What lessons can real estate professionals glean from The Dallas Buyers Club?
The 2013 film, The Dallas Buyers Club, was such a huge hit it made it back into theaters in March 2014. The movie, starring Matthew McConaughey, had already grossed over $32 million and claimed several Academy Awards at the time this post was written. However, there may be more for this movie to offer. Real estate investors, in particular, may benefit from watching The Dallas Buyers Club. Having said that, what can real estate investors, agents and business owners learn from the film and use to increase their own success in the property industry?
While a little controversial, and sometimes criticized for deviating slightly from the true life story, the main character can certainly offer a number of takeaways and educational moments for real estate professionals.
After learning he has just 30 days left to live, McConaughey’s character becomes proactive amidst a formidable struggle. He defies the odds of a previous diagnosis and lives for another seven years, in spite of what others told him. A noticeable turning point occurs when the character decides to educate himself. Through this enlightenment, the main character is able to attain something he never thought possible. The same concept can certainly apply to any individual, independent contractor or real estate business owner. Education is power and can certainly open up more doors than were previously available. Perhaps even more importantly, education gives many the ability to embrace challenges and overcome them with a systemic and proven approach.
Sometimes the system really is broken, as it is in the movie and in real life. In the real estate business, many systems may appear broken, not to make sense or not work in the best interest of consumers. However, it is up to you as an investor to overcome the challenges they present. This takes a heightened sense of hustle and drive. You’ve got to thrive on challenges, problem solving, and remain focused. You might have to go out of your area to find the solution, collaborate with others you may never thought you would, be constantly thinking of new ways to find customers and find housing inventory to keep going. However, this can all be a lot of fun and very rewarding.
The film relies on innovation and entrepreneurship. It highlights a unique startup business story that is not all that different from the average entrepreneur. In fact, a lot of the challenges the main character faces are reminiscent of those that a new real estate investor may encounter. You may not only have to account for new regulations or even outdated ones, but investors need to be familiar with new competition, price fluctuations, taxes, marketing mediums, customer needs, vendor restrictions, market dynamics and trends.
Those who come out on top will be the ones who can look adversity in the face and welcome the challenges it brings. Again, as an investor it is up to you to succeed. How you face the challenges that come your way will determine the path you take. Make it a good one!
