Know When to Say No

You have to learn how to say no to the good opportunities so that you can say yes to the great ones. Real estate is a long-term play. I always say one or two properties will not get you where you need to be. It’s going to take five, 10, or 15 properties — and it’s going to take five, 10, or 15 years.

Your real estate business can’t be a one-night stand; it has to be a marriage. Your vision and goals must align with every person that you consider doing business with. So turn down more business than you actually take on.

I’ve been doing this as long as I’ve been in real estate. I’ve learned how to say no to the good opportunities so I can say yes to the great ones. I only want to work with investors who I see eye-to-eye with, who I like, and who my goals align with. By being selective, I minimize the risks of taking someone on board who doesn’t necessarily want to invest with me or invest in my product.

I see a lot of folks who compromise their beliefs (who they are, what their business is supposed to stand for, and what they want for the future) just to make a quick dollar. These people want to make the sale, make the money, and they don’t really care about the client or the future. I think this is wrong.

I think you should only work with people who you really want to work with, people with whom your goals align. I promise you, doing this will make sure your reputation stays pristine — and these folks are going to blow a lot of wind up your bum because you will do the right thing by them.

Do the Right Thing

This leads me to my second tip, which is to do the bloody right thing. Now, you would not believe how many mistakes I make on a daily basis and how many I’ve made in the past. I’ve lost investors’ money — I admit it — but I always make good on my word.

So, if I lose someone’s money, if I make a mistake, I put my hand up. I pay those folks back, or I come out of pocket to cover any losses. I make sure whatever I promised I deliver.

I like to do business on a handshake — on a gentleman’s agreement. I don’t believe in contracts because if someone screws you out of $5,000, are you really going to spend three times that amount on legal and filing fees and chasing them in court? Ultimately, that’s just the cost of doing business.

The only thing we can go by in today’s day and age is someone’s word. So I make sure I do the absolute right thing when it comes to keeping my word. And when you do right by people — when you make a mistake and you put your hand up and you say you were wrong — they will forgive you.

They will forgive you because people understand that not everyone is perfect. In particular, if you only work with people who you really want to work with, then there’s a better chance that they will understand and forgive your mistakes.

Conclusion

I will summarize by saying this: it takes a lifetime to build a reputation, and it only takes five minutes to lose it. You have to protect your reputation with absolutely everything you’ve got.

Do the right thing by others, turn down more business than you take on, only work with the people you really want to work with, and I promise you your business will boom—simply because word of mouth spreads quickly. Trust me, there is nothing better than getting business through word of mouth referrals.