As I was renting out the upstairs unit of property Alpha, I did something that I don’t normally do. When I put up the ad on the second week of the month and only three people showed up, I panicked. I got nervous because I had never been in a situation like that before. But this isn’t the business for panic or nervousness.
When I saw that I wasn’t getting enough responses, I waited almost five days before I changed the price. That’s five days of hundreds of eyes seeing the same price for the same apartment. Once I saw I wasn’t getting anywhere, I should have acted immediately. I should have lowered the price sooner or offered that “move-in special” that I talked about in my previous post on this blog. It’s too much wasted time to try to stick with what’s not working in hopes of getting that extra money. Panicking also makes no sense because of my business. I’m a landlord. I provide shelter. One way or another, my units will be rented out because everyone needs shelter. It’s the main reason why I picked real estate as my business in the first place. If I have what people want, why worry?
I don’t remember who told me this, but someone once told me that I have to be like water if I’m to be successful. When water meets an obstacle, it overruns, goes around, or evaporates and condenses over the obstacle. It doesn’t stay still wondering “What am I gonna do now?” Water is already built with the tools to survive any obstacle, and that’s what I have to do. When I see a problem I have to react quickly and intelligently, using the knowledge of my experience that is growing day by day. The better I get at finding a solution in time, the better I’ll get at this business.
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