5 Tips To Overcoming Business Adversity
The real estate investing business isn’t easy. There are times in most every investor’s career when you will question what you are doing. There may even be times when you feel that you have had enough and will never master the business. You are not alone. Like any other business investing in real estate is full of adversity. The difference between success and frustration is often razor thin. How you deal with whatever is thrown your way defines just how successful you are. Regardless of your experience or your track record there is always a new challenge in real estate every day. Here are five tips in overcoming business adversity.
- Embrace Adversity. If you watch one of the many real estate investing shows on TV you will notice one common theme. In almost every episode of every show one of the investors will face some adversity along the way. This is the nature of the real estate business. There is no such thing as an easy deal. There will be hurdles and potential pitfalls throughout the process. The sooner you learn to deal with them the better off you will be. When adversity hits there are two things you can do. You can buckle down and tackle the problem head on or you can make excuses and complain. One of the quickest ways to lose business is to complain to your business partners and networking community. Every investor faces their own set of struggles and don’t want to hear about what you are going through. Additionally the longer you wait to act on adversity the worse the issues become. You are not unlucky if bad things happen in your business. Dealing with adversity is just part of being a real estate investor.
- Contingency Plan. Knowing that adversity is much more prevalent than you may have thought you need to have a contingency plan in place. If the toilet clogs in your rental property do you have a handyman that you can call? If your drywall guy suddenly stops showing up at your rehab do you have someone to replace them? Some of these scenarios may never happen but many occur more than you may think. Typically the more far-fetched the problem the worse it is to deal with. No landlord ever expects their tenants to stop paying. If you own rental property long enough eventually you will have this happen to you. Knowing and preparing for this allows you to have some funds in reserve when it happens. Thinking about the worst case scenario doesn’t mean you have a negative outlook on your business. It means that you are a step ahead of whatever adversity comes your way.
- Listen To Fellow Investors. No two investors are exactly the same. Even if you are in the same local market there is something you do that sets you apart. While you never want to blindly listen to advice or follow a fellow investors path there is some value in learning from others. In every networking meeting and investment club there are people who have dealt with the same issues you may be dealing with. Instead of thinking that these will never happen to you store every conversation you have. By listening to someone else it gives you some guidance as to which steps you may need to take next. Once adversity hits you are on the clock. You need to be able to react as quickly as possible. Listening to someone in your network may help you solve your problem quicker and possibly for much less money. Listening to advice doesn’t mean you have to follow it. The more information you have the better equipped you will be to make your decision.
- Think Before You Act. As important as it is to act quickly you never want to do something you regret. Your reputation is one of the most valuable assets you have in business. If you say or do something when adversity hits you can turn a small problem into a huge one. Instead of making rash decisions or statements you need to always be measured in your approach. Dealing with unexpected issues, especially when you didn’t cause them, is very frustrating and annoying. This doesn’t mean you can take it out on the people around you. By screaming and yelling and pointing the finger at others you lose credibility quickly. Always think before you act when adversity hits.
- Don’t Let It Break You. How do you want your business to go? Do you want you’re your adversity to be a footnote to your success? Are you going to let a few obstacles become a roadblock? The beauty about the real estate investing business is that you can determine which way it goes. There is a direct correlation in your actions and your success. You may not think it at the time but going through adversity will actually help you moving forward. It will teach you how to react for whatever comes your way. It will help you prepare for the ups and downs of the business. If you can fight through the tough times it will make you stronger on the other end. Every day in the real estate business presents a new challenge. Regardless of what happens you can’t let it break you.
One of the best feelings you will have in business, and in life, is overcoming challenges. The real estate business is no different. Once you learn to embrace adversity you will appreciate the easier times you have in your business.