“Up to 90% of our normal behavior is based on habits.”
If you are like me, you have the same kind of problem and it’s this.
Knowing what you should do vs. actually doing it.
Take exercise for example, how many of us know we should exercise more and may even have some kind of exercise schedule, but, fail to follow that schedule? I am sure we can all relate to this.
So, when it comes to our commercial real estate business we can run into this problem as well. This problem will take two forms. I won’t spend much time on the first -laziness. A lazy owner, or in this case a lazy commercial real estate investor has a lot of issues that will keep them from achieving their actual potential. Point being if you sit around eating chips and watching TV, most of the day your business will suffer. So, I want to focus on something
What could it be?
Lack of implementation and testing “what works” vs. “what doesn’t work” as a result of, as Brian Tracy puts it; “hardening of the attitudes”.
You see, you could be a lazy couch potato and never get anything done with your business, or, you could be an active business owner and STILL never get the results that you have the potential for. Both attitudes are getting you really nowhere in your business.
The main reason is resistance to change. Resistance to ideas that could have the possibility to change your business, not only the amount of money you make but also the amount of time you have for the things you really enjoy.
Put it this way, if you completely dismiss something that is new, sounds different, maybe sounds a little bit crazy, you could not only be potentially missing out on thousands of dollars in extra income, you could also be missing out on something that could save you an enormous amount of time. Especially those things that provide very little risk but may fly in the face of Conventional Wisdom.
Take an example from my business. Recorded messages and hotlines.
When I first heard about them, I thought it would be something that someone else might use. For example, a large apartment complex, or a large property management company. At first I thought I probably couldn’t use this type of technology so I quickly dismissed it as a fad.
Well – it was a good thing that I reevaluated the hotlines again after talking to a friend in a different business and telling me how great they were and how I should be using them. Well, I did use them, a little awkwardly at first, but I did use them.
But like many other things in business, it’s a matter of trying things out and testing, as it were. Remember that your apartments and commercial real estate should be approached just like any other business and not not be satisfied with the status quo. That’s a huge mistake that many investors make, so be sure that you’re not one of them.
One thing to be sure of when implementing something new like this is measuring results – or how many units have been rented as a result of testing the new recorded messages and hotlines. If it produces some measure of success, then it’s a matter of testing different recordings to see if results can be improved.
Look, you don’t have to be 100% scientific about it. Just do the best you can. It’s a matter of just getting something implemented, then testing it. If it produces results, great, if not, move on to the next thing. This is true whether you’re testing a new classified ad, website, or recorded hotlines to build a client list, and ultimately keep your properties full of happy, paying tenants.
The result of all this? More income and more time for yourself…and your family!
Bottom line? Be open to new things, new techniques for your commercial real estate investment business, it will pay off enormously.