Phelan 10 Commandments Part 1 Phelan The Land of Champagne Climate Thou shall Take Risks

Risk is a key part of the formula for success. As we fear the unknown, we must overcome our limitations. It's what makes an entrepreneur or investor become successful. To overcome fear, we follow four simple rules. Research our ideas thoroughly. Keep our focus on our goals. Invest and re-invest and never let our fear keep us from exploring new ventures. Risk takers are the 10% that make it happen.

As communication and technology brings us closer together, it's necessary to work with our competitors rather wasting time trying to overcome them. Working as partners, asking for advice or just making business transactions simple brings rewards. Everyone should come from the table feeling good about their part in a transaction. Sharing is good for everyone and it creates a Win-Win situation.

Successful people share success. Therefore, surrounding ourselfs with the right people will make the difference between failure and success. Choosing partners, business associates and friends with good values is the key to happiness and success. People who have talent, creative thinking, conscientious and loyalty are the creators of a successful environment. Always take the time to find the right people. It makes a difference in life.

Building relationships with business people, agents, vendors, competitors and colleagues can bring opportunities from unexpected sources. Attend community events, meetings and associations where you can meet new people each time. Keep renewing these relationships because they can lead into more good contacts tomorrow.

Times and people are always changing. Don't get stuck on the old ways and become outdated. Welcome change as a friend to get the edge over our competition. This means we have to be constantly attending seminars, trying different ways and learning new technology. Run with what works and discard whatever doesn't work.

The Internet has opened new business opportunities for every aspect of real estate. From advertising to having a virtual office available anywhere there is an Internet connection. Use this technology to reach more people via email, web sites and provide information on-line for instant easy access. Look for new products that gives us marketing advantages over our competition. Always look for new ways to market and communicate with people.

Leaders lead, so step forward and be on the frontlines especially in the heat of battle. Unethical people are constantly abusing Real Estate. It only makes good sense to keep these people out of our business. CAR provides us with legal assistance, updated contracts and news about new regulations. But that's not enough to stop the abuse. We as leaders need to take it one step further and outcast the abusers even if we forfeit financially. Pay-backs come in mysterious ways.

We need to get our name out there and constantly create credibility by having the right image from the start. Associating our name with consumer recognition and trust is the most important aspect of our business. Providing due diligence shows we have the expertise and knowledge to help our clients. The result will be that competitors and clients will have respect for our way of doing business.

Don't bet on other broker listed properties. Look for opportunities that will reach the vast majority of people. Do our homework to go the extra mile to find properties with the greatest potential. Create a marketing plan, define goals and put forth whatever it takes up-front to reach our goals. The more properties we have to offer, the more successful we will become.

Adapt, Adapt, and Adapt. Just when we think we have it all figured out, someone teaches us a new lesson. So we must be prepared for the unexpected to take appropriate actions. Keep our list of Do's and Don'ts updated to handle future situations. Clients and competitors will appreciate our efforts to keep transactions simple and on-tract. This material is Copyright © 2002-2008 All Rights Reserved

Good Luck to All!...

Our 10 Commandments

Thou shall Take Risks