Several groups of students sit together at tables studying in Baltimore, Maryland. Courtesy … [+]
Whether you’re new to real estate or have been in the profession for decades, the reality is that mistakes happen. Part of personal and professional growth involves making mistakes. It’s often what happens after a misstep that’s most important. If you can reflect on the event and learn from it, you will gain valuable information that will help you move forward.
Use these guidelines to learn from your mistakes and return to the game as a better player.
1. Recognize what the mistake was
A few years into my brokerage career, I discovered what I thought was an incredible opportunity. One of my existing clients was ready to erect the family jewel. This was a larger property, and if I could help them sell it, the transaction would become by far their largest to date.
I was invited to meet the client and talk to them about the opportunity. I had done work for them before – in fact, I had just sold one of their smaller properties and knew I had done an exceptional job. I was sure I would get that next deal, so I came into the meeting overconfident and assuming they were going to take me on as a broker in the sale.
I later learned that I was just one of several professionals the client met with to discuss the sale of the family jewel. Plus, I realized I hadn’t done as much research as the others who interviewed for this. I was less prepared and, as a result, did not get the deal. He went to someone else who came with stronger information and sales pitches.
2. Find the lesson of the misstep
It was a huge disappointment to be ignored and lose the biggest sale of my career up to that point. However, it taught me an incredibly valuable lesson that has stuck with me ever since. I learned the importance of always bringing your game to every situation. You don’t know when it will matter, so it’s best to always be prepared.
I have also learned not to assume that past experiences will be enough. Just because you’ve done exceptional work in the past doesn’t mean you can take advantage of this wave to jump into the next opportunity or project. This can help you avoid being overconfident and missing details that could be key to winning the deal or securing the next contract.
3. Seek to progress
While it’s natural to want to avoid mistakes, they are often part of the process of reaching the next level or breaking into new territory. To progress in your career, it is good to push yourself towards positions that do not suit you. You can apply the lessons you’ve learned along the way to avoid making the same mistake twice.
As you progress and take on more responsibilities, you may find yourself in the role of a manager who oversees several other people or a team. When this happens, you will want to help juniors learn from their mistakes. It can be easy for those you supervise to rely on you to have the final say on everything. If you give them some autonomy, you will give them the opportunity to make their own decisions. This will also give them a chance to grow.
Missteps are an inevitable part of any career path, and they tend to appear as we take on new projects. Rather than the mistakes made, it is the lessons learned that will propel you to success. Having an attitude that seeks continuous improvement can help you move forward on your journey and encourage others to build their own careers as well.