IT’S TIME TO FIND A HIGHER PURPOSE
A Call To Action For All Those In The Real Estate Investing Industry
I’ve been seeing a lot of posts on social media from people in the real estate investing industry responding to Coronavirus lately.
And most of what I see frustrates me. I’m so tired of seeing our industry talk about triumphing when others are hurting. It may be the reality of the situation but MOTIVATIONS MATTER and I really wish our industry would strive for a higher purpose than just profits.
It’s a big part of the reason our industry gets a bad name. Some people hear the term real estate investor and they have a bad image like some kind of pushy car salesman that cheats people out of their homes.
I’m seeing posts like “this [Coronavirus] has created the biggest opportunity in history to make a fortune”, “don’t miss the opportunity to take advantage of the possibilities this crisis offers”, or even one that started with “is it ok to profit from a National crisis like this”.
The answer is NO!
Listen to the words that are usually used, “take advantage”, “ biggest opportunity”, and always centered on making “HUGE PROFITS”. Give me a break.
I understand staying positive and looking at the silver linings in life, but I also believe that to be successful in business and in life it takes finding your purpose. If your only purpose is money, I encourage you to think about whether you’re in this business for the right reasons because helping people is important and it’s the great part of what we do.
Don’t get me wrong, I’m not against making money. I believe in capitalism and the idea of private individuals agreeing to trade things of value for something in return. But I think your motivation should be based on how you can serve people’s needs and provide value to them rather than how you can profit the most, or the quickest, and everyone else be damned.
I heard another investor justify his position by saying, “were not taking advantage of people, we’re taking advantage of the situation”. It’s the same thing! The people are the ones trying to deal with the situation and if you exploit their situation to make money you are exploiting them.
I’m on this soap box right now because I want our industry to realize that at the end of the day we are in the service business. We provide a service to people to help them find the solution that best fits their individual situation. That’s what we should be about. And I’d like to see if we could raise our standards and talk about how we can make a difference in people’s lives.
And the investment home buying industry is vulnerable right now. It’s oversaturated (and has been for a while) with every newbie “investor” that attended a conference or watched a webinar jumping in daily. And let us not forget about the major shifts and disruptions from the massive “ibuyers” like Zillow, Open Door, and the like, that are trying to gobble up market share with their technology, information, and massive funding. The scariest part is they don’t even care if they make money right now because their only concern is to grab as much of the market as they can and they have enough money to last.
All this makes it hard to stand out in the crowd as a worthy company that can add value to their market. It’s time to realize that you stand out through helping people and offering to bring them value by serving their needs above your own desire to profit. You have to be committed to specializing in finding the solution that is the right fit for them even if that means finding a solution where they don’t end up working with you.
It’s about building a reputation so that you can be a leader in your community and be known as the solutions expert in your market.
We have a duty to our industry and to ourselves not to give a bad name to investors and “as-is” home buyers. We shouldn’t be making it harder for those of us who are genuinely interested in providing service to people and caring about them as individuals.
I promise you if you provide value to others and focus on service, the good you put out in the process will return to you. If you can find a higher purpose and genuinely put yourself out there in a way that’s not just about yourself, life will reward you with other things much more important and lasting than money.
If you’re only in it for the profits, for the money, you’re in the business for the wrong reasons and your missing out on the bigger picture. You’re missing out on what it means to be a real estate investor and an entrepreneur.
If you’re making money by providing a valuable service to people that they need, that’s great, there’s honor in that and you have a good chance at finding long-term success. If you’re only in it to make money in any way you can it’s not the right way, it’s empty, and you’re likely to fail in the end.
I think the way you make your money is as important as the amount of money you make and I just want to challenge everyone to ask themselves, what do you want your legacy to be?
I want my legacy to be that I helped people in need and treated them with honesty, respect, kindness, compassion, and that I made an effort to positively impact the world around me. I want a business and a life built on values and ethics that I can be proud of and I want to be a leader in my community and my industry that inspires growth and positive change in myself and others. I don’t want a legacy at the end of my life that says, “I just did it for the money”.
My hope is that our industry will see it as our duty to help those that are in trouble because of this crisis and be part of the group that helps ease the chaos that is likely to happen from this crisis rather than the group that adds to the turmoil by only being concerned with profiting from it. A lot of people are going to be hurting after this and it is not only in our best interest to be a part of the solution but it’s also just the right thing to do.
My commitment is that if someone calls me in need of help because they’ve been affected by the Coronavirus, my FIRST response will be, “how can I help”? I will be proud to help them understand the options available to them and hopefully improve their situation. I will offer information on relief programs available, assistance talking to lenders, advice on refinancing or modifying their loans, and anything else I can do to ease the burden they are currently facing by finding the solution that’s right for them.
There are a lot of different ways to be helpful to your community other than buying their house right now. And it is our responsibility and our duty as real estate professionals to help people save their homes if we can.
I just think there needs to be a greater mission right now and I really hope our industry can rise to the challenge. Can strive to do better. Can strive to embody a higher purpose than just making money.