Can I ask you a question? What’s stopping you from making it to the Real Trends 1000 this year?
Does your answer change when I tell you that last year, Texas Realtor Ben Caballero did almost $1.5 billion in sales volume?
How about when you learn that Monica Breckenridge from Colorado’s Pink Realty did 440 sides? 😵
Want to know a secret? How you answered my question will have a huge impact on whether your 2018 is going to be a boom or another bust. I know it may sound unlikely, but it’s true.
What do I know that you don’t?
Well, I’ve done well enough in real estate to be able to focus on my first passion, writing, full time. Don’t worry though. You don’t have to take my word for it.
Everyone from Barbara Corcoran, to Bestselling Author and Stanford Psychology professor Carol Dweck, to Berkshire Hathaway’s Charlie Munger, The Harvard Business Review, and even playwright Samuel Beckett all came to the same conclusion:
Having what’s called a growth mindset can transform your career.
What is Growth Mindset?
Growth mindset is a scientifically proven method of viewing setbacks or challenges as growth opportunities. Instead of thinking that your natural abilities or skills are set in stone, growth mindset encourages people to focus on the fact that you can change and grow over time.
While this may sound obvious (most great ideas do) growth mindset is something that has only been proven in clinical setting fairly recently.
Why it Works: The Science Behind Growth Mindset
The term growth mindset was coined by Stanford Psychology professor and bestselling author Carol Dweck. Encouraged by new developments in neuroscience that showed our brains are far more malleable than previously thought, Dweck ran a study to see how growth mindset affected the grades of math students.
The results were fairly conclusive. The students who were taught the growth mindset showed an improvement in math grades over time. Meanwhile, the control group’s scores actually declined.
How to Use Growth Mindset to 10X Your GCI in 2018
Okay. Now that you have a better idea of the science behind growth mindset, let’s take a look at a few ways experts suggest using growth mindset to increase sales.
1. Embrace Failure as an Opportunity for Growth
Of all the studies and actionable growth mindset strategies available today, treating your failure as an opportunity for growth rather than a setback is the one that everyone agreed on. It’s not easy by any definition of the word, but if there’s one skill you work on in 2018, this should be it.
“Failure is what I’m best at.” -Barbara Corcoran
If you have one role model for becoming a million dollar agent, forget Josh Flagg or Ryan Serhant. Instead, print out this picture of Barbara Corcoran and tape it to your monitor.
After all, Barbara grew up poor and dyslexic, and because of her voracious growth mindset, cleared $70 million after selling her Manhattan luxury real estate brokerage, and is now a household name synonymous with grit and entrepreneurial spirit.
As almost every who has met Barbara will tell you (I was lucky enough to meet her a few months ago) she attributes most of her success to not only bouncing back from failure, but embracing it as a growth opportunity.
Her TedX talk “Rethinking Failure” is required viewing for any new agent, or any agent who wants to improve. I’ve embedded it below, so if you have a few minutes, watch it. If you’ve already seen it, watch it again.
Here’s the same exact idea (backed by scientific research) from Carol Dweck from her bestselling book Mindset: The New Psychology of Success:
“For some people, failure is the end of the world—but for others, it’s this exciting new opportunity.”
2. “Go to bed smarter than when you woke up.”That’s a quote from Charlie Munger, Warren Buffet’s partner at Berkshire Hathaway, one of the most successful investment companies in history.
Even though they came up with this rule for success decades before Carol Dweck did her research, experts agree that continually focusing on learning is a crucial part of building a growth mindset.
Both Buffet and Munger were voracious readers— each read something like a book a day, sometimes more.
While this may seem daunting at first, you’re actually doing it right now. You’re taking a few minutes out of your hectic schedule to read this article in the hope of improving yourself. All you need to do now is slowly pick up the pace and devote more time every day to learning.
3. Set Your Goals Higher in 2018
Another crucial element to using growth mindset to close more deals is to set your goals higher. Yes, this will mean more stress, more effort, but also more failure— and failure is exactly what you should be looking for.
Here’s Peter Bregman, CEO of Bregman Partners from the Harvard Business Review:
“Want to increase your own performance? Set high goals where you have a 50-70% chance of success. According to Psychologist and Harvard researcher the late David McClelland, that’s the sweet spot for high achievers. Then, when you fail half the time, figure out what you should do differently and try again. That’s practice.”
After all, what good is a goal you know you can reach without breaking a sweat? Remember, failure, not success, is what will help you grow your business in 2018.
4. Reward Yourself for The Hustle, Not the Results
Let’s face it, no one like a tyrant. That means whipping yourself because you skipped a webinar or didn’t hit your lead gen targets is counterproductive. It will just lead to self loathing and worse outcomes.
Instead of being your own prison warden, it’s important to reward yourself when you’re making progress down the path to the corner office. To cultivate a growth mindset, that means rewarding yourself for the effort you’re putting in rather than the leads you get, or the deals you close.
For example, even if you didn’t even get any listing appointments but stuck to your cold calling schedule all week, reward yourself with a treat for the hustle and the learning that that hustle produced. It doesn’t have to be extravagant to produce results. An ice cream cone, a walk on the beach, a night out with friends can all be powerful rewards if you are rewarding behavior that encourages a growth mindset.
Bring it all Together: How Will You Apply Growth Mindset in 2018?
By now you should be sold on growth strategy and eagerly thinking of ways to implement it into your daily routine. If you’re not, you need to do more research. Buy Carol Dweck’s Book, or check out a few more articles on growth mindset from Real Estate coaching team Tim & Julie Harris, the Atlantic or the Harvard Business Review. Better yet, set aside an hour or so to watch Carol Dweck’s excellent talk at the Google Campus below.
If you’re ready to start applying growth mindset, here are a few ways you might use it to close more deals:
- Setting higher GCI targets for 2018
- Carving out at least one hour per day to devote to learning something new
- Subscribe to the Close email list
- Attend at least one training webinar every day
- Make it real by talking about your goals with coworkers, friends or family
- Reward yourself for the hustle, not the results
- Start a regular role playing exercise with a coworker to practice pitching
- Take a deep dive on market data once a week
- Talk to your assistant or a junior agent about growth mindset
- Read Carol Dweck’s book on Success
- Watch Carol Dweck’s talk at Google
- Take a deep dive on the Neuroscience literature about learning, and neural plasticity
- Buy more FSBO leads to pitch every day
- Research best practices for landing pages, websites, and SEO
The Bottom Line
Growth mindset is a scientifically proven way to increase your results as an agent. In order to practice growth mindset, remember to go to bed smarter than you woke up, embrace failure as a learning opportunity, set higher goals, reward yourself for the hustle not the results.
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