Regardless of who you are or how smooth a deal appears to be going, you will most likely end up facing adversity along the way. It is at these critical junctures when you can either react and let the deal fall apart or respond to it and immediately figure out how to push forward. Contrary to what you may think about the business, it is never going to be smooth sailing. From the time you sign a contract until the time you close the deal, adversity will threaten to impede your progress. Those who are best equipped to deal with the challenges of the real estate industry will typically be the most successful.
It can be very easy to let one problem fester and impact the rest of a deal. Even if you checked and double checked your course of action, there is always something that will be out of your control. Instead of complaining and pointing fingers, figure out what you can do from that point forward. Not only will you appreciate it on your current deal, but the people around you will remember it and reciprocate in the future. Conversely, if you proceed to complain, you may be able to salvage the deal, but anyone you are working with will surely remember how you acted.
Regardless of how experienced or successful an investor is, they are always, in one way or another, at the mercy of someone else. You can’t buy unless your seller agrees to sell and you can’t sell unless you have a willing buyer. Real estate is a people business that relies on collaboration. The attorney has to do their job in clearing the title and if you are getting financing your mortgage broker has to work on getting your loan approved. If anyone on your team drops the ball, you could be left wondering what went wrong. Since there are so many ways a deal could go wrong, you have to be prepared to act at a moment’s notice.
Nobody appreciates being blamed when things go wrong. Your realtor, mortgage broker and attorney only get paid if your deal closes. They have every reason to work as hard as they can. If you start to criticize how they are working or something they did wrong, you will surely upset a contact that you have worked with in the past. Look at the big picture. Instead of pointing fingers and blaming others, work on a solution. All finger pointing will do is upset your team and lessen the chance they will ever work with you again.
You can either react or respond when things go wrong. If you react, you will let your emotions take over and focus on blaming. If you are responding, you are working with people on your team in a conducive atmosphere. Furthermore, you are not thinking about how you got to where you are, but how you can improve your situation. Responders are always more successful because they will get things done instead of making excuses. People want to work with responders and they will always get more opportunities because of this.
Adversity will happen on almost every deal and in many facets of your business. If it does, you can’t take it personally or think your business is doomed. The sooner you start working on a solution, the better you and your business will be.