Real Estate Investors: How To Recover From Setbacks
Business setbacks happen to the best investors in the real estate business. Just like anyone who has ever twisted an ankle running, or pulled a muscle in the gym knows; it’s what you do next that makes all the difference in getting back to it. Real estate investors, agents and CEOs that have found themselves wincing from a sprain recently may be wondering what their options moving forward are.
Even the best laid plans can go awry, especially in this fast changing, ever fluctuating real estate market. Some have found that their strategies aren’t as sound as originally anticipated. Others have lost properties, seen deals fallen apart, suffered draining partnership splits, or just haven’t seen the traction they expected from their real estate marketing efforts. Whatever the issue, it isn’t the end, and it doesn’t mean you can’t make money in real estate. However, you do have to choose if you’ll get back in the saddle, or be benched for life?
Imagine how many top music artists, writers, and world changers would never be heard or still recognized today if they had given up?
With a game plan, any setback can be overcome.
Former Commercial Director of one of the UK’s largest home builders, with almost $3B in revenues last year, suggested via an article in G-Code Magazine that success in the real estate world is much like coming back from a fitness injury. So how can the principles of physiotherapy be applied in rehabbing homes or real estate sales?
5 steps to recovery and reaching your full potential:
1. Recognize the Issue
Athletes and bodybuilders, like business people and investors, often do more damage by trying to work through the pain, rather than pausing and addressing it. It may be adrenaline and optimism running high that masks the pain or simply blind ambition, but something is hampering your progression. Recognize the pain, what’s causing it, and how it happened, as to prevent it from happening again in the future. Investors, on the other hand need to recognize their mistakes and learn from them.
2. Keep Cool
“Icing it” is a staple, immediate way to not just relive pain, but limit damage in the sports field. In business, it’s the savvy pro that knows when to pause, keep cool and not exacerbate any issues.
3. Range of Motion
When athletes and fitness enthusiasts are injured, they work back to where they were slowly. While they may be unable to train the injured body part, they focus on other areas that may have been neglected, or under trained before and work to preserve and expand their range of motion. For real estate pros, this could be applied as continuing to keep other lead sources and networking, working, even when challenges are being tackled somewhere else. Maybe you are even temporarily frozen due to a legal dispute or liquidity shortage. Don’t stop connecting and generating new leads. Feel out new niches and invest in your real estate education.
4. Get Pro Help
How many Hall of Fame athletes do you think made it without a pro in their corner? From boxers to baseball players, every star athlete had a coach, or a whole team of them in their corner. If your game is real estate, why would this be any different?
5. Prevent Future Injuries
Elite bodybuilders and football players know small things like staying hydrated down to the ounce can help them avoid future injury and time on the bench. In real estate, this could be better advice, insurance, corporate formation, having a good real estate attorney on retainer and more.