I’ve been working in real estate for a while, but I remember what it was like to be new to the game. It’s scary and overwhelming. And whether you’re seasoned or green, it’s an industry filled with twists and turns, many of them unexpected. Novices need to remember, however, which of these are temporary and which ones are part of the long-term job. I recently read one article on the site “Bigger Pockets” that takes a look at the scary factors of being a real estate novice that are thankfully temporary. It’s from a couple years ago, but a lot of its points ring true regardless.
Fears: When starting in a new career, or quite frankly starting with anything new, there’s going to be a feeling of excitement tinged with not a little bit of fear and/or doubt. Long-term real estate investors need to learn to push past these fears. This obviously isn’t going to be an overnight process, but proper training and consistent experience will go a long way to replace your fears with confidence not only in yourself, but also in your skills.
The word “no”: Nobody likes rejection, and it’s very easy to take personally. While it’s only natural to feel like rejection is a personal attack, in reality it’s nothing more than an answer to a proposed situation or question. It’s not ideal, but it could only be temporary, and the thought process, motivation, flexibility, and even life situation of a buyer or seller often changes over time. If a rejection was ultimately on good terms, then follow up with the people at a later date to see what’s changed in their lives, and if you can help in any way.
Fair market values: Not everybody likes change, and learning to navigate and adapt to it can be difficult, but it’s inevitable in every aspect of life, including real estate. Values change by day, so stay up-to-date on current values to map the direction of the market.
Reputation: Warren Buffett once said that building your reputation takes 20 years, and five minutes to ruin. If you’re just getting started, then you aren’t going to have much of a reputation to speak of. But that means you can build your reputation pretty much from scratch into anything you want to. Stay consistent in your work and advertising, and treat everybody, from clients to rivals, with respect. And always, always be on your best behavior.
Business plans and goals: Real estate investing offers so many ways for you to make money and create value for others. If you’re a novice, then you need to learn the ins and outs, so that you can safely take immediate action helping sellers in your area. This helps you adapt and change your progress as necessary.