Thinking for Success In The Real Estate Market
What do you say constitutes Good Thinking? For us in the field of real estate, it means solving the problems faced by clients. It is also about having great ideas. If a real estate consultant does not try out new ideas, then it will be extremely difficult for them to adapt to the dynamic market. The market’s landscape changes after a short duration of time. If agents are not flexible enough, they could perish when the demand of the market changes.
Back when you were in school, this thing was called analytical thinking. Most students have a fair idea of the school curriculum, but when it comes to critical and analytical thinking, they can make neither head nor tail of it. So, you can see how important it is to be creative in life.
It is extremely important to know how to think, but unluckily it cannot be taught in school. If it had been possible, then the art of good thinking could have been the bestselling course in every school. But nobody knows where it originates from. It is just like flowing water from a water source. Nobody can explain the origin, but it exists. And for those who have it, it is nothing less than a gift. Nobody in the world understands how good thinking works. But good thinking can beat any sort of machine learning or artificial intelligence. It comes through experience, and experience is a cumulative experience of all the situations we have faced up until that particular point of introspection.
Successful People Have The Right Attitude
All successful people think in one way. They do not see problems as problems. They convert it into opportunities. We bet that you have heard these lines in many self-help seminars. But it contains one of the keys to being successful. Successful people are positive all the time, but they have grown beyond the normal conventions. They have made a habit out of positivity.
It is this positivity that makes them work hard and long. Positivity is that portion of the attitude, that makes a person believe that they can come out of choppy waters all the time, no wonder how difficult that might be. That is why they can keep on working towards their goals even in the face of adversity when failure is staring them right in the face. It is this attitude that helps you climb up the ladders of success, but without good thinking, it will do you no good. Good thinking will aid you to get you through because it provides you a direction that you can approach healthily. It will provide you with the necessary impetus to carry on with your objectives. In this process, you will also acquire the necessary management skills.
Management Helps You To Improve Your Skills
Management helps you to prioritize tasks according to their significance and relevance. It also helps you to work on your efficiency. Once you have arranged your tasks in a sequence, it is easy to approach the cluster with a work plan and achieve the desired target in the shortest time possible with minimal effort. But it is not easy. You need to have the right mindset and the right psychology to do that.
But how do you do that? Developing the right psychology is the product of experience and exposure. First, we shall focus on how do you get the necessary experience. What does experience mean? Most of the situations you face early on in your life is going to give you the so-called experience. What results and data you acquire out of these situations will be what makes up your experience.
Similarly, exposure is what type of materials you have encountered. What have you seen and learned from things around you is what exposure is all about. But what does it mean in the context of the real estate business? For one, you could read the blogs of famous real estate agents or books of successful real estate moguls. You will find many of them online. Then there are millions of videos online, especially on a platform like YouTube.
Another aspect of getting exposure is a bit academic. If you teach yourself economics, financing, taxation, and local property regulations in India, then it would be beneficial. One should devote at least one and a half hours every day to these self-improvement and knowledge gathering activities. Actually, learning forms a big component of the real estate business.
The Aspects Of Thinking
Different aspects of thinking have been categorized by famous American psychologist Benjamin Bloom and his team. According to Dr. Bloom, there are six major aspects of thinking –
- Knowledge
- Comprehension
- Analysis
- Synthesis
- Application
- Evaluation
Now understand this in context with the real world. If you face a problem in the real world, then you would have tried to have a look at the problem, understood what was the issue behind it, and analyzed how it could be solved. Then you would have arranged the necessary resources and achieved the results from the situation. That is the simplest solution for a seemingly simple problem. Even difficult problems are not actually complex. In fact, they have more functional parts, that’s it.
While you are handling a difficult problem, it is your personal learning that helps you deal with it. If your knowledge base is strong, then you can work the problem from start to end. If the problem is unique, then the solution will also be out of the box. This unorthodox thinking can help you go a long way.
Don’t Believe Everything You See
Aristotle said that a learned man or an educated person is capable of entertaining an idea without actually accepting it. He / she is able to discriminate between right and wrong after strict scrutiny and analysis. If you are reading a book or watching a video online, then refrain yourself from judging it on the basis of its face value.
Don’t believe everything you see. First, try to interpret what the media is actually trying to impose on you. Then deduce the idea out of the content and try to understand whether what is being said actually works in practice. Some things might look good on paper, but in the real world, every good thing might not be as genuine as it seems. If it is too good to believe, then it is better to discard it. But try to take away whatever is good about it. You can apply the same logic to your real estate business as well.
Sometimes, you will be compelled to buy something because your experience tells you to, but your gut instinct says not to go to the deal. Be arrogant enough to believe in yourself and refrain from the deal because you do not believe in it. Many times you realize that your instincts were right. There will be situations like these in your life as well. Seniors will tell to go with a deal, but you might not want to. Most high-level agents don’t believe in chasing FSBO’s, but if you feel that’s right for the business, then you should go ahead with your decision.
The Toughest Part Of Having Positive Attitude
A positive attitude does not mean you are blindly facing the hurdles. If you see obstacles in your way, try your best to avoid it. A sensible entrepreneur is the one who can take risks and step out of the comfort zone when the situation demands it. The real estate business has a lot of uncertainties surrounding it. There will be many real estate agents around you who prefer comfort and security to scale up their business. Since they can’t move up the success ladder, they will try to pull you down through various tactics. You have to be wary of these and have to keep moving on forward without stopping. That’s how you achieve your goals.
How Marketing Works In Real Estate Industry
Marketing is one of the necessary evils of real estate 🙂 It is unavoidable. So you need to do it. But what one finds challenging in this business is that nothing adheres to a proper sequence. You will be always confused about where the marketing ends and the prospecting starts. But in the real world, this rarely happens. You have to be prepared for anything and everything.
At Gupta & Sen, we plan and stick to it. That saves us a lot of time. One does not need to go ahead with something expensive to create a marketing plan.
Here are the paradigms of a typical real estate marketing plan –
1) What goal are you trying to achieve?
2) How do you plan to achieve them?
3) What resources do you have?
4) Are these resources enough?
5) In case you do not have the resources, then what will be your plan of action?
One more point to remember – all of the above is just a rough estimate. When you start with your plan, things might not be exactly the way you plan. So if things are not moving at the pace you want or your efficiency is low, do not get disappointed. The probability of success may be low, but your hopes should always be high!
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