A real estate coach uses the Buster Douglas upset over Mike Tyson to frame how to survive business crises. In 2019, his company faced a wave of buyer defaults traced to accepting low deposits. He and his team built a four-step framework: reflect on the cause, create a plan, execute it, then fix the process to prevent it again.
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Have you ever wondered how Buster Douglas beat Mike Tyson in one of the biggest upsets of all time? He weathered the storm. Now, if you're watching this video and you are not a boxing fan, that's 100% okay. Trust me, you'll get a ton out of this video because we all have to learn to weather the It is the only way for you to survive in the real estate world. It's the only way for you to survive in the business world, period. And I'll even take it one step further. It's the only way that you're going to survive life, period, is learning how to weather storms. Let me give you a specific example. Back in 2019, my family and I had to weather a major storm in our real estate business. It was almost like the perfect storm. Now, you've heard us speak about how we're able to get 95% of our buyers to the finish line. Well, this year, this year was unusual. We had a large group of buyers default all at the same time. It almost felt like we were in quicksand at some points. Now, these buyers were all set up To succeed at the beginning, we thought. But the reality was the way our process was working back in 2017 and 2018, it almost set us up for a perfect storm. Unfortunately, we were accepting too low of non-refundable deposits. We have made a huge adjustment in our business to really create these buyers for success and create the company to have a more successful transaction by simply increasing those non-refundable deposits and not accepting people that have too low of deposits. Now, I remember sitting in meetings with Chris and Nick just holding my head. Now, I only had been in the business for a couple years at that point, and this was one of the first major storms that I had to weather. Now, I'm sure Chris may have had a different opinion. He's been through many of these real estate storms. I've only had personal storms. So I just remember sitting, holding my head, thinking, when the heck is this going to end? Now, it wasn't lucky that we ended up making it through it. We had a very specific plan and took it head on. Now, you're going to have to do the same thing in different parts of your business. You know, the first time that you have a buyer that defaults, or the first time in which you have a seller that causes some chaos at the end of an agreement. These things are gonna happen. Now, we of course work with all of our associates, those that choose to partner with us, and we help them through this process so that way it's not as hard to do so. Now, but we've created more of a 4-step process in order to weather storms. You can actually grab some of this content on our website at smartrealestatecoach.com/gifts and read into our books. They have both of our Amazon bestselling books there, and trust me, you will see some weathered storms within those books. Now, here's the approach. First and foremost, when a storm hits, when you have a hiccup in your business or you're facing additional nuances, first and foremost, reflect upon the storm that's happening, meaning look at the cause of the storm. When we look back to 2019, we knew what the cause was. The cause was we weren't taking big enough non-refundable deposits, which means we were more or less taking on tenants versus tenant buyers, and it was almost inevitable that some were gonna fail. Next, create a game plan. I know this sounds rather simple, but stay with me here. Create a game plan in order to get yourself out of this storm. See, the worst thing that could happen is burying your head. Now, unfortunately, Chris and I talk about it all the time. How many people got crushed in '08 that still have their heads buried in the sand and who will not enter into real estate? And there are too many of them. And that's because they just haven't created a game plan in order to get themselves out. Next, of course, we execute on that game plan and make adjustments on that game plan as you continue to execute on it. And lastly, in order to make sure that this never happens again, create a better process. Make sure you are adjusting and creating a better process. So if you want to be successful in this real estate business, Learn to weather the storms.
