*FEAR
One of KJF Partners’ Core Values is:
“We are driven by our personal commitment to create value for our investors, tenants, teammates and brokers.”
To serve our broker partners, we send occasional emails that focus on things that I have learned through my brokerage history or that I notice from my current role on the principal side of the business.
Brokerage is a very challenging business and overcoming fear is a major factor in becoming a successful broker.
I clearly recall my early years as a broker. It was a tough start for me; I did not make a dime until I was fourteen months into the business. If you’ve read my earlier topics, you may recall that I was on the verge of quitting the business and going back to my previous job in medical sales. I wasn’t making the calls I needed to make, I wasn’t closing for proposals, (most of you refer to them as BOV’s now), I wasn’t pushing through objections hard enough, and I wasn’t pushing hard enough for meetings. As I look back on those early days, I realize that there was one major reason that I was failing. The reason was FEAR! I created many excuses to avoid being honest with myself, but FEAR was my issue. Fear stopped me from consistently making enough calls necessary; Fear stopped me from closing, from challenging objections, from really pressing for listings etc.
We all have fears. I’m not going to psychoanalyze you, but I will share my fear with you. For quite a while, in my early days, I had a recurring thought that haunted me. I was afraid of looking or sounding stupid. I was absolutely certain that someone like me…very little real estate experience….lack of understanding of financial concepts…..lack of transactional experience….lack of a track record of my own…..lack of a deep understanding of cap rates, financing options, return on investment…leverage…positive leverage…negative leverage…. You name it and I did not think I knew enough about it. The big question I kept asking myself was some version of: “why would that successful investor or developer listen to someone like me?” “How could I create value for that millionaire?” “They will see right through me and hang up or kick me out of their office.” At times, that fear froze me. I didn’t think the business was for me. I thought I should quit. Gratefully, I did not!
Fear can be a good thing. It stops you from putting your hand in a fire and helps you avoid danger. It’s your friend during those times. When fear stops you from pursuing your dreams though, it is no longer your friend. I am a firm believer that your actions dictate your feelings. I learned that fear could exist AND I could make my calls, close for listings, answer objections and create value for people that may know a lot more than I did about real estate. I noticed that when I acknowledged the fear and then took the necessary actions to succeed, those feelings of inadequacy & fear relented. I imagined fear was a little guy, sitting on my right shoulder telling me that I wasn’t good enough. I actually turned my head, looked at that little guy and said, “I hear you and you will not stop me today.” I notice that little guy pops up from time to time but, luckily, he’s not a daily visitor.
A few things to remember:
- You are on the phone talking to many industry professionals and investors every day. Your knowledge of what’s happening right now is far more current than mine. Ask questions, listen to the answers, and share what you’re learning.
- There is always a way for you to add value and those who add value are always worthy of someone’s attention. (I’ve done past topics with some ideas about value. See “Starting a Conversation” and “Cold Call do’s and don’ts” for some ideas). You do not have to be fearless to be valuable but, you do need to take action.
- Acknowledge fear but, do not allow it to stop you from doing what must be done. You can be afraid AND be extraordinary at the same time.
- Never let your fear decide your future. It will not lead you to achieve your personal and professional goals.
- You choose your future with your actions each day. Choose wisely and act accordingly!
Real estate has been great for me, but it hasn’t been easy. I’ve had to work hard, make sacrifices and, of course, push through fear. I would not categorize myself as extraordinary, but I have created some extraordinary results that benefit the many people that I care about. I’m sure I have many of the same fears that you do so, I know that if you are willing to push yourself, in spite of being afraid, to consistently take the actions that lead to success, you will achieve what you dream about.
Happy Hunting!
Joe
Joe Faris
KJF Partners, Inc.
Cell Phone: 949-275-5038
Email: jfaris@kjfpartners.com
Website: www.kjfpartners.com
PS: If you have subjects that you’d like to see become future topics for This Principal’s Perspective, hit reply and let me know what your thoughts are.