With all the difficulties in the marketplace, even the best real estate investors may face hardship. In other industries, especially those facing layoffs and downsizing such as tech, retail, and healthcare, a similar tale might be stated. For nearly all segments, there have been impacts from the pandemic that still linger today.
Despite this, I’ve found during my career in real estate that the way you deal with hardships can make a difference in the outcome. If you’re able to receive disappointing news and handle it correctly, it could be easier to navigate the next steps. You might even discover new opportunities you didn’t see before or come up with a better strategy to get a stronger return.
Use these guidelines to handle bad news in a resilient way.
I once had the chance to listen to real estate mogul and business expert Barbara Corcoran, who is an executive producer on Shark Tank. During her speech, she shared a story to illustrate what separates a good real estate agent from a great real estate agent. She emphasized that the difference lay in the way they handle failure. Specifically, during an economic meltdown which took place in the early 1990s, a real estate crisis emerged in Japan. After the bubble in stock prices burst in 1990, equity prices fell by 60% over the next two years. At Corcoran’s company, it looked like all business in that region would come to a full stop.
One of the brokers, instead of turning away from the situation, doubled down and went to Asia. Through personal visits, the broker was able to get clients on board to sell. In addition, the agent found buyers for the properties, and deals were made.
When addressing bad news, it can be easy to see the downside. As Corcoran pointed out, staying positive when times get tough can lead to greater opportunities. The next time you come across a series of disappointments, you might talk to others to hear their perspective. Together you could come up with a list of positives that might develop from the situation.
Focus on the Solution
Early in my career, I spent time at Massey Knakal in New York City. It was my first position out of college, and I learned key lessons there that I still apply today. Among these was a problem-solving mindset. There was a rule at the company that you couldn’t throw out a hairball without having a solution.
With this in place, when meetings were held, we could focus on what was within our realm of control. It helped avoid a long list of complaints with no action. When an entire team is focused on the solution, it can be easier to set up the next tasks that need to be done and to move forward.
Let Go of Resentment
I recently attended a retreat which featured the work and principles of Dave Asprey, New York Times bestselling author of Smarter, Not Harder and other books. Asprey points out that one of the keys to longevity is to not harbor resentment. If the body senses fear and anxiety, there can be negative consequences for both physical and mental health.
Given this, it can be helpful to take on a resilient approach toward situations. In my line of work, it’s common to have a string of “no’s” before reaching a “yes.” The same may be true in other professions and industries. When you stay positive and look for solutions, you can often find a way to work through difficulties. By letting go of resentment, you’ll be able to move toward a better overall outcome.