Early in my career Mike Ferry taught me to plan in advance for the goals I set for myself. Part of that planning was to determine the challenges, problems, and pitfalls that I would undoubtedly face along the way. In today’s podcast I have shared with you the top 10 challenges that I feel you will face in achieving your goals in 2016!
Along with these challenges I have written down a series of questions that I feel we must address in order to fully examine this issue.
- A lack of common sense.
Here’s a great question. Do you honestly think you will achieve your goals in real estate doing the type of lead generation you’re currently doing? You see all the time I am faced with people who want to have more leads yeah do very little to generate them.
Similar to that question is this one. Are your skills sufficient to meet your goals? You see, it makes no difference if you have all the leads in the world if you cannot convert one! So as you can clearly see, Skills go hand-in-hand with lead generation.
But then, another good common sense question is are you devoting enough time to your goal? For without lead generation and without great skills, all the time in the world is virtually useless. However with great skills and great lead generation Time is at a premium!
2. Small thinking
It’s easy to get trapped in the minutia of life. Do you see the big picture, or do you operate onto week by week, Month by month basis? The honest truth is most people think only until next Friday. We are very good at examining the big picture in November when we are deciding our goals. However seeing the big picture is much harder in the middle of February!
Therefore ask yourself this question, “What changes will I commit to this week that will affect my future?” I used to think in terms of how many extra people I could call per day to expand my future. Now, I realize that if I am sick, busy, or somehow unable to contact those people I needed to find a better way to lead generate. That’s why I started using Investor Carrot! Thinking bigger means thinking longer-term.
To avoid the trap of small thinking try to be diligent in discovering the areas of your life you are complacent in. Complacency is where you were satisfied with the status quo. Happy with your income, happy with your life in general, not wanting to progress. This can be discovered only by diligent self-examination.
3. Lack of confidence
In my 19 years of real estate practice I have seen this area kill more promising Young agents and investors than any other. What areas are you weak in? This can be evidenced buy what you fail to do. For example, early in my career I was week working with for sale by owners, therefore I didn’t do them very often. Because I didn’t do them very often, I didn’t work on my skills, which would’ve made me better, which would have given me greater success and more confidence.
It’s a nasty cycle, however ask yourself what areas are you weak in, and what skills do you need to know so that you can become better? Once you know this, It’s easier to determine if it is a lack of skill, or if you’re hesitant. Hesitancy comes through lack of knowledge.
In short, ignorance equals fear, knowledge equals confidence.
4. Fear of rejection or success.
One of the biggest fears people suffer from is a fear of rejection, The fear of failure, or a fear of success.
Are you afraid of rejection? This typically is common amongst new practitioners. However we can’t let our fear of someone else’s reaction to our prospecting or activities stop us from the money we want to make.
Are you afraid of failure? This is unbelievably common. Afraid that they will say yes, and you’ll have to sell the home. Afraid that the seller will say yes and the home won’t sell and you’ll have to cancel the contract, afraid that the buyer will pullout of the contract at the last minute. These failures are all part of the business.
Are you afraid of success? Believe it or not there comes a point in time when you can become successful enough where are you question if you can do it again. Sometimes you think it’s a fluke that you made that Number of transactions happened that year. And question yourself if you can do it again.
Here’s something to think about. What would happen if you failed everyday for the next two weeks? What if every door you rang, Every seller you talked to said no, but it was for only two weeks and then it would change. Could you get used to it
Here’s another fun question, what if you had a great week, Or a great month, do you think you could develop a taste for that level of success?
As you can see we become what we get used to… So be careful what you get used to.
5. A lack of discipline
Earl Nightingale once said that the common denominator amongst the successful is their ability to do things others can’t or won’t do. If that’s the case, And then ask yourself the following questions:
a. What part of the sales process do you dislike?
b. Why do you dislike it?
c. Is it stopping you from achieving your goals?
It is an answering these three questions that we can find the truth to what is stopping us. Is there a part of the sales process that you don’t like? For example lead generation, May not be your favorite thing to do. I know it’s hard to believe, But many people dislike this part of the process!
If you dislike lead generation, as I do, then the next obvious question is why? For many, it is because they do not know how or cannot do so effectively. Therefore they get frustrated and just don’t do it. Which leads us to the obvious question is it stopping you from achieving your goals? And the answer would undoubtedly be yes!
Without the proper discipline to do the things that we don’t want to do it is impossible to be successful. Doing the distasteful is sometimes required for success. As the songwriter once said, “I never promised you a rose garden!”
6. Negative thinking
Have you ever listened to your internal “self talk”? Is a generally positive or negative? The reason why I ask is because we become what we think about most of the time. I have a confession to make, I’m not always the best at thinking positive! It’s a struggle for me sometimes.
However, I think we could all agree that negative self talk is not only destructive but stands in the way of you achieving your goals. If you have big goals in 2016, a negative mindset will not help you!
7. Running out of money or time
There comes a point in every persons career where you sit back and examine the cost. Hopefully, the scales of your profit, Outweigh the negative portions of your business. However there is a point where one can run out of money, or time.
If that is the case, Then ask yourself this question. What areas of your personal and business life are you willing to sacrifice to become the best of the best? Because the truth is, you did not get into this business to become the second-best. You wanted to become the best you could!
Since most sacrifices are painful, be sure you get a payoff worthy of your sacrifice. Because remember that you are in the race against yourself and time!
8. Fighting against the scripts
How many prequalifying sellers say yes to you in terms of a percentage? In other words out of every 10 attempts how many will sign?
Since you always use a script, Either of your own or of another’s making, Use one that works! I prefer The Red Pill Investor Scripts! Powerful, short, and easy to remember… they are useful in every sales situation.
Role-play will strengthen your knowledge, reaction time and your delivery! Not to mention your confidence level will skyrocket. A thorough understanding of every sale script, the objection handlers, The presentation, and the prequalifying scripts will all assist you in getting the end result, the contract signed!
9. No previous sales experience
Chances are you were not involved in sales prior to real estate. As you discovered by now, this is a sales business. Either they are sold on you and your services or they aren’t.
Sales is persuasion, and since nobody wants to be “sold”, it is a fine line that we must walk. Telling the seller and buyer everything they need to know to make an informed decision, yet being able to say it in such a way to be advantageous. That is the nature of sales.
10. The Entrepreneurial Mindset.
Here’s an interesting question. Do you actually believe being able to do whatever you want, whenever you want is good for building a business since most of the time you aren’t doing what it takes to succeed?
If you honestly look at your business, And the thing that will stop you the most; It is your mindset. The mindset that allows you the freedom to do whatever you want, whenever you want regardless of the consequences. When you were in your “real job” you could not operate in that fashion. What on earth makes you think you could now?
If your real boss acted the way we act, and did not follow a schedule, or late, Or failed to prospect, How long would the business realistically last?
We must approach our businesses as though we were the employee of our business. By working on the schedule operating from deadlines, Goals, and other benchmarks we can determine our progress.
In short, it is the very freedom we have that often kills us!
Thank you for tuning in and as always…
Have a Powerful Sales Day!