Fri. Nov 26th, 2021
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    Founder and CEO of Smart Real Estate Coach, as well as host of the Smart Real Estate Coach Podcast.

    In my real estate coaching business, there’s a big focus on what I believe are the three necessary pillars for the entrepreneurs’ journey. The three pillars are mindset, skill set and systems. What’s interesting is that it really doesn’t matter what business or industry you’re in. These pillars are simply necessary.

    The debate that usually ensues when I’m speaking about this is the weighted importance of each one of these pillars. In my opinion, the mindset piece, which encompasses all of our mental development and personal development, is worth at least 80%. Let me explain.

    I had a mentor years ago who drilled something into my thinking and my way of seeking out development work and individuals. He said, “Chris, your income will never outgrow you. You may on occasion have a lucky event or a lucky deal, but your income will always level out to your personal mindset level. That mindset pillar will pull the other two along.”

    I’ve seen this to be the case personally, but I also have seen it to be true for my clients all over North America. Though they all take the same foundational course, some students do their first deal in 30 to 60 days and some take 365 days. Why is that?

    As a coach and teacher, I can show you how to buy a property without using your cash, credit or banks; I can show you the skills you need to build wealth. But can your mindset handle it? That’s why some people jump from niche to niche in real estate: It’s not the skills they have or don’t have that stops them. 

    The Mindset Pillar

    So how can you make sure your mindset pillar is in a state of continuous improvement? You can start by seeking out thought leaders and experts in your industry or niche, whether that be via their books, speaking engagements or courses. You can then reach out to them personally if you feel you connect with them from a values standpoint as well as from a personal and business standpoint.

    When you study successful real estate entrepreneurs, you’ll often find that the mindset pillar, which I also like to refer to as the mental game, is always present and practiced consistently. More specifically, you’ll see that many successful real estate professionals have daily rituals that include some form of meditation, affirmation or goals and plans review. I would encourage you to learn from them and the habits that keep them in a mindset of success.

    The Skill Set Pillar

    What you need to learn to build your skill set pillar is practically everywhere and, with the open access to the internet that we all have, the information is essentially free. Some necessary skill sets in the real estate world are:

    • Mastering scripts for your area of focus or niche.

    • Mastering your follow-up skills as a majority of deals are captured from the follow up.

    • People/communication skills. No matter what niche you’re in, real estate is a people business.

    The Systems Pillar

    How about the systems pillar? This is super valuable once you have the skill set down and are on a path to push a mindset forward with continuous development. Then and only then should you start layering in systems, which have the potential to remove you from the mundane day-to-day tasks of real estate in order to scale whatever it is you’re doing.

    Your systems will depend on what niche you’re in, to some extent, but there is one system that stretches across all real estate niches and that is your meeting rhythm. For example, here’s our meeting rhythm, which we adapted from our own entrepreneurship coaches:

    • A daily 10-minute team touch-base to review yesterday’s accomplishments and today’s goals. Your team could simply be you and an assistant as you start out on your real estate journey.

    • A weekly meeting to address updates for the week, challenges and solutions, and then any discussion topics that need attention.

    • Our monthly meeting is a bit longer and entails important metrics such as total leads, appointments, contracts and sales.

    • Lastly, we have a trimester off-site meeting where we review our priorities for the period, our related tasks for the period, a complete SWOT analysis and then, finally, our priorities for the next trimester.

    Attack whatever it is you’re doing by continuously up-leveling your mindset pillar, and then simultaneously work to find the right skill set and systems resources to grow your real estate venture.

    Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?

    5 warning signs in the real-estate market that recall the mid-2000s housing bubble

    a sign in front of a house: Robert Galbraith/ Reuters

    © Robert Galbraith/ Reuters Robert Galbraith/ ReutersSeveral gauges of housing market activity mirror trends seen just before the bubble burst in 2008.Experts see the current boom as far safer than the prior rally, citing stronger lending requirements.Still, here are trends ranging from home prices to construction activity that resemble 2005 and 2006.See more stories on Insider’s business page.

    Housing-market monitors keep repeating the phrase “since 2005,” except when it’s “since 2006.” That’s worrying – both superlatives refer back to the peak of a historic real-estate bubble.

    Low mortgage rates and massive demand have powered a supercharged rally for US housing over the last year. Americans snapped up nearly all the available supply of new and previously owned homes amid huge population shifts from cities to suburbs. Chronic underbuilding after the financial crisis left contractors struggling to meet the new demand with adequate supply. That imbalance has since pushed selling prices skyhigh.

    The boom’s frenetic nature has led many to compare the current market with that seen just before the infamous 2008 crash. Experts have been quick to note that, while some similarities exist, the latest price surge has more to do with a lack of inventory than dubious lending standards.

