How you define mindset will spell your success – or failure – in the commercial real estate business.
In this article:
Define Mindset | How to Think and Act Like a Champion
Who Are the Champions?
Today, let me talk to you about an essential topic: how you define mindset. A lot of people often come to me and ask, “Is real estate a good career choice?” (Hint: it is) or “What’s the best path to becoming part of the commercial real estate industry?”
In reality, it’s not so much about the career path or business you wish to do. What matters most are your long-held beliefs or attitude toward what you do. These are the things that will help you achieve success in commercial real estate – or any other industry.
My goals to define mindset remind me of the year the Cubs went to the World Series for the first time in seventy-one years. Back then, the team hadn’t won a World Series in about 108 years. In 2016, they were finally champions!
(Side Note: My grandfather is from Chicago, and I love the Cubs. I was pulling for them to break the curse and win!)
There is a difference between champions and everyone else. It is true in sports as much as it is true in business. I want to be one of those champions, and I’m convinced I have to learn to tweak my manner of thinking to pull that off and be a top performer. If you are reading this blog, I’m betting you’re striving for success as well.
The Power of the Mind
Why is it important for someone to define mindset? The answer is simple: it is one of the most powerful things on Earth. It can influence the way you view life and relationships, accept mistakes, and deal with various situations.
Many studies have revealed a deep connection between changes in body function and the state of the mind. When a person is anxious, for example, it increases heart rate and blood pressure. The individual may struggle with sleeping or eating. These can increase the risk of disease.
Granted, mine is a simplistic way of explaining the power of the mind. It still doesn’t change the fact your mindset can pre-determine your actions and interactions.
A person’s mindset can fall into many different types. There’s a fixed mindset, which is a belief that an individual possesses the talents and traits to succeed. They are not subject to change.
The opposite of that is the growth mindset. It is the thinking that knowledge and skills grow with experience and time. These people know the value of hard work and have the motivation to develop or improve themselves.
In a scarcity mindset, people believe they are always lacking. It can be money, fame, influence, relationship, or career. The way they solve problems or run their commercial real estate career revolves around what they think they don’t have.
It’s not unusual for people to have a bit of every kind of mindset. It’s also not impossible for one to have a flexible mindset, although it can take a long time to change it. The bottom line is some types can be harmful to your real estate career or business. They can stunt your growth, limit your abilities, and destroy your focus. They can plant seeds of doubt and fear. You will be so frightened you prefer to settle for what’s good enough rather than to work on doing something great.
The Difference Between Human and Champion Nature
Often, I work out 4 days a week. I get up at 5:00 a.m. and head to the gym. When I’m on a treadmill or an elliptical, I listen to podcasts and audiobooks. It’s my time to work my body and stimulate my mind.
I like listening to Shawn Stevenson’s podcasts. In one of the episodes, he talked with Dr. Jeff Spencer. He was an Olympian who has dedicated his life to studying champions.
There was a ton of great value in this podcast. What stood out to me was the differences between human and champion’s nature:
Human nature is driven to survive. A champion’s nature strives to excel. Human nature is destined to repeat history. A champion’s nature will make history.
To illustrate that, the episode provides us with the following list of contrasting mindsets, the first ones come from human nature while the second ones are from the champion’s.
- “What do I have to lose” versus “What do I have to gain?”
- “I’m doing my best” versus “I’ll find a way.”
- “It’s in my genes” versus “It’s in my power.”
- “If I were only like others” versus “I’m my greatest asset.”
- “Will and talent are enough” versus “Discipline and readiness rule.”
- “It’s about perfection” versus “It’s about the 1% to 2% percent that really matters.”
- “I’m afraid and won’t try” versus “I feel the fear and do it anyway.”
- “I whine” versus “I win!”
I love this list. I wish I had written it myself!
The one that speaks to me most is #5. Will and talent are not enough if you want to make history. The questions you should be asking yourself are, “What will you be facing soon?” “What are the major hurdles you know you will be facing?” “Will you have the discipline to prepare?”
Remember, heroes and champions are not born. Even Clark Kent didn’t become Superman until he changed the way he thought about his powers – that he can use them for the common good. If you want to be successful in commercial real estate, do not just survive. Think like a champion. Go above and beyond your skills, talent, connection, and knowledge. Dig deeper into your mind and change the way you define mindset.
Do you have trouble finding and dedicating time to prospect? In this free webinar session, Massimo Group COO Bo Barron will share with you the 4 tactics used by Top Producers to find and protect time for prospecting! You can watch it by clicking here.
Up Next: The 4 Mindsets Of Your Prospects
Editor’s Note: This article was originally published on August 30, 2017, and has been updated for quality and relevancy.
Bo, another good article on what makes some people excel while others live in mediocrity. I’ve noticed over the years that many of my most successful real estate clients are not particularly gifted. They are actually quite average with one exception: they are willing to take risks. That’s what splits the men from the boys.