HOW TO DEAL WITH CRITICISM AS A REAL ESTATE INVESTOR
When you’re a Real Estate Investor, criticism is part of the job. Whether it’s from family and friends or complete strangers, you’re going to hear negative feedback. It’s important to learn how to deal with criticism in a healthy way so that it doesn’t affect your investing goals.
As an Investor, do you face criticism? Don’t worry, MY SMART COUSIN is here! We can help by providing expertise and resources for budding Real Estate Investors and homebuyers of all stripes–especially those looking to buy a house for the price of a car. As an established Real Estate Investment coach, with a particular emphasis on Black and Brown folks and women, we develop investment strategies specifically designed to meet your unique needs. Criticism, whether from others, or as a drumbeat of self-doubt that can come from within, is part of the growing experience, both in business and in life.
In this blog post, we will be sharing a few tips on handling critiques in a constructive manner.
CRITICISM IS A NATURAL PART OF ANY BUSINESS- LEARN TO EMBRACE IT
It’s inevitable. No matter how great you are at what you do, there will always be someone who criticizes your work. And as a Real Estate Investor, you’re bound to face your fair share of criticism. Whether it’s from a tenant who’s unhappy with the condition of their unit or a friend who has questions about your investment strategy, it’s important to learn to extract any nuggets from the criticism and use them to improve your business.
While it’s easy to get defensive when confronted with criticism, try to take a step back and see it from the other person’s perspective. Oftentimes, criticism is based on valid concerns that you can use to improve your business.
For example, if a tenant complains about the condition of your property, that’s an opportunity to ensure that you are complying with the landlord-tenant requirements for your jurisdiction as well as to make necessary repairs and improvements. Or, if a neighbor has noise complaints regarding your tenant, view this person as your eyes and ears on the ground and enlist them to contact you first rather than calling the police so you can try to resolve the issue.
By taking the time to listen to criticism and address legitimate concerns, you open the door to turning even the most negative feedback into a positive result.
DO NOT TAKE CRITICISM PERSONALLY – IT IS NOT ABOUT YOU, IT IS ABOUT THE DEAL OR PROPERTY
Whether criticism comes from friends and family, or from other professionals in the industry, it can weigh on you and even cause you to abandon your real estate investment dreams. Before totally talking yourself out of business, remember not to take this criticism personally. Think of yourself as a miner extracting the silver from the gray cloud of criticism. Whether the criticism was meant to help you or hurt you is immaterial. Your job is to evaluate it for any nuggets that allow you to hone in on issues that give you insights or help you make better business decisions. As a for instance, if someone is criticizing your investment, it could be because they don’t understand the market or the opportunity. Instead of getting defensive, use their criticism as an opportunity to educate them on what you’re doing and why you’re confident in your investment. With time, you’ll learn to distinguish between what’s valuable in their comments, and what can safely be ignored because it’s unhelpful or doesn’t enhance returns.
USE CRITICISM TO IMPROVE YOUR SKILLS AS AN INVESTOR
No one likes being criticised, but it’s an essential part of becoming a successful real estate investor. By seeking out feedback from experienced investors, you can learn where you need to improve and make the necessary changes to become successful. It’s important to remember that not all criticism is created equal; take the time to find helpful, constructive feedback from people who have your best interests at heart. With their help, you can make the changes necessary to take your investing career to the next level.
FINAL THOUGHTS
Criticism is a natural part of any business, but it can be tough to deal with when it’s directed at you. As a Real Estate Investor, you need to learn how to embrace criticism and use it to improve your skills. Don’t take the criticism personally – it’s not about you, it’s about the deal or property. Analyze the criticism and see if there is any truth to it. Respond politely and professionally. Doing this will help you grow as an investor and develop resilience in business.
Do you face criticism as a real estate investor? How do you handle it?
