Running a Note Business is certainly challenging. Aside from the financial constraints, time requirements, and operational difficulties, one of the biggest challenges you have to face is competition. As they say, business is a competition and competition is in itself a business. The big players in the note industry, with their massive marketing budgets and unmatched purchasing powers, makes it hard to compete.
While rivalry might seem like a negative thing for your note business, it has its own share of advantages. Although it’s true that competition makes getting note holders and closed deals difficult, on the flipside it encourages you to strive harder and push yourself to the limits in order to be able to manage your note business as well and efficiently as possible. Additionally, it forces you to stay focused and persevere on improving the quality of the services you offer.
The concept of competition has been distilled in history since the inception of Capitalism. Competing with others to be the absolute best is in our blood – it’s survival of the fittest. This drive pushes us to become better than the people with whom we surround ourselves.
Here are some ways to capitalize on the positive side of competition and use its advantages to make your note business successful in the long run.
When it comes to being a successful Note Professional, it’s easy to be overwhelmed with competition. Competition isn’t just the drive to push us further, but a tool to measure our own success. However, we forget that competition isn’t always good. Being competitive is destructive to our own self-worth. The secret to being a successful note professional isn’t by competing with others, but rather it’s competing with yourself.
Defining your own sense of success is important. In the note business, you might consider yourself successful if you’re making $60,000 a year, but someone else might consider themselves successful when making $150,000 a year. Everyone has their own definition of success. This is because people have goals that are unique to their own ambition.
If earning $150,000 a year isn’t important to you, then you shouldn’t let the amount of yearly earnings define your success as a note professional.
Taking time to consider how you define success is important to your growth as a note professional. If you want to take your career in real estate seriously, then you need to be honest with how you measure your growth. Defining success for yourself is the first step in becoming the note professional you’ve always wanted to be.
Everyone has their own level of success; therefore, you can’t compare yourself to others. Achieve your goals by being competitive… with yourself. Being competitive is the fuel that pushes yourself towards success. However, the idea of competing with others is fundamentally flawed. The reason why you shouldn’t compete with others is because you can’t race someone else when you both have different finish lines.
If you’re goal is to make $60,000 a year in real estate, you can’t compete with someone whose goal is to earn $150,000 a year. Competing with others for the sake of being the best is a losing battle. As a result, you will lower your self-worth, make yourself resentful of others, and have the never-ending feeling of constantly craving more out of your life.
You will never be happy in your note industry career if you compete with others.
You are the only constant in your life. Therefore, your own progress is the only way to measure your success. Instead of competing with other people or companies, compete with yourself. Note professionals should not be pressured to be better than others – they should push themselves to be better than they were yesterday.
Improving yourself is the only true way of being successful. Competing with yourself gives you the opportunity to grow as a note professional and person. When you’re not worried about other people or companies, you’re free from the stress to outperform others in the note industry. Moreover, you will appreciate your career and the development you’ve made as a professional.
Start competing with yourself today by monitoring your progress then consistently make an effort to outperform that growth. Doing so will eliminate the competitors in the note industry, because the only real competition is yourself.
Hope this helps! Be kind, keep safe and stay healthy. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)
Jeff Armstrong of Armstrong Capital has been a note investor and broker specializing in the performing seller financed note industry since 1991. For more updated and current information on how he can help you with your note business, note investments, note appraisals or to request pricing options on a note visit www.armstrongcapital.com to email him and subscribe to his weekly Note-Able Newsletter.