As you build your business, you will face unfavorable situations daily. Often these circumstances can overlap with your emotions. Your feelings could cost you a lot and it might be a total setback when you don’t manage it in the right way. But worry no more because this episode will solve that problem for you!
Get ready to go ALL IN. In this quick solo session, learn the tips and tricks on how you can outsmart your emotions and run your entrepreneurial endeavors like a boss.
Wholesaling Quicktip – What to Do When Things Don’t Go Your Way in Your Wholesaling Business
Welcome to this episode of the show. Before we jump into it, I want to share with you some exciting news about a new Wholesaling Inc. partner. Let’s face it. There are only so many hours in the day. The most valuable asset you have is time. Ask yourself, “Wouldn’t it be great to offload all the menial tasks on your plate, free up more of your precious time and grow your wholesaling business faster than ever before?” The chances are a large portion of your daily activities are things you can outsource to a VA, a virtual assistant for anyone who doesn’t know that term, at a price that is way more affordable than you think.
I’m talking about stuff like cold calling, leads scraping, data entry, appointment setting and so many things. Almost any task done on the computer or phone can be delegated, ultimately giving you more of the time freedom you want. There’s time to work on your business instead of in your business and more stress-free time to spend with your family and friends. The one catch here is that you need to make sure you hire the right VA for this thing to work. It’s someone who is highly skilled and productive and doesn’t add more work to your plate.
How many horror stories have you heard from friends and colleagues who brought on the wrong people, turning their businesses into a living nightmare? It doesn’t have to be that way. That’s why we are excited to announce our partnership with one of the best virtual assistant staffing companies in the real estate industry. That is REVA. REVA is by far one of the best VA staffing services we have ever worked with. They specialize in training virtual assistants for real estate businesses and do everything they can to set you and your new VA up for immediate success.
If you are on the lookout for a fantastic VA who will make your life easier, head over to WholesalingInc.com/REVA, schedule a free discovery call to discuss your business needs and see how REVA can help you. The team at REVA will help you find the perfect VA with the right set of skills to help grow your business. For a limited time for scheduling your discovery call, you will receive a free gift. I’m not going to tell you what it is. You will have to go to the page to find out. Trust me, it will be worth your time. Head over to WholesalingInc.com/REVA, schedule your free no-obligation discovery call and receive a free gift for scheduling the call. That’s a pretty good deal. Good luck. Let’s get into this episode.
In this episode, I’m going to talk about how to manage your emotions in your wholesaling business. How do you manage your emotional state when deals aren’t going smoothly and you’ve got crazy fires to put out? You’ve got a deal that was supposed to pay you $20,000 and it fell through. How do you manage your emotions? How do you not cry, scream or fall into a depression that leads you to lay around on your couch watching reruns of The Wire for the next month instead of working? How do you do it?
In this episode, I’m going to share with you how over the years, I have learned how to manage my emotional state where I don’t get my feathers so ruffled every time I lose out on a deal or there’s drama in a deal. I’m going to teach you the words of wisdom that have stuck with me over the years. You can be a little bit more chill in your wholesaling business. I’m going to give you the words of wisdom. The first one that I’m going to share with you is I want you to manage your expectations.
You’re going to be doing bigger, better things in five years. You’re not going to remember these small little blips in the process.
I’m not a Buddhist but what I have heard Buddha has said in The Four Noble Truths is life is suffering. It sounds negative and pessimistic but what that meant to me is essentially you need to manage your expectations. Here’s a funny story for me. Where I learned this the most was from my dad. My dad said something cool. It always stuck with me. I use it in all areas of my life. You might like this one. When I had to tell my dad that his unmarried 24-year-old daughter was pregnant, I was expecting him to blow his top off and be angry with me.
He said something funny, “Lauren, this isn’t the most ideal scenario. If you live your life always having that expectation that the ideal scenario is going to have, you’re going to be disappointed a lot in your life.” That is exactly what we mean by life is suffering. Manage your expectations. If you go around always thinking that the best thing or the best outcome is going to happen, you’re going to be disappointed when it doesn’t. From time to time, the best outcome doesn’t happen.
You’re going to be disappointed quite a bit if that’s the way that your outlook is. You need to manage your expectations in this business and always have it in the back of your head that this deal could fall through and not go smoothly. If it does, I’ll be okay. I’m not saying to be a walking pessimist. I’m saying to not have the expectation that everything is going to go your way all the time. Words of wisdom number two, remember it was never yours. I heard this one time in a podcast when I first got started.