    “I don’t see the kind of financial stability concerns that really do reside around the housing sector,” Federal Reserve Chair Jerome Powell said last month. “We don’t see bad loans and unsustainable prices and that kind of thing.”

    But just because the market looks different on a macro level doesn’t mean there aren’t strong similarities to the period just before the bubble burst. Here are five housing-market signals flashing the same signs seen about 15 years ago.(1) CoreLogic Home Price Index

    Possibly the most basic indicator of just how much demand has outstripped supply is nationwide price indexes.

    The headline price gauge for housing-data authority CoreLogic soared 11.3% year-over-year in March, according to a Tuesday report. That marks an acceleration from the February rate of 10.4% and the fastest rate of price growth since March 2006. On a month-over-month basis, prices rose 2% from their February levels.

    The financial analytics firm sees that momentum cooling over the next year. A persistent wearing-away of home affordability will likely curtail some purchases, and accelerated construction will shore up supply in the months ahead, CoreLogic said. Still, year-over-year price growth should reach 3.5% as lingering demand keeps the rally alive, Frank Martell, the president and CEO of CoreLogic, said in a statement.

    “With prospective buyers continuing to be motivated by historically low mortgage rates, we anticipate sustained demand in the summer and early fall,” he said.(2) S&P CoreLogic Case-Shiller Index

    Video: Why there may be a looming labor shortage (CNBC)

    Why there may be a looming labor shortage?

    Separately, a more city-focused measure of home-price inflation notched a similar reading last week. Home prices in metropolitan areas gained 12% year-over-year in February, according to the S&P CoreLogic Case-Shiller Home Price Index, the headline index of US home prices for more than three decades. The reading signals the strongest price growth since 2006 and edged slightly higher from the prior annual gain of 11.2%.

    Inflation was broad-based. All 20 cities saw home prices climb, and 19 cities saw year-over-year price growth accelerate from January to February. Prices rose the most in Phoenix, San Diego, and Seattle, according to S&P.(3) Selling prices for new vs. previously owned homes

    Digging deeper into home sales reveals an unusual phenomenon unseen since the previous boom. For the first time since 2005, Americans spent more on previously owned single-family homes than on new construction, according to March housing data from the Census Bureau and the National Association of Realtors.

    The dynamic signals Americans are prioritizing buying any available home instead of hunting down a new unit.

    To be sure, monthly sales data is volatile and the premium for new homes could reemerge in April data. But with supply still under pressure and CoreLogic’s Tuesday report showing prices broadly climbing higher last month, the phenomenon might linger for some time.(4) Home starts

    As gauges of market demand soar to 15-year highs, so have measures of upcoming supply. Housing starts surged nearly 20% in March as contractors rushed to address the lack of new homes for sale. The leap places the annual rate of starts at its highest since 2006 and serves as the largest month-over-month gain since 1990. Permits for new residential construction also increased, albeit at a slower rate.

    The rebound was somewhat prompted by winter storms curbing construction activity in February. But for the most part, a historic shortage of available homes fueled the pickup in building. Just 1.07 million existing homes were up for sale in March. That sum, at the current purchase rate, would be snapped up in only two months.

    Homebuying has slowed from its pandemic-era peak, giving contractors slightly more time to meet the elevated demand. With millennials hitting peak homebuying age and lumber prices expected to decline, some economists see the rebound in construction paving the way for more moderate price growth.(5) Home equity take-out

    The sustained acceleration of home price growth has also lead owners to take out equity at the same rate seen in the mid-2000s. Homeowners refinancing their mortgages pulled roughly $50 billion in equity out of their homes throughout the fourth quarter of 2020, according to data from Freddie Mac and the Urban Institute.

    Mortgage rates, while still at historically low levels, reversed their pandemic-era decline through the first quarter as investors braced for the economic recovery to give way to higher borrowing costs. Those higher rates erased the rate-reduction incentive for refinancing, making equity take-out the top reason to refinance, the Urban Institute said in a report published April 27.

    Although equity take-out on its own is normal, the sharp uptick seen last year could be cause for concern. Some economists have criticized the Fed’s ultra-accommodative policy for encouraging risk-taking across various markets. Increased equity take-out presents new financial risks for participating homeowners since a decline in home prices from their skyhigh levels could cut deeply into their balance sheets.

    And while equity take-out sits at its 2005 level, it is still well below the 2006 peak. Yet with mortgage rates expected to climb over the next few years, take-out refinancing could accelerate further.

    (6) VWV Real Estate (@VWVRealEstate) / Twitter

    (6) The Real Estate God (@TheRealEstateG6) / Twitter

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