Is Competition Killing Your Motivation?

motivation Hey Moguls, Chris Seder here… today, I want to talk about how to get over the “there are no deals in my market” mindset.

Recently, at a local Real Estate Investors association meeting, I had the opportunity to speak with 2 real estate investors. Both of them have been very successful over the years doing multiple deals a year, but one of them (let’s call him Bob) had not done a deal in several months. And the other guy (we’ll call him Lee) had 3 deals he was working. After talking to both of them, I soon realized why Bob was struggling to find deals and why Lee will always have a steady pipeline full of deals.

The same real estate market, yet 2 very different perspectives!

When chatting with Bob, he expressed to me several times how he can’t believe how many new real estate investors are getting into the market, how inventory is low and that he is contemplating moving into an easier real estate market.

So I asked Bob how many offers he had made this month and what he was currently doing to generate leads. You won’t believe what he told me.

But before we get to Bob’s answer, let’s talk about the conversation I had with Lee – it was the exact opposite of Bob’s...

He was excited that lots of new real estate investors where coming into the market bringing new perspectives and possible deals. Lee also expressed how low the inventory was getting but said it was okay because whenever he needs another deal, he’s always able to easily find one.

Do you see the difference?

I get asked all the time: How do you always have deals in your pipeline? And my answer, every time, is it’s because I believe without a shadow of a doubt that deals are everywhere.

Because I believe this, for whatever reason, I always seem to have deals flowing into my life on a consistent basis. Of course, you can’t just think happy thoughts and deals will appear, you also have to take massive action.

I have found that I am more likely to take massive action when I have a mindset that deals are everywhere.

attitude Let’s jump back to Bob for a minute... Bob told me that because there was so much competition, it was pointless for him to even be making offers right now. He had made zero offers over the past 30 days. Bob has got himself stuck, and until he develops a better mindset he’s never going to have more deals than he can handle.

So, the question becomes: How do you develop a mindset that deals are everywhere? Developing this mindset does not happen overnight, but with practice and experience anyone can achieve it.

Four quick lessons I’ve learned over the years that have helped me.

Surround yourself with other successful real estate investors. It’s amazing what hanging out with successful people will do for your attitude. I don’t know anyone who is successful that has a scarcity mindset. Remember you are the average of the people you hang out with, and when you hang out with winners, it will rub off on you.
Read the book “The Secret.” This is a great book for helping you develop an amazing mindset. Remember reading and believing is just half the battle, you must also take action.
Take massive action. No one is going to hand you a smoking-hot deal unless you are actively making offers, marketing and networking with others. The only way to get deals is to put in a lot of work and effort.
Create daily affirmations. Every morning I read a list of around 20 or so affirmations. More specifically, an affirmation is a carefully formatted statement that should be repeated to one's self and written down frequently. For an affirmation to be effective, it needs to be present tense, positive, personal and specific. I say things like, real estate deals are everywhere, I have more deals flowing into my life than I can handle; today a motivated seller is going to call me and sell me his/her house; I am the biggest and best real estate investor around. Those are just a few of the things I say each and every morning that help me keep a positive mental attitude.

Now, from these lessons you can see that developing a mindset that deals are everywhere is not going to happen overnight. And believe me, if you do not keep working on your attitude, you can end up like Bob in no time. Bob was very successful at one point, and I am sure when he was doing a lot of deals his attitude was a lot different.

Every real estate investor I know goes through times in their business where they are doing a ton of deals, making a lot of money and having a lot of fun. But everyone I know also goes through those times where deals are a little harder to find…

But those who push through that time in their life and know that their next deal is going to happen are the ones who create a lasting business.

Got Tude?

Have you noticed how your attitude makes or breaks your biz? Share with us in the comments section below.

Find a local mastermind group or high-level business networking group in your area. Make sure the group is full of active, successful people and not just a local REIA.

Start reading everything you can about developing a positive attitude.

Create your own daily affirmations.

Don’t just wish you had deals, go out and make them happen with actions.