There are ups and downs in every business. As a real estate investor some days you feel like you are on top of the world and others you wonder why you are in the business. What keeps you going during the down times is having the right mindset. Not only do you need to acknowledge there will be swings but you need to be able to shake them off and not let them affect you. By surrounding yourself with like-minded, positive people that share your mindset you can forge on regardless of any setbacks. It isn’t always easy seeing the bring side of a negative situation but it could make all the difference. Here are five mindset attitudes you need to have on a daily basis.
- Positive. As the saying goes if the real estate business was easy everyone would do it. A positive mindset understands that things will not always be smooth sailing. There are plenty of times when unexpected items will come out of left field that can leave you devastated. The positive person has the ability to dust themselves off and figure out exactly what caused the problem and how it can be fixed. On the flip side there are many negative voices you need to fight off. There will always be people telling you that your way of doing business isn’t right or you need to change who you work with. If you listen to these people long enough eventually their negativity starts to creep in. Instead of thinking about everything that can go wrong a positive mindset figures out a way to make things happen. A positive mindset is a key ingredient for a successful business.
- Fearless. One of the things that hold new investors back is the fear of failure. They are too afraid to make mistakes in their business or on a specific deal that they don’t take action. While mistakes are part of every business you cannot let them consume you. If you ask most successful investors they probably have a story of failure that led them to where they are today. As long as the mistake isn’t too bad you can recover from it and become stronger. There is a difference between being fearless and being reckless. You still need to perform due diligence on every deal but instead of looking at the downside you should look at the reward. Never blindly dive into a deal without doing your homework but don’t be so afraid of what may happen that you pass if the situation isn’t perfect. There are times in almost every business when you need to take chances. Never let the fear of failure stop you from taking action.
- Curious. Your business may be running fine today but you never know if it can be better. You should always be curious enough to look at ways to improve or tweak your current systems and operations. There is nothing worse in business than sticking with the same tired way of doing things. Think about how hot the foreclosure market was five to seven years ago. While there are many markets where foreclosures are still a problem they are not nearly the deal they were last decade. If you put all your eggs in the foreclosure basket and weren’t open enough to look for different ways of lead generation your business probably suffered. Being curious doesn’t mean you have to act on every new idea that you are presented with. It means that you should consider everything, due your homework, then decide if it makes sense for you and your business. By saying that a new idea doesn’t fit the way you do things you aren’t giving your business a chance.
- Grateful. You should have the mindset that you are appreciative of everyone who has helped you along the way. Regardless of which area of the business you focus on you need a good team around you. Your team should be more than people who simply work to complete a task and move on. The better you treat your team the harder they will work for you. Even though you are compensating them for their efforts you should thank them for a job well done. A simple thank you text or phone call can mean more to that person than anything else you can do. Not only will this keep them working hard but for those people you haven’t established a relationship with it can be your way in. There are plenty of people involved in every real estate transaction. Always have a grateful mindset when positive things go your way.
- Diligent. It can be a huge disappointment when things don’t go your way. Instead of sulking in your sorrows you should have the mindset that you are going to work your way out of the problem. It is easy to say that you want to work hard but not always difficult to do. By having the mindset that good things are going to happen if you keep working you will push yourself every day. There is a direct correlation in the business world between success and hard work. Staying diligent in marketing, lead generation, property evaluation and networking allows you to reach your full potential. Whatever you do in your business have the mindset that you are going to do it all the way.
You have the power to change your attitude by changing your mindset. Start by focusing on these five areas every day.
