The difference between success and failure is less than 1%
Tony Robbins always talks about the importance of hitting the sweet spot in golf. If the angle of your club is off by just a degree or if you miss that sweet spot by just a few millimeters, the ball goes in a completely different direction than you intended when you swing. His point is that you often succeed or fail based on the seemingly little changes you make.
It certainly rings true in real estate. Some like to spout off some real estate platitude like, “It’s just a numbers game,” to keep from owning up to their failures, but the real reason they’re not successful is because they aren’t getting the little things right. They think how they treat potential sellers is insignificant. They don’t give any weight to the tone of their voice or their responsiveness to phone calls. Essentially, they forget that if their approach to a potential deal is off by even the smallest of degrees, it could send the seller in a completely different direction than they hoped and stop the sales process before it even begins.
For example, I hear a lot of buyers ask potential sellers how much they still owe on their mortgage. Just that one question can shut down a deal faster than anything. It makes the seller feel exposed and vulnerable. It gives them the feeling that a stranger is trying to invade their private information and immediately puts them on the defensive.
However, if you ask that same seller, “Well, you’ve paid off the house, right?” they’ll almost always respond with the number you’re looking for. They’ll tell you exactly how much they still owe on their mortgage because you haven’t put them on the defensive. You’ve assumed the best about them and they respond in kind by assuming the best about you.
You can see this one simple example isn’t rocket science. It’s not even Business 101. It’s more people skills than business savvy, but everywhere you look in real estate, people are getting these little things wrong. And the reason they’re not successful is not because they’re doing a lot of big things incorrectly; it’s because they’re just about 1% off in their approach. And it’s that 1% that’s ruining their business.
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The difference in that 1% is the difference between buying ten houses a month and buying two, or the difference between buying five houses a quarter or none. That’s how important the little things are.
A lot of people can teach you how to run comps or how to estimate a rehab, but that’s often not what people really need help figuring out. They need helping closing in that gap where they’re 1% off the margin. They need help fine-tuning how they ask questions, how they talk to people on the phone, and how they present offers and contracts. They need help with those little things and most of the time, they don’t even realize it. All they see is that they’re not as successful as they hope to be, and they can’t put their finger on why.
Honestly, that’s one of the things we enjoy doing the most at Right Path Real Estate. We’ve figured out that 1% that make the difference, and that’s why our students have different outcomes than other students. The difference between success and failure is less than 1%, but it’s 1% we love helping our students figure out.