The 5 Biggest Mindsets Killing Your Real Estate Game
Monday Sep 17th, 2018
Do you remember the first time you spoke in front of a group of people? Maybe that thought takes you back to a third-grade spelling bee, high school valedictorian speech or business proposal at your corporate job.
Cue sweaty palms, voice quavering, you slowly approach the proverbial stage, doing a mental prayer that you don’t forget everything you’re about to say.
While this response is totally normal, I learned from a young age that mindset is everything and venturing outside of your comfort zone translates to success in business, real estate and pretty much every other area of life.
In life, there’s going to be moments that make you feel nervous. But our mindsets have the power to turn a single painstaking, fear-filled moment and transform it into an opportunity to expand.
Our mindsets have the chance to completely control our successes and failures, and they’re informed by the beliefs that we hold about ourselves, the narratives we choose to play into and the events that have impacted us throughout our lives.
Your path to moving beyond your limiting beliefs starts with first identifying them. Here’s the 5 biggest mindsets that are getting in your way.
Mindset Killer #1: Fear
This one is obvious yet equally as insidiously addictive and more common than maybe any other mindset. I’m a firm believer that fear is one of those things that begins with a shame-filled thought that we don’t want anyone to see. It starts with something small, like maybe forgetting every word of your speech to your third-grade class — but over years of refusing to allow your fear-filled thoughts see the light of the day, the darkness consumes you and that fear hardens and solidifies into a constrictive, binding limiting belief.
Whether this impacts your real estate career directly, holds you back from making investments to diversify your income stream, impacts your ability to negotiate a deal, ask for more money or simply resonates with your personal life: fear will stop you from success every time.
This can translate to fear of success, fear of putting yourself out there, fear of failure — whatever form it takes, fear fundamentally leads to the same result each time: lack of action.
Exercising action in the face of fear is a practice. It can take time. It can be a process. But it should be exercised daily. We should all get more comfortable with being uncomfortable in the face our fear. That’s how we build resilience, that’s how we build courage and that’s how we become brave.
Neslon Mandela put it best when he said, “Courage is not the absence of fear but the triumph of it.” It’s not that the brave and courageous don’t feel their fear, it’s that they feel it and still move forward anyways.
Mindset Killer #2: Unworthiness
This mindset killer can be symbiotic with fear because in some sense they’ve originated from the same thing. We all have moments in our lives that went sideways, challenging situations we faced that made us feel small and as a result, informed a narrative that left us questioning: are we good enough? Will we ever obtain success? Do we truly have what it takes to achieve our dreams?
I encourage you to tackle this mindset head on because it can be a silent killer that goes unnoticed yet will mask every area of your life if it goes unaddressed.
Success, profitability, wealth and happiness are all yours for the taking if you’re willing to do the work and invest the time each and every day it takes to get there. You CAN make lucrative real estate deals that lead to financial stability for your family. You CAN build a successful real estate career that includes recognition and opportunities. You CAN lose the weight and become stronger in the gym each and every day. Work on your beliefs and your mindset will change.
Mindset Killer #3: Bad Habits
Which leads me to my next point. You might have heard before that your success lies in your daily routine. This translates to the same theory that speaks to compounding success through small habits each day.
Sustainable success doesn’t happen overnight. It’s your day-to-day choices that can mean the difference between everything you want and everything you succumb to.
Your biggest power in looking at your day-to-day habits, means it gives you the chance to identify bite-sized action steps for you to take to make changes.
If you want to lose weight, skip the morning donut. If you want to make money, apply for that job or pack a lunch instead of buying out. If you want to do well in real estate, spend each day learning more about investing and implement a strategy consistently over time. Success, wealth and profitability are all about compounding interest.
Mindset Killer #4: Lack of Focus
The truth is, being savvy in real estate requires planning, preparation and focus. Just like in any other industry if you try to be a jack of all trades you end up as a master of none.
When you focus and buckle down on one real estate strategy and consistently deploy that strategy 90% of the time over and over again, you have a greater likelihood of fine-tuning the variables, getting good at one specific deal and attaining a higher chance of success.
Choose one type of real estate investment strategy that you want to build a plan around.
It can be wholesaling houses for cash, renovating and flipping homes for resale, getting into your first or next rental property. Then spend all of your time building a plan around this specific strategy and executing consistently on it.
Mindset Killer #5: Lack of Consistency
You get big results from persisting with a big plan over a long period of time.
In order for any venture to be successful, you need to consistently apply a formula over a period of time in order to yield results.
Whether you’re in the gym tackling a CrossFit class, prospecting potential clients, or trying to make your real estate investment profitable, consistency is key.
Lack of consistency will be your biggest success killer because when you stop playing the game halfway through you lose momentum, credibility and progress — all in one shot.
Real estate investing can be an incredible path to wealth, profitability and help you to take care your family’s financial future. And it’s important to remember: we have more control over our mindset than we think, but it can take practice and self-discipline to get there.
At the end of the day, your limiting beliefs can take up the most valuable real estate of all: your mental wellbeing.
The price that we pay for adopting negative mindsets and not becoming aware of them leads to the consequence of living a life smaller than we deserve. Don’t play it small. You’re meant for big things.
Royal LePage Signature Realty Inc., Brokerage
30 Eglinton Ave. W. Suite 200, Mississauga, Ontario, L5R 3E7
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