Robert Kiyosaki was raised by both his step father, a wealthy business owner, and his biological father who lived by every paycheck. In his book Rich Dad, Poor Dad, he provides an insight on how one way of thinking led to riches and the other to debt.
This summarizes everything you need to know from his book to become a better Real Estate Agent.
1. Experience makes you smarter
If you are trying to close a deal, and its not working out, try looking for what you are doing wrong with an open mind. Maybe you are doing all the talking and not listening to what your client is actually looking for? Maybe you are not matching the right clients to the right houses? Maybe your breath smells bad, and clients want to leave the moment you open your mouth. This is not meant to be harsh but constantly assess your actions versus the results and use it as experience to improve your future actions.
2. The more you give, the more you receive
Are you wondering why Real Estate doesn’t seem to be cutting it for you? Well look at those that have made it. They constantly update their website, blogs, social media content, and they take calls and emails wherever they are. Well you are out of your office or driving in Traffic and safety comes first? That is your laziness speaking, just subscribe to a service like Evatel to get a smart virtual assistant to help do everything everywhere on your mobile phone or with your voice. This is the 21st century, giving your time isn’t enough. Give your energy on finding ways to improve.
3. Change the way you think
Pain points in your life suck. But it is also wasting your time and energy. Find a way to channel your pain points towards becoming more productive. You have got a large bill to pay? Good - Use it as motivation to work. Does not make sense? It should not - just tell yourself whatever you need so that your pain points don’t take up space in the back of your mind.
4. Focus-Follow One Course Until Your Successful
If you are doing real estate - stick with it and adjust to it until you master it. People spend their lives mastering this profession, and there is no way you can do this while in a full time job, two part time jobs, and hedging stocks. You have got to stay focused and committed to this until you find a strategy that works and master it.
5. Hard times bring new opportunities
The economy is down? Shift your strategy. Connect wealthy buyers taking advantage of the low housing costs to those selling.
6. Design the business properly
Know the unit economics of your personal and professional life. What is your time worth in terms of money when targeting one market segment versus another? Are you spending half your income on rent? Carefully paying attention to your actions, time invested and costs will help you design strategies to make money and save money.
7. Knowing what you are working hard for
Earned Income (through salaries) is terrible here in Canada. You are taxed insanely - almost half of the work you do is not for yourself, it is for the government. Portfolio Income (through obtaining assets and selling assets) and passive revenue are the best ways to work for yourself. Find ways to obtain it through your real estate knowledge.
8. Don’t be afraid of losses
Henry Ford built a company-it bankrupted. He built another one- it bankrupted. Never be afraid to try again because of past failures. If you are doing the other seven things, and it is just not working well, then maybe it is not you but your location. Don’t be afraid of travelling and starting over.
Robert Kiyosaki has made over 80 million dollars following these rules, so maybe they are worth trying?
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