Every profession has its distinct language, from physicians to lawyers to rocket researchers, whose use in thought and in spite separates insiders from all other and professional real estate investors is no exception. When taken in small pieces, it is easy to learn the real estate language.
Anyone can buy or sell their own home without knowing what a refund fee is or how to calculate Gross Real Multipliers, but if you want to enter the real estate investment as a serious investor, its one of the first things you need to do, understands a solid understanding of the insider language.
When you can conveniently use lingo that is familiar to others in the industry, they will listen so much closer to your ideas and suggestions, as they know they are dealing with an experienced insider. Plus, those who do not know will respect you as much more as you do.
And the bottom line, you put yourself in more positions to get paid.
If my company would provide a textbook copy of the real estate investment dictionaries and the definitions in the free modules on our website, it would amount to more than 250 pages and grow. For some people, it would be an overwhelming commitment to sit and read from start to finish, regardless of the amazing benefits. But that would not be the best way to learn in our opinion, because retention in cramming is small.
Therefore, we have broken the commitment to learn to speak and most importantly to think, like a real estate inspector, to a manageable task that you can complete over time or get the information you need immediately immediately at hand in a good place.
I recommend that new investors take 15 minutes 1 2 times a week to learn a few dozen terms and definitions and you will take a decisive step to master the real estate investment game one step that those who are supposed to remain on the sidelines never see the discipline to take.
Our top students bookmark module links in their computers browser and returns to it at least once a week at a specific recurring time ie, a planned consistent time block, to study for 15 minutes or as time permits uses a calendar on their phone or computer to remind them until it gets used to it.
I can not stress how important it is to have the right lingo down. One can tell the difference from a beginner and someone who is more experienced. My observation has been that there is another respect and willingness for a contact to set when they perceive that you know what you are talking about.
Part of branding, especially when you are brand, is how you present yourself. Within 40 seconds, youll see how much you look and the energy, pitch, tone and voice speeds youre talking to affect the view you make about you to a large extent. But what you say is still very relevant to success. First impressions are extremely difficult to change.
Dr Robert Cialdini calls it halo effect. That is why I think that many of our investors now first get the impression of me or our content marketing company that is designed to portray our company and I, for example, in the best light a credible authority and reliable advisor. Much better than if I had met someone who originally sat in my boxers shorts and said hello bid, got a hundred grand? Lets invest it
I believe so much in this activity as a major catalyst for new investors that our office has been given strict instructions to freely forward the 4 module interactive online dictionary we created for internal training for anyone visiting one of our websites and contacting us and ask for the investors glossary.
If you want, just ask. Create a weekly reminder in your calendar to spend 15 minutes studying this glossary. Take something as scary as learning all terms in a very big glossary and making it a very feasible activity in betting sizes over time.
I say all this to say this. Your mind is a great tool. It will serve you as you stretch it.
Learn the real estate of real estate.
It will pay when you can talk to you with confidence and multiply the effectiveness of your conversations in your real estate business with buyers, sellers, lenders, investors and tenants.