How Scarcity Mindset Holds Back Your Business

Sponsored by Ken Rury @ Kitsap Cares Homes powered by eXp Realty

How Scarcity Mindset Holds Back Your Business

These rules apply to any business, but I have applied them to my real estate career.

There are many things that hold your Real Estate business back, not the least of which is a lack of money. But perhaps a bigger impediment is the scarcity thinking that may actually contributes to that lack of money.

Most real estate brokers, their agents, and even partners automatically think that resources will always be scarce. There isn't enough listings or their isn't enough buyers, there's always the mindset or excuse that why you aren't doing well is because of these scarce resources. But if you look around at top performing agents you can see they aren't limited, why are you? It is such a profound psychological impediment because if your assumption is constant deficiency, then you will never try for more or approach markets differently.

But shifting this real estate mindset from never having enough (scarcity), to endless potential (abundance) could transform the sector.

Scarcity thinking is dangerous because it demonstrates a destructive fixed mindset. Set your mind and your market free.

Carol Dweck’s pivotal 2006 book, Mindset: The New Psychology of Success, describes two ways that people view their abilities, a fixed and a growth mindset, and I think her approach holds great insight for the real estate sector.

A person with a fixed mindset believes “that your qualities are carved in stone,” whereas a person with a growth mindset believes “that your basic qualities are things you can cultivate through your efforts.”

Dweck describes the benefits of the growth mindset:

[In the growth mindset your] traits are not simply a hand you're dealt and have to live with…In [the growth] mindset, the hand you're dealt is just the starting point for development…People in a growth mindset don't just seek challenge, they thrive in it. The bigger the challenge, the more they stretch…Sometimes people with the growth mindset stretch themselves so far that they do the impossible.

Isn't that exactly what we need more of in the real estate sector, more seeing the hand you're dealt as just a starting point, lets do the impossible?

The growth mindset ultimately leads to “an ever-higher sense of achievement” and “a greater sense of free will.” Wouldn't that improved sense of achievement and greater sense of free will be transformative to the real estate sector?

Real Estate leaders can drive this shift by moving themselves, their teams and even organizations from a fixed to a growth mindset, in several areas:

• From Challenges to Opportunity 
  Instead of operating from the fixed challenges mindset of “scarcity” that you feel you must squeak out your fair share, move to a growth mindset that offers you and your team an opportunity to create meaningful, lasting change in the way real estate is sold or marketed. Think outside the box, do what no other agent is doing or willing to do. It is often said that 20% of agents do 80% of the business. Those agents found opportunity knocking and they opened the door. You may need a business coach to help you see the opportunity. My Business Fitness Coach Pam Ostrowski at eXp Realty helps you set a goal, learn what makes you unique, what services are you going to offer and learn to hone your message and then opportunities will open up.
• From Obstacles to Breaking Down Walls
  Instead of focusing on a fixed ceiling of money you think you can earn, figure out what you ultimately want to accomplish and create a financial and business growth plan to realize that. What did you hope to accomplish for your clients when you got into real estate, before you knew about the obstacles? Why not knock down those walls and deliver. I know I wanted to offer a green full service experience that exudes kindness, which meant focusing on a smaller geographical area, working with clients electronically if they desired and reducing the wasteful costs of keeping an office cube warm when you are never there  and driving 3 hours each way for training. Helping customers realize true value for their homes which is focused on their needs and not my sales. I couldn't find that with a local brick and mortar brokerage and I found that with eXp Realty a cloud based company that is 100% green, training is instant, services are complete. Whatever you define your service, don't let tradition stand in your way. Fight for your ideals and your customers.
• From Effort to a Mastery
  Instead of bemoaning an unproductive agent, seize the opportunity to grow the skills, experience and networks you need on your team to accomplish your goals and build it. Don't be a doubting Thomas, saying I don't know social media, or how to network or where to start. Start with a plan and eat the elephant one step at a time. When I switched from IT to real estate I was an introvert and had no experience with networking, social media, or interacting with customers in person, but that didn't stop me. I went to the mall on Christmas Eve and I met 5 different people and made 5 different business relationships. I started a blog on 1/1/2015 to write about a different Charity every day even though I had never write a blog before, within 2 weeks I was reaching 200,000 facebook views every week through cross posting and 400 Followers. That turned into partnerships with charity organizations and speaking engagements and within the first month spoke to over 600 influential people at various city halls and to another 400 people at service organizations, business clubs, Facebook groups. Without claiming to be a social media expert, I have become regarded as one. I pinch myself everyday. Am I really an expert, do I have it Mastered? No, but am I willing to keep working toward that.
• From Ignoring Criticism to being Open
  Instead of ignoring those that criticize you, engage them as partners to make you better. You don't have to agree with everything they say, but what have you got to lose and some of what they say may actually make sense and benefit you. They say keep your friends close and your enemies closer. Embrace your critics and show them you can adapt, but also show you are your own person and can do things differently also.
• From being Jealous of the Success of Others to finding Inspiration
  There is no more powerful life hack in the history of the world than hanging around the people doing the things and living the lives you dream of living. I’m grateful for the friends and mentors I hang with on a daily basis. And while for the most part they inspire possibility, sometimes being around them and hearing all their big progress and projects makes me feel small. Like I should be doing more. Continue to focus on your internal yardstick will help a lot. I know what my brand is and I have clear goals. Use what inspires you in others to gain the inspiration you need to accomplish your goals. Take baby steps, or baby inspirations. They didn't become successful overnight.
• From being Burned-Out to being Energized
  Instead of focusing on the state of the economy or real estate business in general focus on what energizes you everyday and make that your focus. The economy affects everyone, but those that look beyond that to a higher calling whether it be the best service to your customers or supporting your family let that motivate you. Don't let money in itself be your motivating factor that will vary, but if you stay energized it will come naturally.
• From Constricting to Allied Partners
  Instead of complaining about shrinking markets or lack of sales, enlist others with a common goal. Everybody on a ship rises when the water rises. I promote my partners business even if they are a competitor. Invest them in your Growth Mindset, and then work with them to build the resources you need to get there. I have made friends with agents from many different companies. They are not a threat, they can link you to other partners and training and opportunities you might not be aware of. Find vendors that agree with your philosophy and partner with them, provide those partnerships that you trust to your clients through a preferred or recommended vendor list. It's amazing how much more you can do with partners than alone. Because of the work I did helping to promote a charity, they offered me a free table at their vendor show to promote my charity blog and my business. 

And the list goes on. The point is that there is tremendous opportunity in the simple act of shifting your thinking. By removing the shackles of a fixed mindset you can set your real estate business, your team, your organization and ultimately your business goals on a path toward what you once thought was impossible. That’s powerful.

If you want to know more about Ken Rury and his positive message read more about him at Kitsap Cares.

- Photo Credit: astridle
- Concept for this topic came from Social Velocity

Sponsored by Ken Rury @ Kitsap Cares Homes powered by eXp Realty