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Today's Article: "The Attitude of the Real Estate Investor- Continued"
A significant and important part of an investor’s attitude has to include flexibility that allows the investor to work with a variety of situations they experience. Flexibility is generally an admired trait, and perhaps better stated, a lack of flexibility is often a negative. Flexibility is not just having an open schedule in which to make appointments. It is an underlying attitude of open-mindedness that naturally welcomes a variety of scenarios and potential outcomes. This is a healthy attitude to have because few deals go exactly according to plan. Be flexible, and you’ll be both more successful and more influential with your clients.
How do you rate yourself, on a flexibility scale of 1-10? It’s OK if you are low or in the middle; the important thing is to be honest with yourself. Many strong personalities have more of a ‘my way or the highway’ approach to life and to business and, if this sounds like you, then flexibility is something you likely need to work on.
Humility, as a component of attitude, is a nice counterbalance to confidence. Humility has been an admired trait in people for a long time and I think, in moderation, it has its place. What I mean by this is, too often, investors can overdo the humility and, in doing so, be seen as either soft or weak. This can be a disadvantage when working with other investors or more assertive clients.
The proper dose of humility can actually work to your benefit. Humility is essentially an expression of ‘Hey, I’m not that different from you’ or ‘I’m no better than you are’ or “I made a mistake and I’m sorry” and can be an indirect way to establish some basic rapport with a client. It effectively offsets confidence by adding a certain human side to a display of confidence and makes the client less prone to see your confidence as arrogance.
From a basic attitude standpoint, I think it is effective to truly think of yourself as being an equal of most people you encounter. If you truly believe you are better than someone else, then maybe you are arrogant and you will just have to do the best you can with that. Too much humility can make you prone to think you aren’t worthy of the success that you do deserve and can foster self-sabotaging behavior. As is usually the case, a good attitude is somewhat about balance and the right balance of confidence and humility can take you a long way.
Commitment to a Favorable Outcome
Underlying the repertoire of every successful real estate investor I’ve met is a dedicated commitment to a mutually beneficial outcome for every deal they complete. While I’ll talk a little more about how this fits into the skill of negotiation later, I think the spirit behind this commitment is a critical part of a good investor attitude. After all, if you are in this business just for the money and do not care what outcome is achieved for your clients, sooner or later that approach will catch up with you. That is just my opinion and I have seen that greed can go so far but does have a tangible end of the road, and I’d love to see you take a more favorable path.
It is more than just a negotiation strategy. It becomes an underlying part of your attitude and could even be more effectively described as a sort of philosophy for your business. When a real estate investment business has such a philosophy, it carries over to most every aspect of how you communicate. The commitment to that ideal outcome will appear in your marketing message, it will be reflected in how you talk to clients, and will be more apparent than you think.
Before you know it, this type of philosophical commitment will actually start resulting in more deals. Why? It will be because this component of your attitude has permeated every part of your business. You will be seen as more sincere because people will enjoy talking to you and will be more responsive to your business proposals. I’ve seen this attitude-based evolution in many an investor and it is always a fun thing to watch unfold. It can happen for you too, so make the commitment to yourself and to how you will do business, and it will just be a matter of time.
It is natural that the formation of a good attitude may be something that you need to work on a little bit. I like to believe that many of us are naturally positive people, but as you’ve seen, there’s more to a good real estate investor attitude than just that. It’s what goes into a good attitude that will also contribute the most to your success and growth. Why do these things need to be built or worked on?
Well, the basic components of who you are as a person will still shine through in your attitude as a real estate investor. If you’re naturally friendly, this will reflect in your attitude. The components like empathy, confidence, and commitment to a favorable outcome may take a little time to develop as you get comfortable in your business and learn more about how things work. For example, it’s real easy for someone to say ‘Just be confident’ but, if you are just learning the business, this may be easier said than done and the confidence will come as you get more experienced and absorb more education.
The bottom line is this. Who you are does shape your overall attitude. What you learn and add to your vault of experiences will mold and refine your attitude and your business.