Monday, April 08, 2019

“The deal of a lifetime comes once a week”

Photo by Markus Spiske on Unsplash
This is my all-time favorite quote: "The deal of a lifetime comes once a week." Dolf de Roos was explicitly talking about real estate, but I think it spans all of life.

I read his book, "Real Estate Riches" in high school and this quote has stayed with me. The idea is simple: There are always fantastic opportunities for us to seize upon. So even if you miss one today, there will likely be another one later... Perhaps even next week.

It's like catnip to eternal optimists like myself, and the antidote to people with the FOMOs.

Of course, it doesn't mean you can procrastinate and never pull the trigger because "there will be another one next week," but it does mean you don't need to try and force something to happen for fear of never getting another chance.

So when you find an awesome real estate deal you can't fund? It's OK because there will be another one. This has happened to me. I purchased a fantastic property - a quality deal I never thought I would get again. A little while later another property came my way that was just an interesting. However, I wasn't able to close the deal. Then, the next time I went looking for a property, I found another one with similar returns to the first one.

Part of the reason this works in real estate (and sales in general) is that everyone tends to have a large "life event" every six months. Some examples:

  • A new job
  • A new home, or substantial change to the existing home
  • Kids changing schools and/or schedules
  • A change in health (good or bad)
  • An increase or decrease in savings
  • You learn a new skill or make a new connection

The point is that life is continually changing, and a "no" six months ago might become a "yes" today because of some change in their life. So a deal of a lifetime that didn't exist last week could suddenly exist this week.

So take heart! There's always a fantastic opportunity for you to take advantage of, even if you recently saw someone else take advantage of an opportunity last week.