaller scale, especially when you are new to real estate investing. Of course I want you to set goals, and I will help you with that. Focus on getting better every day, rather than on some imagined lofty goal. On a day-to-day practical basis, thinking too big paralyzes you and keeps you from doing anything at all.
Being excited, and expecting those around you to be excited for you. People know you for who you are to them. While it’s easy for people to read about celebrities and other superstar achievers and see their success as something out of reach, it’s quite another thing to be happy for someone in their immediate circle of friends or family – someone just like them, to break out of the herd of mediocrity. So while it’s natural to feel excited about your possibilities and potential in your real estate investing career, avoid getting carried away about it with others.
Being in love with what you’re doing, and not your [prospective seller] client. You are passionate about what you are doing. You have spent countless hours working the business. And then you go on your first few appointments with motivated sellers, and things don’t go according to plan. What happened? You forgot what the real reason for being there was. You must “fall in love” with your potential client, figuratively speaking. In other words, learn how to get inside their head and heart, to feel their desires, hopes, fears, and problems, then go about being the one with the solutions.
Being cheap, and not investing enough in people, marketing, and learning. The best place to be is my live training, where like-minded people learn all about marketing strategies, seller psychology, and the systems and procedures already in place.
Being successful, and avoiding belly flops. The entire universe is built on duality. You cannot have day without night, up without down, and you cannot have success without failure. As a matter of fact, the process of success is a sequence of progressive failures.
Being smart, and not seeking the help you need. Look at Michael Jordan and Kobe Bryant. Michael didn’t win a championship for his first seven pro seasons. Kobe spent four years trying in vain to win a title. And then Phil Jackson stepped in. You know the rest. It wasn’t the player – it was the coach that made all the difference. As real estate mentors, we take our coaching responsibilities seriously. You will find that if you take our guidance seriously, you will save yourself time, energy, money, pain and anguish.