5 Strategies to Stay Strong in a Weak Real Estate Market
By Stephan Kasian, PHD
If you haven’t been at least somewhat rattled by the major economic earthquakes hitting the U.S. and world economy in recent times, then you need to have your pulse checked. Let’s face it, these are challenging times. And you are not alone. Other entrepreneurs like you feel the pain, too. Just ask Kathy Kennebrook and she can share what she and her students have experienced.
“The only constant is change,” said my father, a brilliant electronics engineer who retired handsomely from the military. This article will give you some eclectic tips to stay afloat to survive and prosper during these dramatic changes. These strategies come from my psychology background plus decade and a half experience as a real estate entrepreneur mentoring countless students and helping hundreds of clients.
- Manage stress. “Stress will kill you,” says my mentor Dr. Bernando LaPallo, age 108, and alive and well. (And yes, he has been featured in the news; the media verified his age.) He is living proof of the longevity that proper stress management can bring, and reveals some of his secrets in his book Age Less Live More. The guy smiles and laughs at life and retains a positive mental attitude no matter what countless challenges he has faced—and breezed through. He lived through the Great Depression. It was his positive attitude that saw him through those dark times. This is not just lip service or New-Agey hype. Solid medical research proves this to be true. Some specific ways to manage stress for the busy entrepreneur: exercise every day. Even if its for 5-10 minutes of walking, calisthenics, stretching, or yoga. Do it daily. Your body will thank you – and you will be able to think more clearly because of it.
- Eat properly. Don’t skip meals or overeat. I notice that when I am stressed out I lose my appetite and forget to eat. This bad habit can deprive your body of vital nutrients to stay strong and healthy. Conversely, when some people are stressed out, they overeat. Also eat the healthiest diet possible, minimizing caffeine, sugars, dairy. Stick with light, green, organic foods whenever possible.
- Get adequate sleep. Most modern working professionals don’t get enough restful sleep. If you don’t get enough sleep, it affects your decision-making, and decreases your ability to manage stress properly. As all consuming as real estate can be, don’t let it ruin your sleep—you need proper sleep so you can stay in your optimum mental state to deal with challenges. Keep a regular sleep routine as much as possible.
- Live in “day tight” compartments. Read Dale Carnegie’s timeless classic: How to Stop Worrying and Start Living (the companion to the bestselling How to Win Friends and Influence People). In it, he explains how the highest achievers don’t worry about tomorrow or fret over yesterday. They stay present in the moment simply focusing on doing one thing at a time, exceptionally well. Earl Nightingale in Lead the Field, said how each day, lived to its fullest, creates the successful foundation to a happy and healthy life. So, if you have a problem property or cash flow issue, do everything you can about it today, but don’t let yourself worry about what might happen. Also don’t let the concerns about your real estate business leak into and affect your personal, family, or relationship time.
- Make a written plan and stick to it. Break down your plan into written steps that you can act on every day to get you closer to your real estate goals. For example, every day I strive to write at least 3 pages (credit Gary Halbert) to support my information marketing activities. I mandate a weekly staff meeting by phone to make sure we are moving forward on all our properties, and make myself available on a daily basis to check in on properties as needed. I know that this is a strategy that Kathy Kennebrook implements in her business as well. A former client of Michael Gerber’s company, every day I engage in “e-myth” practices to better and better manage, plan, and track systems relating to the business to help it run more smoothly. I also do at least one thing a day to move forward on revenue generating, credit-line building activities. These daily practices all help me get closer and closer towards my strategic goals. Just ask yourself: what one thing can I do today to move me forward toward my goal?
- Remain flexible and open to eclectic input. This is a suggestion offered by Dan Kennedy, a brilliant marketing strategist I eagerly strive to learn as much as I can from. In these times of constant change, you must also be willing to adjust your sails to any latest developments. For example, in the real estate world, you must stay open to new short sale techniques, to the latest technological advances, to the changing demands and budgets of the buyers. You even have to adjust to values increasing (or decreasing) in your neighborhood. But the quality of eclectic input means to allow yourself to have a variety of interests…go see a great movie, interact with people outside your industry, read a variety of articles about different topics. Any one of these sources can provide a creative breakthrough or much needed insight that could revolutionize your business—and multiply your profits. My publications and unique strategies give you unique perspectives that return many times your modest investment. Check them out.
In summary, to survive and prosper in real estate—or any other business you are involved in—during these challenging times, calls for more than simply running your business well. You must run your life well. That means managing stress, proper exercise and rest, and a proper philosophy of living in the “now”, following a written plan, and remaining open and flexible to the opportunities that change itself can bring. Be sure and check out Kathy Kennebrook’s website at www.marketingmagiclady.com to find even more tips and tools to help you prosper on all levels of body, mind, and spirit.