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The desire to create a profitable business is implied when you start your career in real estate. After all, isn’t the end goal of entrepreneurship to achieve financial freedom?
Over the last decade, the number of people attracted to the real estate industry has dramatically increased. The open arms of the real estate industry have welcomed professionals of different ages, stages and professions, all seeking more than financial freedom. Whether newcomers are leaving a corporate sales job in pursuit of more control or starting a business to allow for a more flexible schedule to raise children, we have seen a movement toward business structures that are less about using time in exchange for money, but rather, money in exchange for time.
The goal of financial success in business lends itself to the ability to create more time for the things we love. Wanting to spend more time with our families, taking care of aging parents or the pursuit of wanderlust are among some of the reasons why people are placing greater emphasis on the profit of time. And what better industry to pursue this in than real estate?
We have the freedom to decide how our business looks and the flexibility to create our own schedules. And yet, the pursuit for that work-life balance remains elusive. Many people continue to struggle with the ability to carve out time for the things they love while also creating the necessary profit to support their lifestyle dreams. Why the disconnect?
Charles Darwin had it right when he said, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” We may have freedom and flexibility, but not in the way we think. Our businesses are built to respond to the needs of the people we serve. This means it’s not as easy as just deciding where, when and how to work. There are a number of influencing factors to consider, including the availability of our clients, brokerages and other agents. The secret is not in our ability to schedule our time, it’s in our ability to adapt to it.
Adaptability is our greatest competitive advantage. It’s the skill that we must continue to focus on if we are going to achieve both financial and time freedom in real estate. According to Dr. Michael O’Connor, co-author with Dr. Tony Alessandra of the book The Platinum Rule, adaptability can be looked at in two parts: flexibility, which is our willingness to adapt, and versatility, which is our ability to adapt.
If you are ready to improve your flexibility and versatility, consider working on these traits. Not only will they help you strengthen your entrepreneurial skills, but they will also provide you the necessary tools to access the time and financial freedom that you crave.
1. Self-discipline: Every business needs a vision and a plan, and our ability to remain focused and true to our plan is directly correlated to our success. In an industry as dynamic and fast-changing as real estate, it is important to master self-discipline by identifying the obstacles that will take us off course. Time management strategies, a positive mindset and our ability to limit distractions will help to ensure we are staying focused on what matters most.
2. Resourcefulness: There is no one way to design and operate a real estate business. Our ability and willingness to remain adaptable is influenced by how resourceful we are. Thinking outside of the box, daring to be different and being flexible in how we think are all ways we can continue to work on our adaptability to change.
3. Resilience: Our business (and industry) is in constant flux. No two days are ever the same. Our willingness to remain flexible and adaptable to the needs and demands of our clients is important for us to stay the course long enough to see the results we want. It’s easy to get thrown off track, but by improving our resilience, we not only learn to navigate the changing landscape better, but we are also able to bounce back from any setbacks that we experience along the way.
4. Vision: As an entrepreneur, the ability to see the big picture is valuable when creating a vision for your business. Thinking without limitations, not being afraid to dream big and being clear on the goals you have and how you want to get there are key factors when striving for time freedom. As the adage goes, if you can dream it, you can achieve it.
Working on your adaptability will not only help you strengthen the skills you need to be a successful entrepreneur, but it will also help you work toward achieving the time and financial freedom you desire.