Nearly every real estate investor has made mistakes. It’s usually not just one mistake but rather, several. It’s all a part of the learning process. This is particularly true if you’re seriously involved. The first few can really get you down if you let them.
The truth of the matter is, if you’re making mistakes then it shows that you’re actively participating, and this is a good thing. While nobody enjoys living with the consequences, a lot of good can come from an occasional error and here are 6 ways to make the most of your mistakes.
View your mistake as a growth opportunity.
In short, learn from the situation. It’s easy to beat yourself up or become discouraged. Instead of throwing in the towel, figure out precisely where you went wrong, and what course of action would have served you better. This will help you to gain knowledge and avoid making the same mistake in the future.
Take into consideration that there is a lot to know when it comes to the real estate market. Learning the business takes time, and when you’re making mistakes, you’re certainly learning what not to do in the future. When you determine how to handle a similar situation better in the future, you’ve grown as a professional.
Take care of the fallout.
Most mistakes in real estate result in consequences at least for you, and sometimes for others, you are dealing with. Assess the damage and develop a plan to clean up any messes that the error may have caused.
By dealing with problems quickly, you can prevent them from growing larger and getting worse. When others around you find out that you’re human and make mistakes, they are more likely to be understanding if you are fast to work on fixing any problems that the mistake has caused.
Acknowledge the error and do better.
If you do something that goes against your values and moral convictions, don’t just shrug your shoulders and sweep it under the rug. Take responsibility for any actions that give you a guilty conscience.
In the real estate business, some investors are unscrupulous in their business dealings, but at some point, the chickens come home to roost, so to speak, and it can affect your reputation. It’s best to remain true to your moral compass and avoid getting caught up in shady dealings or practices that are harmful to others that you work within your business endeavors.
There is a lot of money to be made in real estate, but it shouldn’t be done at the expense of others.
Refuse to make excuses.
Making a mistake gives you the opportunity to show your true character. When you make excuses or try to pass the buck, others may view you as being less than reputable.
Accept all responsibility that is legitimately yours. This helps in establishing you as a no-nonsense professional who is honest and trustworthy. It will build confidence in current and prospective clients or business associates as they will know that you are reliable. It’s never pleasant to fess up to a mistake, but it can serve you well in future business dealings.
Come back stronger.
Not every decision you make is going to be stellar. Everyone makes mistakes. When you do, you may believe that you let the team you’re working with down. Instead of shrinking back, or stepping down, take the knowledge that you’ve gained and rebound from the situation.
You may feel terrible about an error, but you’re a professional and mistakes are a part of growing as an investor. In time, the mistakes that you make today, make you stronger if you refuse to shrink back and continue to take care of the business at hand.
Remain positive.
A mistake in real estate investing can leave you feeling shaky about your own judgment. While these thoughts are natural, staying in a negative mindset isn’t an option. Yes, you had a setback, but as you take care of business and move forward, view the error as a learning situation, feel glad that it’s over and look at the future with positivism.
Don’t let a mistake get you down or keep you down. Shake off any negative emotions and avoid falling into a state of self-doubt. You are not defined by the normal ups and downs of the real estate business, nor by a single error. You will define yourself by how you handle the situation and what you gain from the experience. It is always best to make a positive out of a negative whenever possible.