This week, I will be doing a series of themed shows on what I consider to be the four deadly real estate sins. These are the most important mistakes and pitfalls that people fall into in this industry, and I don’t think they’re talked about enough.
Today, I will be discussing the second deadly real estate sin: pride.
Pride will make you do things that you would not normally do.
- You might not seek the help of your peers, other investors, or a mentor or coach when you really need it. As a new investor, you might not want to look inexperienced. But when you’re new, you really need to be able to ask for help and guidance. You have to be willing to listen and to admit that you don’t know what you’re doing. That’s the only way to learn anything in life!
- Pride doesn’t let you walk away. You might be trapped in a bidding war over a house, and your pride will cause you to keep bidding higher than you should because you don’t want to lose. In this case, pride will be affecting your profit.
- If you have a contractor going through a house and you’re not willing to ask questions or express that you don’t understand what they’re suggesting, it can cost you money. If you just stand there nodding your head because you’re too prideful to admit you don’t know, you might be agreeing to something that really isn’t necessary. You should never fake it; ask the contractor to explain everything to you in simpler terms, so you know exactly what you’re paying for.
Your business can really crumble if you let pride get in your way. Don’t be overly prideful, especially when you’re new, and just admit when you don’t know what you’re doing and need help or mentorship.