Strategies for coping with property pressure

by Vanessa Warwick

12:10 PM, 14th July 2011
About 7 years ago

Strategies for coping with property pressure

Make Text Bigger
Strategies for coping with property pressure

We love to keep things topical and relevant on Property Tribes, so to celebrate the recent Wimbledon Championships, I posted a new discussion topic:  Lessons from Nadal : The winner’s mindset in property as I believe there is much we can learn from seeing the attitude and attributes of successful people, no matter what their discipline, talent, or domain expertise.

During the Men’s Single Final, I heard John McEnroe talking about the importance of mindset and he mentioned a book by another famous tennis player, Billy Jean King.  The title of the book was “Pressure is a privilege” …  That really resonated with me and got me thinking.

If you are feeling pressurised, it must mean that you are taking action, that you’ve lived outside your comfort zone (where the most growth takes place), and that you are thinking big.

However, being in property can be quite an insular existence, and, through chatting to people and trying to support them moving forwards, I’ve noticed that property people react to pressure in different ways.

We’re all aware of what the tough are supposed to do when the going gets tough … but it’s not always that easy for the tough to get going, especially when financial pressures are building up.

I’ve seen all of the following responses to pressure in property:

  • Ignore what is happening, thereby making the situation worse.
  • Blame someone else and/or outside factors beyond your control.
  • Give up.
  • Take your fears and frustration out on your partner / spouse.
  • Start to go into a downward spiral of “What if … ?”.
  • Retreat further into your own world.

None of these reactions is positive or empowering to you.  So how about flipping them on their head?  Then we come up with a different outlook:

  • Be responsible for what is happening.  Take control.  Take action to understand your business. Systemise it and organise it.
  • Accept responsibility.  “A man can fail many times, but he isn’t a failure until he begins to blame somebody else.” ~ John Burroughs
  • Commit yourself more fully than before.  Identify weaknesses in your business and address them.  For instance, are you managing your property life effectively and efficiently using the latest technology at your fingertips?  It would be daft not to!
  • Involve your partner in the situation so that they can understand and support you and your efforts.  They may be able to add a different perspective.
  • Instead of “What if .. ?”, think “How to …”  Real problems can be solved, it’s only the imagined ones that seem unconquerable.  It’s important to tackle the actual problems you are experiencing, rather than thinking about the worst that can happen.  You can easily work yourself up into a frenzy which is not a productive state of mind to be in.  Your energy is best used in the “now” rather than worrying about things that may never happen.
  • Reach out to other Landlords either networking or through social media and try and help them and support them.

This last point is the one that helps me a great deal.  Please don’t think I am trying to big myself up!  It’s simply that by reaching out and helping and supporting others, I genuinely feel like I am helping myself and contributing value to the greater Landlord community!

Doing this also helps to reaffirm that we are not alone.  There is a huge community of like-minded people in the property world who are only a tweet or a forum post away from coming to your aide.  Our forum, Property Tribes, is just one such place where you will find property friends to chew the cud with.

Remember that none of us are as smart as all of us.  Other people may have been through your exact same scenario and be able to offer insights and support, or they may be able to share something with you that you had not thought of.    It could be the difference that makes the difference.  It could be a really simple thing that solves your problem – the age old adage springs to mind:  you don’t know what you don’t know.  It could be the missing piece of the jigsaw that someone else has.  If you don’t connect and share, then you won’t open yourself up to this wonderful serendipity!

Times are tough for everyone.  In times of crisis, friends rally together.  Human beings naturally want to help each other when times are challenging. It’s all about the survival of the species and it is a basic human instinct.  It will be tough in the coming few years, of that I have no doubt. But if you have friends; if you have trusted contacts; if you have people who like you, then you will survive thanks to their support.

Stay positive, organise yourself, systemise your business, and build a network of property friends and I really believe that you will come to think that pressure is indeed a privilege.



Comments

Richard Greenland Richard

18:13 PM, 20th July 2011
About 7 years ago

Great blog Vanessa. I think the thing on that list many people find hardest is accepting their own mistakes and learning from them, rather than blaming others. Yet our mistakes are our greatest teachers, if we accept them for what they are and don't deny them.

BTW Mark I'm not sure vanessa would agree that she's an advocate for flats!

Mark Alexander

18:35 PM, 20th July 2011
About 7 years ago

Hi Rich, when did I say Vanessa was an advocate for flats? She recently said she would never buy another


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

BTL property pick

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More