If investing in real estate was easy, everyone would do it. Truth be told, things will not always go your way. However, it is how we respond during times of adversity that defines our business. For every five deals that we knock out of the park, there will be one that we may struggle with. Even worse, there may be one that we work harder than we imagined only to break even. There will be setbacks, big and small, in dealing with the everyday ins and outs of the business. By accepting this, we can move forward with whatever comes our way. If you have recently faced a setback and are currently in a rut, I encourage you to keep reading. Here are a few tricks that will help you overcome setbacks in the real estate industry:
Conduct an honest self-assessment: It is easy to blame everyone else when things don’t go your way. To that end, it doesn’t take a lot to put the blame on a contractor, real estate agent or even a mortgage broker. It is much more difficult to take a look in the mirror and conduct a self evaluation. The hardest thing to do when you have a setback is to look at what you may have done to cause it. In most cases, you could have done something along the way to prevent it, or at least soften the blow. Right after the initial sting of the setback, you need to look at yourself. Even if other people may have contributed, you need to take responsibility for your actions. This is the only way to move forward. Once you accept your errors or shortcomings, it is easier to move on. The longer you wait to look at yourself, the longer the setback will affect your business.
Don’t dwell on the past: While you never want to dismiss a mistake, eventually you need to move on. The best way to do this is by accepting the setback and learning from it. The nature of real estate investing is that you will most likely be presented with a similar situation in the future. If you learn from your setback, you will do everything to avoid it again. What you should never do is let one setback impact your future. In dwelling on your mistakes, you may lose your next big deal or miss a chance to meet an important networking contact. Take the time to figure out what caused the setback, think about how you can correct it moving forward and move on.
Mix up your routine: One way of avoiding future issues is by mixing up your routine from time to time. It is important not to be so regimented in our routines that we aren’t open to change. You may have a way of running your rehabs, but you need to try something new if it isn’t working. Change the way you market your business, or who you market to. Try adding something or taking something away from your next offer, and see what impact it has. Change the time when you do the bulk of your work. If you are usually a morning person, try working after dinner and see if you have different thoughts or ideas. This will help get you out of a rut and may even offer some inspiration. One of the main qualities of successful investors is their ability to adapt to any situation. By switching up your routine from time to time, you condition yourself to change.
Study others: There is nothing wrong with trying to follow someone successful. When you have a setback, it can’t hurt to look at the actions of others. Almost every successful investor or businessperson has an incident that leaves them questioning what they are doing. Take the time to read what worked for them and apply it to your situation. You can also seek advice from local, successful investors and networking contacts. There is nothing wrong with following others who have had success. There is no reason to reinvent the wheel.
Move forward & take action: To truly bounce back from a setback, you need to move forward. Even the great ones fail from time to time, but they always come back. You can’t be worried that you will face a similar setback again. The odds are that you will at some point. You just need to keep working and taking action. You should never be afraid to make a mistake. As long as you learn from the past, you should just keep plugging away.
Dealing with business setbacks is never easy, but is an integral part of being a real estate investor. The quicker you accept this, the better off your business will be.