Two Mindset Stealers Of Your Future
In my speaking presentation this week at Berkshire Hathaway HomeServices Nevada Properties, I shared two mindsets that can steal your future. Especially during more lethargic market conditions. Today, I thought I'd share that segment with my readers and expand on it for those that attended my presentation in person.
When you look at the big picture and today's market, do you think it will end up being a blessing or a curse?
When the great recession rolled around in 2007(I'm not predicting another one), it blind sided me! While I knew that market couldn't last forever, I wasn't prepared for how fast and severely the tide would change. It felt like almost overnight that my productivity/income went from the mountaintop to the valley. It ground me down and beat me up severely. In fact, it led me to the lowest point of my existence. I was far from ready for the rug to be pulled out from under me in my late 20's. More on that some other time.
It was a very tough time in the real estate business, but as I rewound the tapes, I discovered two mindsets that made that period far more difficult than it really needed to be.
Those two mindsets:
Defiance
Defiance isn't bad or wrong. In fact, it can be healthy and it's often the catalyst for change. However, if we let it run like wildfire, it has consequences. Sometimes, major consequences!
I received a post card in the mail last month from a very prominent Southern Nevada real estate agent. On that post card it said, "The market has NOT changed!"
On one hand I laughed out loud and asked myself, "What planet is this guy on?" On the other hand, I understood! In 2007 when the great recession rolled around, I was in my late twenties coming out of a season closing 40-50 deals per year. That was big money back in those days! Money was plentiful and my garage and lifestyle made it very apparent! Heck, I was on the golf course or at the lake almost every Friday. Of course I wanted to keep walking down that road!
When the market changed like the wind, instead of looking at reality, my tendency was to drop anchors, live in the past, and wish it was the way it used to be. It wasn't going to be for a while! A long while in this example!
The consequences: I didn't adapt quickly or efficiently to change. I often set poor expectations for my clients. Both can be disastrous!
When the Pandemic rolled around, I had already survived the worst real estate market in history. I utilized healthy defiance leading my team at that time. "We'll take full advantage of the market regardless of market conditions." Experience had taught me to stay nimble, adapt, and look for opportunities the 2nd time around vs. sticking my head in the sand. The results? I had the best year of my entire real estate career. We were poised and ready when the market came blazing back in a matter of months. Do you see the difference between healthy and unhealthy defiance? As the late and great Jim Rohn said, "We can say there are no weeds, there are no weeds, there are no weeds, but hey, they'll take your garden!"
Pride
Pride when managed can be healthy, too. Be proud of your accomplishments, be proud of your team, be proud of your kids when it's deserved. However, when we have an inflated level of self-confidence and self-reliance, it can lead to a serious fall in business!
My EGO was enormous back in those days. The truth, it was built on a house of cards. There was no substance. No character. I was too proud to seek a mentor that had been through a rough patch, a performance partner that could help push me up or a skilled coach that could accelerate my adaptation to market conditions. I was too proud NOT to have all the answers. Is that you?
Hopefully, with age comes awareness that teaches us that everybody has value to add if we are willing to listen. It can be a better way to consider or a warning to take to heart. It takes humility to realize we don't have all the answers and be open to another point of view.
While I don't think we are entering another great recession, you can get away with excessive defiance and pride when the market is on fire, but not so much when market conditions are far more lethargic. What got you there won't necessarily keep you there.
When I asked the crowd at Berkshire Hathaway to raise their hand if they felt they had some work to do in regards to defiance and pride, nearly every hand in the room went up including mine! What a blessing it is to speak to such a strong minded and open group of real estate professionals!
Close
I urge you to put your excessive defiance and pride to the side(Ask somebody you trust to give you honest feedback) and be the first to adapt to new market conditions. You have the ENORMOUS opportunity to gain market share and get out in front of your competition if you do! Another real estate spring is just around the corner and it may not be that far away! I'm not just saying this to pump you up. When the great recession finally humbled me, it led to ten unbelievable years in my real estate business. Ten years! When I look back on the great recession and the whipping I took, I see it as a huge part of my substance. I see it as a blessing!
This new season can be a blessing or a curse. Which will it be for you?
One of the main reasons I became a real estate coach is to help real estate professionals navigate slow markets efficiently, take advantage of any market, set themselves up for the next boom around the corner, and avoid some of the intense pain I endured so many years ago.