Train Your Gut

Dated: March 23 2019

Views: 70

I got to thinking about the reasons that give one person the right to succeed in real estate. For the purposes of this discussion I will define success very broadly;  To do better than others. 

Let me say at the outset that I don’t believe in luck brings you success unless you talk about luck being where preparation meets opportunity.   For success to have certain factors must come into play.

Chances are that you know someone that is making money is real estate now, or bought a house at a good price, or sold their home successfully in a down market, or succeeded in doing something in real estate in these trying times. How did they do it?  One or more of the following factors may have been in play:

·         They showed up. This seems pretty simple, but I’m sad to say that the act of being there, answering the phone, looking at the property, and just showing up is a big part of the battle.  You have to step up to home plate to swing at the ball. But the “Showing Up” part has some sub parts to it:

o   Show up in the right places. This means networking not with negative people at the water cooler or the local tavern but with other successful people. It means going where deals are being done, discussed, or presented.

o   Showing up Early. I can’t tell you how many more people I have met or opportunities I discovered because I was early to the party, the meeting, the tour, or the presentation. It gives me the ability to meet one on one before the rest of the folks show up.

o   Show up often, and at different times, from different perspectives, and with different people.  Knowledge is gained from shaking it up a bit and forcing your brain to be used. 

·         Persistence.  The prize goes to the one that does not give up. It does not go to the smartest, the fastest, or the strongest, but to the one that does not quit until he achieves. The achiever never takes his eye off the goal, he is determined to reach it, and has a determination and focus that is singular. You will find the guy that bought that house for $42./sf first looked at and turned down dozens, perhaps hundreds of houses before he found  the one to buy.

·         Responsibility.  Failure or success is a personal thing. It cannot be credited to others, only to you. “My tools were not sharp”, or “My agent did not show my house enough”, or “My car did not start,” are hollow attempts to move this responsibility. I was talking to a friend in Ohio that is trying to sell his house. It has been listed for two months with a well known high end agency.  He asked my advice. I looked at the listing in Realtor.com.  It was not an enhanced listing; there were only four photographs, and no video. (This is a $1.4 million dollar listing). My advice to Jack was to take control (responsibility) for his house selling. Make sure the info is out on all websites, that a video of his home is out there along with a few dozen pictures;  but furthermore, go look at all houses in his price range that will compete with his home; get his home inspected NOW and then fix all the things the inspector finds. Immerse himself in the responsibility of selling his house. Take away every possible reason for the house not selling. If it does or does not sell it will be HIS responsibility, not a Sotheby’s agent that will one day complain that his tools were not sharp enough.

·         Trained Gut.  I hear from some people that they have a “Gut Feel”, or the deal felt right “In the Gut”.  You have to train and prepare to get a gut feel. There is no such thing, really, about a “gut” feel. The deal felt right because you prepared for it, you looked at two dozen duplexes before you looked at this one, and then you have a “gut feel” that this is a good deal?  No, you know it’s a good deal because you know it’s a good deal based on the all the factors that you may have automated.  You can help your “gut” get these feelings by immersing yourself in your goal. The brain can be trained just like the muscles can. Tiger Woods does not over think his perfect swing. His brain and muscles have habitualized the process. So you can do with smart business decisions.

·         Confidence.We are in very challenging economic and social times. But these challenges offer opportunities for those willing to seek them out and capitalize on them. I have confidence.  My confidence comes from showing up, being persistent, and being prepared.  Confidence  is one of the factors that should be listed as a success factor.  If you train your gut, show up, and persist, you will build confidence and succeed.

You, indeed, have the right to succeed in Real Estate.

Start today.

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Gregg Fous

Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....

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