What are the traits that make the greatest real estate moguls so successful?
There have been endless volumes of articles and books written on the common traits of the wealthy and successful investors. We all know they are bold, inspiring and focused. However, there are several underlying, or lesser published traits, which may be far more responsible for their true success. So what are they?
Patience may not be one of the most publicized traits of the highly successful. It certainly might not get as many clicks, or make for an attractive headline, but it is no less important. Great investors know when to be patient. It pays when in negotiations, finding the right deals, and sticking around long enough for the really big wins. Conversely, without patience, investors may rush into an ill advised deal.
2. Cool Under Pressure
Ranting and raving CEOs might make colorful characters for Hollywood movies, but they may not really make the best leaders of sustainable real estate investment firms. You’ve got to be able to keep a strong, talented team together that respects and admires you. Being calm is also essential to making sound and profitable investment decisions. Real estate investing is fun, freeing and rewarding. However, anyone who says it doesn’t come with intense moments isn’t telling the whole tale. There will certainly be days when deals are falling to pieces and hundreds of thousands of dollars are on the line. Stay calm and you’ll be able to salvage them and come out on top.
This doesn’t mean that they are just naturally braver than everyone else, or naive. Courage comes out against the odds. More importantly, they are at their most courageous, not in stepping out of their jobs to embrace full time investing (which is a far safer path than relying on someone else for a paycheck today), but in sticking it out on the days that are challenging.
Leading entrepreneurs are very persistent. From bestselling authors who were turned down by publishers 100, to Dyson, who ‘failed’ 5,000 on the way to creating one of the leading household brand names. Essentially, they have a drive that forces them to continue against all odds.
Those at the very top of the stock market, technology, and real estate industries are also the most generous. Buffett and Gates have given tens of billions to great causes. Of course, giving once you make it is easy. However, it is generosity throughout the journey which separates the greats. John D. Rockefeller reportedly gave away 10% of everything he made from his very first paycheck.
The media often paints the wealthiest success stories as artistic, genius trailblazers that do things their way, without the need for a formal education or guidance of any type. In reality these gurus have also proven to be the most “coachable,” and are the first to give credit to other mentors. A willingness to receiving coaching is a willingness to expand your boundaries.
There may be a lot of show offs in the real estate world. Grand mansions, boats, private jets, lavish lunches, and nights out seem to be what it is all about. There are few real estate workers that don’t appear to tie their self-worth to their vehicles. However, get 5 minutes to speak with one of the real elite at the top of mortgage, investment or real estate legal industry and you’re likely to find them among the most modest, humble, and courteous to speak with.
While these may not be the craziest traits to shout about, they appear to being among the most important to reach the highest levels of success. The great news is that all of these traits can be learned, and developed. Keep these traits in mind as you go, and look for opportunities to put them into play.