Warren Buffet is one of the most prolific investors in history. In today’s episode of The Real Estate, Jimmy goes over 8 different things Warren Buffet has said in the past and how they can relate to your real estate business.
“Risk comes from not knowing what you’re doing.”
- Real estate is a risky business. Success is absolutely NOT guaranteed. So, learn more about the business. Gather as much information as you can to avoid unnecessary risks and see your real estate business grow.
“There seems to be some perverse human characteristic that likes to make easy things difficult.”
- Have you ever heard of the KISS principle? It stands for “keep it simple, stupid.”. Too often, real estate agents VASTLY overcomplicate things that simply don’t need to be difficult. When things are overly complex, you’re more likely to not understand them, thus promoting risk. Whatever you can simplify, simplify it.
“It’s not necessary to do extraordinary things to get extraordinary results.”
- Similar to the KISS principle, sometimes basic is best. There’s no easy button in real estate. If you understand and apply, the basics like adding value to clients, following up, remaining consistent, and generating leads then you’ll see results. There’s no need to do anything crazy to see results.
“When others are fearful, be greedy. When others are greedy, be fearful.”
- When other agents start to get fearful and pull out of the market, prices begin to drop. Take advantage of this! Get greedy as Buffet says, and then once agents begin to get greedy, start holding onto listings. Think of it like the stock market: When people get fearful, stock prices drop. It’s at THAT moment you buy, so you can then sell for profit.
“The best investment you can make is an investment in yourself.”
- Investing in yourself does a few things: Builds yourself up professionally and builds up your career, as well as builds your business. Spend time and money on developing yourself to see great returns. Whether that be attending conferences or seeking out new leads, put SOMETHING into yourself to see returns.
“Price is what you pay, value is what you get.”
- A lot of people confuse the meaning of price and value. Look for things that have a lot of VALUE, not things that necessarily have a high price. What things are going to generate referrals, leads, listings, etc.? Those are high value, so focus on them.
“Better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction.”
- The saying goes: You’re the sum of the 5 people you spend the most time with. The people you’re around influence your actions, which influence your outcome. So make SURE that you’re surrounding yourself with positive figures, especially agents who are more successful than you. This will rub off onto YOU and help grow your own business.
“Only when the tide goes out do you discover who’s been swimming naked.”
- Tough times create strong men and strong men create good times. Whenever the market gets rough, like it currently is, it’s VERY telling. You see who is a competent agent and who isn’t. During markets like this, study the agents and businesses that are succeeding. Then use those lessons to make sure that YOU’RE not swimming naked.
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