In his book, Gary Keller, the founder of the largest international realty (Keller Williams Realty), gives 12 pieces of advice in a shifting real estate market targeted towards real estate agents. Despite not being a real estate agent myself, there were some great tips on how to sell or buy a property and work ethic in general. Gary Keller obviously didn’t just become the owner of the world’s largest realty company over night so tuning into his advice on persevering was quite inspiring. The points taken away from this book:
1. The main reason as to why most people end up losing money in the market is because they just react to the market shifts and from what they hear. By staying level-headed and keeping cool, you’ll be able to make it out fine. The psychology behind money is much more important than the emotional attachment to it. “You can’t control the market but you can control your outlook and your response to the market. Remain resolute. Know that while everyone won’t succeed in a shift, some will and anyone can. You must be an “anyone can”. This is not just a short-term attitude you adopt, but a lifelong posture you take. It’s a journey you embark on led by the mental choices you make. Be certain of this – your mindset matters.”
2. “Until Your #1 Priority is Done – Everything Else is a Distraction!” Just as Daniel Goleman has said in his book “Focus”, we now live in an age where our focus is just being robbed by frivolous things. Focus is your most important resource so don’t become a profligate consumer of that ability. Do what’s the most important thing to you first, and then move on. In the morning, try taking care of tasks that are the most important and hardest to do. This can be done through “time blocking”. “Time blocking is setting aside daily blocks of time to execute your most important business priorities. Think of it as a making appointments with yourself. Once done, you must protect that time against any and all distractions.”
3. To better sell your house, follow the “3P-2F Formula“. Ensure that you stage your plantings, paint, pictures, fixtures, and furnishings.
4. A 10% drop in home prices is the equivalent of a mere 1 percentage point increase in interest rates on a 30-year mortgage loan at any price. A house that costs $200,000 with at 30-year mortgage at 6% interest will cost $1,199.10/month in payments. On the other hand, a house that is $180,000 in value but on a 30-year mortgage at 7% will cost $1,197.54.
5. What’s the difference between those who succeed and fail? Persistence. We all tend to be blinded by what’s fed to us by the media on a working formula of how success is achieved. We tend to believe that those who are successful lucked into it, or that they had the right connections, or that they had something that allowed them to gain an advantage. Just as film producer Jerry Weintraub has said in his book “When I stop talking, You’ll Know I’m dead”, persistence is key to success. Gary’s way of expressing it in this book is as follows: “One of the greatest myths is that you succeed your way to success. This isn’t true. In fact, just the opposite is true. You fail your way to success. Everyone fails. The ones who succeed are the ones who keep going. The ones who fail are the ones who don’t. When you succeed, you do an end zone dance and celebrate. When you lose you seek to find out “what happened,” learn from your mistake, and push forward. Failing at something isn’t failing. It’s learning what didn’t work and growing from the experience.”
By Ryan Lee
Check out the book here: