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Psychology of Real Estate Success

Posted by Jessica Schweppe

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Jul 27, 2015 7:30:00 AM

Psychology of Real Estate SuccessThere are a lot of factors that dictate whether or not you're cut out to be successful in real estate. Many articles focus on tangible things - like how connected you are in your community: your sphere of influence. Very few take a deep dive into what psychological factors will assist or deter you in becoming a successful real estate professional. Today, we're going to take an in-depth look at what truly drives real estate success from the inside out.

Real Estate Success - Psychology Must-Haves: 

  • You must be fiercely independent:

    In real estate, you will be required to manage things on your own on a regular basis. You must be comfortable taking the reigns and doing whatever it takes to help your clients through the buying and selling process. There's no room for leaning on others or expecting assistance from third-parties. To make sure you're confident when you start taking on clients on your own, seek out an experienced mentor who can guide you through your first few months in the business. 

  • You must be intrinsically motivated: 

    You have to enjoy what you do and must wake up motivated to work for others and to help them achieve the American dream each and every day. If you need others to push you, you're not going to have an easy time gaining clientele and building your business. Those who have intrinsic motivation are easy to spot because they are confident and easy to work with. 

  • You must be a calculated risk-taker:

    Let's face it, there are few jobs that allow you the freedom that real estate does. How much do you make? It's up to you. How many hours do you work? It's up to you. But with all that freedom come no guarantees, so if you are a type A personality who can't handle not knowing what's next or who is uncomfortable with crafting your own path to success, you may really struggle in this industry.

  • You must be calm, persuasive and charismatic:

    No one likes working with a tightly wound individual because it makes an already stressful situation even more unbearable. You're being paid to put on a calm face for your clients so be prepared to be the voice of reason and sounding board. You'll learn what's best for your clients as you gain experience in the industry, so be prepared to talk them through big decisions, present every potential outcome and be sincere about your stance. For best results, you can use the principles of influence to help guide them. Lastly, you need to be charismatic and easy to work with. Learn what your clients want and need, figure out what communication mediums they prefer and gauge how much hand-holding they need to be comfortable. Then incorporate your findings into every communication you have with that client.

  • You must not be easily phased by what others think:

    Those who 'bruise' easily will struggle in this industry. Throughout your career in real estate, you will face adversity - be it from your own clients, another agent, your broker or maybe even family and friends. Be prepared to defend yourself and to have a tough skin. You know what's best for you and for your clients and you need to be willing and able to stand up for yourself and to fight for it. 

  • You must have a positive mindset:

    You're going to have some bad days (or weeks, or months... or if you're really having a tough time, maybe even a year). But you have to be able to keep on pressing on, and the best way to make sure you can make it is to have a positive mindset. You don't have to wake up smiling ear to ear every day, but knowing how to cope when the going gets tough, knowing how to adjust your mental state when you're down and out and knowing how to set yourself up for a successful day will be a huge asset to you in this industry.

If you're lacking one (or several) of these traits - all hope is not lost. If you're not as assertive as you'd like to be, join a local Toastmasters group to get comfortable engaging with people. If you're struggling with confidence or motivation, try incorporating a success mantra or meditation into your daily life. In the end - if you want it bad enough, you'll find a way to make it happen.

Anything I missed? Share your feedback in the comments.

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