Everyone else is too slow?

Question

Is it normal or good for me to find that working with others to be a largely painful process? I find that everyone else moves slower than I do in regards to vetting deals and doing the necessary work.

When I'm on an information hunt I want it NOW. Is that a common character trait?

When I'm on an information hunt I want it NOW.  Is that a common character trait?

Jon Holdman · Answer

Two thoughts on this.

One is that you're a new investor.  You say so in your earlier posts.  You're still learning.  You're asking other people for actions and information.  You want it right now.  They're busy with any number of other things.  You're just one out of many tasks on their desk.  Rest assured that your "newness" comes across loud and clear.  So, they will tend to give you less priority than other customers.  Especially, if they are busy, and have customers who are known to them, and who they know will make them some money.  You may or may not.  You may well be some flaky newbie who's been to a weekend seminar and now thinks they can act like the people on those TV shows.  So, you end up being pushed even further down in their priority list.

You might think this is a game of moving quickly, and reacting instantly.  Once in a while, it is.  Most of the time, it is not.  Things proceed at their own pace.  Trying to push just frustrates you and doesn't have any real effect.

My background is physics.  In mechanical systems, e.g., a weight hanging from a spring, we talk about "natural frequencies".  The frequency the weight would bob up and down on its own.  Then we talk about driving the system by pushing on the weight.  If you drive it at the natural frequency, it will go crazy.  Like that Tacoma Narrows bridge you've no doubt seen in videos.  If you try to drive it harder, it doesn't bounce as much.

Now people aren't weights and springs.  I do think, however, that systems of people also have their natural frequencies.  If you push too hard on systems of people, you get less results than if you work with the system at its natural frequency.

Yes, impatience is a common trait.  One I share with you.  That doesn't make it a virtue.

Josh Green · Answer

we all want instant gratification. however, i have seen many people that always act fast and regret later....

Steve L. · Answer

Rael, the great thing about this business is it's choose your own adventure at your own pace.  I move from the commercial to the residential sector just over 12 months ago, and just put my 21st house under contract.  I still wish I could move faster...

That being said, you need to pick your priorities.  You can do a lot of busy work in this business, but real estate is about results!  If you're making 5 offers a day, or analyzing 20 deals a day, but not getting any results, at the end of the day you are no farther ahead.

Pick your partners, pick your priorities, start with one deal, see positive results and repeat.  Real Estate happens one deal at a time.

Mike C · Answer

Rael,

I donâ€™t think you can get a more succinct answer than Jon gave you. Excellent post Jon.

Only thing I can think to add would be to emphasize that it is important not to push people too hard, especially when you are brand new, which is probably obvious to them. The percentages say if you are new that you will never do a deal and just waste their time. Use your extra time to improve your knowledge and to show them you did your homework by asking intelligent questions. That alone will differentiate you from the masses. If you ask a basic question that you could have found in two seconds on this forum or using Google, then you will not be high on their priority list (and not unreasonably). Stick with it and you can become successful. Remember, the quest for knowledge never ends. Best of luck.

Mike C

Nick J. · Answer

Jon, I have no idea what you said but it sounded really cool!!

Joel NA · Answer

Tried to quote Jon's "things work at their own pace" post but I screwed it up....anyway...I've brought this post up in a few conversations since reading it. I talked about it with my wife, my business partner and others--and most of those conversations weren't about real estate. Jon's comments are great reading for anyone trying to make wise decisions while dealing with other people!  Thanks, Jon!

Tod R. · Answer

My experience is that no one cares as much as I do about my priorities (appraisers, lenders/underwriters, title companies, etc.).  Mosty people that process a task and are paid by the hour versus commissions.  That being said, I constantly create a "critical path" list on my projects.  I determine what I can do and what I must rely on others to do in order to achieve my goal.  I know I'll do my part.  I do make sure to understand what needs to be done by others and will stay in touch to be sure that everyone else is making progress.  That being said, I make a point of being respectful and not to be too much of a pest!

Kyle N. · Answer

@Jon Holdman years later this is the exact post I needed to read. I'm a first time investor and it feels real slow but this put me at ease. Thanks!

George Bloom · Answer

Rael:

NEVER let anyone make you feel that it is wrong for you to expect a certain pace when you work.  Business is Business, no fooling around.  I personally do not permit slackers and lazy people slow me down.  I am proud of the fact that I work as hard today as I did when I was sixteen.  The Lord willing I will keep this pace till I am in my nineties.

Shaun Steckler · Answer

Patience is a virtue - especially when it comes to the real estate investing business.

Nobody is concerned about your success.  This is a fact.

Learning to develop patience when you have to wait will help curve the frustration that inevitably follows.

Be politely pushy with people.  You can be very demanding of others when you are polite about it.

Smiling helps here too.

Everyone else is too slow?

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