It burned through my brain. It was never yours. You need to say that to yourself every time you get a contractor and every time you’ve got a lead. You need to stop thinking that because you have a contract on the house means you own it. You don’t. It’s not yours until you’re physically holding the check that you made and profited from that house because that was your expectation. You’re profiting. That money isn’t yours until you’re holding that check. Remember it was never yours.
My team never focuses or counts on the anticipated revenue that we’re supposed to make. We keep track of it for KPI purposes but I don’t emotionally tell myself that that’s my money until I’m holding the check or the wire has been sent. If you can do the same, you are going to be a lot happier. Instead, we focus on pushing as many deals, leads and everything through the pipeline. We have this margin where we expect there’s going to be a fallout. We always expect there’s going to be a fallout here.
When we have that expectation, we try to push more deals through, qualify more seller leads and make more offers. We get more contracts and deals. If we have a couple of deals that fell through, it’s not the end of the world. New investors do this a lot. They begin these little mini love affairs every time they get a motivated seller lead where it’s all they can think about for the next week, 2 weeks or even 3 weeks. They keep thinking about this one seller lead, what the seller said and what they’re going to say back. They’re going to follow-up in a week.
This is what they’re going to say to the seller when they follow up that week. It’s crazy. They get super hyperfocused. I know because I did the same thing. You need to get to a level where you have so many seller leads that you cannot hyperfocus on one. The next words of wisdom are to ask yourself, “In five years, will this matter?” I honestly cannot off the top of my head tell you three situations of seller drama that I had to go through in 2021. I can’t tell you because I don’t care that much to even remember. I don’t even waste mental space to remember this.
You ask yourself, “In five years is this going to matter?” If you can imagine that in five years, you’re not even going to remember that this happened, keep that perspective. You’re not going to remember that a seller yelled at you, a seller ghosted you after signing your contract or the seller’s brother refused to sign the closing documents and the deal can’t go through. You’re not going to remember these things in five years because you’re going to be doing bigger and better things in five years.
Don’t get wrapped up in the drama. Hire someone else to deal with it.
You’re not going to remember these little blips in the process. Whenever I get stressed or feel my feathers getting a little ruffled, I always ask myself, “In five years, will this matter?” The last piece of wisdom I’m going to share with you is a big game-changer for me. Hire someone to deal with the drama. I admit I could get a little wrapped up in the drama sometimes. Feathers get ruffled. It’s because it’s my company. I’m attached. This is my company and name I’m putting it out there.
I did this years ago. I hired someone who was particularly good at communicating and keeping his cool. He is excellent. His feathers don’t get ruffled. It’s because he doesn’t take it personally because it’s not his company that he owns. He’s able to keep his cool when sellers get angry or deals start blowing up. He handles all the difficult seller conversations and deals with all of the transactional dramas that we go through. He’s so good. He has gone through many with me. He doesn’t even tell me when we’re going through drama. I don’t need to get my feathers ruffled at all.
I hardly know 90% of the seller drama we deal with. I don’t know about it. I don’t know when tenants won’t let us look into houses, when sellers stand us up during inspections and when sellers go to sign contracts. He deals with everything. That’s going to take time. You’re not going to get there overnight. When you start scaling your business, becoming an entrepreneur and working on your business, not in your business, you’re going to get to that place. I want you to remember to hire someone who’s particularly good at problem-solving. It is going to relieve a lot of stress. That’s it.
I hope you got something out of that. I used to live a much more stressful life when I started this business. I know what it’s like when you’ve got something and you were so counting on money that could pay your bills for the next couple of months. It doesn’t fall through and doesn’t happen. How disappointing that is. I used to live that life. I know what that’s like. If you can learn some principles on how to manage your mental state and emotional state in this process, it’s going to be a lot smoother.
If you keep getting ruffled and upset all the time, you’re not going to keep pushing forward in this business. You’re going to give up. You need to commit to managing your emotional state. It will be a lot easier for you. Thank you so much for reading regularly. If you want to learn more about virtual wholesaling, make sure you go to www.VirtualInvestingMastery.com. I’m here to help. Thanks for reading. I’ll see you next time.
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About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.