Perfectionism: How It Can Hinder Our Profits and Ways to Overcome It | Rules of Renovation
The other day I read a quote by E.B. White, a famous American writer, that made so much sense to me and made me think — “A writer who waits for ideal conditions under which to work will die without putting a word on paper.” There are so many times, when I’ve wanted to do something and waited for the perfect conditions to start, and guess what? Those conditions never appeared and I did not get around to doing anything. This is exactly what happens to people when they want to enter the remodeling world, or real estate investing. We wait for the perfect house, or the perfect deal and even the perfect contractor to help us create that perfect investment. We become prisoners of perfectionism, and lose out on a great deal and lose profits. Thankfully, over the years I have picked up a few tricks of the trade that have helped me get down to business, renovate successfully, and not let my desire to be perfect all the time affect my performance.
Once you’ve decided to enter the remodeling or real estate business, set realistic goals. Consider things such as your budget, how much time you have to spend on your venture, and how much profit you want to make. Don’t expect the first house to come along where you will make 300% profit because that won’t happen. Do your homework, create attainable objectives and take it from there.
You’ve found a great house to work on and you have so many plans to turn this ugly duckling into a beautiful swan, but before you do — look around. Visit houses nearby to see what they look like on the inside as well as out. Investigate the neighborhood, consider demographics. By figuring out what works for the neighbors, you’ll be able to spend your money on what’s best for the house that you are renovating and target the right market. We sometimes want to splurge on beautiful wooden floors or elegant kitchen cabinets, but what if it’s not necessary to get the profit that you are after? You’ll only be wasting your precious resources when you could be using them more efficiently and effectively in other areas. Don’t be afraid to compare!
Learn From Your Mistakes
Making mistakes is inevitable, we all make them. But what’s important is to learn from them and continue with our mission. When you start out in the real estate business, you are bound to make mistakes; it is so easy to do! You might spend too much money on a house, invest in unnecessary materials, but you know what? That’s OK! Mistakes help us learn, they educate us on best practices, they improve our decision-making processes and most of all teach us what NOT to do next time. The real estate business is touch and go but the good news is that there are a few rules of renovation that will guide you. Real estate investing is a learning process, and the more experience you get, the better you will be. Don’t be discouraged and keep on trying, no matter the mistakes that you make.
So there you have it, being perfect is not necessary to succeed in the real estate business. Perfectionism can be a trap if you let it take over your attitude and decisions. Remember to set realistic goals, investigate the neighborhood that you want to invest in, and learn from your mistakes. Try to stay positive, don’t get discouraged easily, and keep at it. There is a potential to make substantial profits in the real estate and renovation world, and it’s a fun area to work in!