Your Motivations?

[Bill Gulley]

Do you really understand your own motivations?

Simple answer might be yes, Money! So, you're saying you choose real estate just because you're under the impression you'll get rich or earn more in RE than you might in any other industry?

Self analysis of your intentions from time to time or in attempting to do some transaction can be tough as you may have to admit to yourself some things you know are not so admirable. Does your ego allow you to admit things that may not be seen as a favorable trait?

We have all seen illustrations of our self devil sitting on one shoulder and our self angel sitting on the other. Do you listen to you Id, your conscious and at what dollar amount do you draw the lines, where does temptation win? Temptations to benefit should be kept in check, not only as to fair dealings but in assessing risks. Are you really taking risks you shouldn't be? Does your ego give you too much confidence?

If you don't want to spill your personal assessments in public you can speak in the third person as to how others might make some self assessment.

Know thy self certainly is a beginning point in business.

Most of my RE activities when I began were basically as a supplemental income matter, the motivation was probably greed, I just wanted the money and my involvement was rather casual. I fell into my very first deal as my own home and shortly after buying I ended up selling making what I thought was a good profit. It was just a shot in the arm to get me interested. As I matured in my 20s I began seeing other aspects, responsibilities to others, understanding fair dealings was never an issue but the degrees of fair were an issue at times. This was primarily in landlord activities.

Over time you begin to see a bigger picture in RE, it's a matter of maturity more than specific knowledge, but without learning you'll never see the bigger picture.

Your motivations change, in business you'll always have money as a central issue, profitability is always a concern. What seems to be missed by many is that chasing deals just for money isn't really feeding the ego, there is a bit of an emptiness in life if you don't really love what you do. I don't think you can really love what you do if you don't address all the areas of your life. You don't really feel the success.

I use to chase deals long ago, then I decided to go into lending, obviously it was about earning a living, expecting a good living. I didn't do much self analysis of what really made me happy or why I was doing what I choose.

It hit me one day, a young couple buying their first home, kids just getting started. I really liked them and they had a tough time getting their home, but the challenge became the purpose, not the money. I saw them again a couple days ago, I recognized them they didn't recognize the old guy. After introductions again, they said they are still in the same home, love the place and they will have it paid for in 3 more years. They had refinanced but basically followed what I suggested long ago and they remembered my advice.

When I closed that loan I had a sense of accomplishment that money can't buy. The other day after seeing them again I had a sense of pride that money can't buy.

What is your real motivation? Are you a contributor or a taker? Which do you think really leads to success, money and self worth, in the long run? :)