Based on one of our newest sessions at Bayut Academy, Mindset of an Agent explores the approach one needs to have as a real estate agent aiming for success. We look at how you can assess your mindset, the types of mindsets and how you can create your path to success.
What is Mindset?
“Mindset” is a set of beliefs that shape how we see the world.
Our mindsets influence our thoughts, behaviours and habits. This is why it plays a significant impact on a person’s performance and confidence.
Numerous studies show that mindset does not just rely on your brain’s genetic wiring. Carol S. Dweck, in her book Mindset: The New Psychology of Success, claims that intelligence is a result of effort and hard work.
What is a Good Mindset?
A good mindset can be identified by:
- Believing in your own strengths and abilities
- Everlasting desire to take learn and risks
- Utilises past experiences to shape a path for success
- Viewing disappointments or challenges as growth opportunities.
The Two Types of Mindsets
In Dr. Carol Dweck’s study, involving students, she found that when faced with failure, some students rebounded in due time while others were devastated and refused to move forward.
This led to her proposal of the two types of mindsets: FIXED and GROWTH mindset.
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Fixed Mindset
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Growth Mindset
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Fixed Mindset
Assumes intelligence is a fixed trait
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Growth Mindset
Believes intelligence can be further improved
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Fixed Mindset
Focuses on the final outcome
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Growth Mindset
Focuses on the effort and practice
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Fixed Mindset
Avoids challenges
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Growth Mindset
Embraces challenges
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Fixed Mindset
Threatened by peer success
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Growth Mindset
Inspired by peer success
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Fixed Mindset
Assumes feedback or criticism is a sign of inadequacy
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Growth Mindset
Believes feedback or criticism is a powerful tool for self growth
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Fixed Mindset
Accepts failure
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Growth Mindset
Analyses failure
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Fixed Mindset
Gives up easily
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Growth Mindset
Strives to improve
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Can we have both mindsets?
The human mind, being complex, can have both mindsets. Your role is to identify and change your fixed mindset toward a growth mindset.
“We all need to recognize that developing a growth mindset is a journey filled with setbacks and challenges. Our goal should be to develop a more persistent growth mindset”
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You have successfully subscribed.Dr Carol Dweck, in her book “The Mindset”
The Power of the Word ‘Yet’
Let’s take a look at two parallel statements:
- Statement one: I didn’t win the Agent of the Month award
- Statement two: I haven’t won the Agent of the Month award yet.
Notice how the second statement seems more uplifting? That is the power of adding the word ‘yet’ to statements that may seem affirmative otherwise.
Using ‘yet’ is an example of having a growth mindset and demonstrates your learning curve. It acts as a bridge between effect and achievement, paving your path to success in time. Adding ‘yet’ to a negative statement is a way to increase your belief in yourself.
The Importance of Mindset for Realtors
Being a cut-throat industry, your mindset matters more than ever as a realtor, attributing to the following reasons:
- High targets: Sales Targets, KPI’s must be achieved, month on month competition: The real estate industry is highly competitive and volatile, with several players competing for the same goals as you. There are moments where it may seem like someone else is closing
- Erratic schedule: Real estate is not a 9-5 job. While it does offer flexibility, it also requires discipline
- Income fluctuations: Being heavily reliant on commissions only, the inconsistency in income, can be challenging
- Client challenges: You may have to face clients with unrealistic expectations, not being completely aware or not being rightly guided. Besides, consumer behaviour is changing at an alarming rate.
From the moment you start your day, your mindset toward your work matters. Being an extremely competitive industry, having the drive to succeed is the only way to stay ahead.
You need to have the right mindset to:
- Starting your day right and staying focused throughout
- Approaching difficult situations
- Ways to react if there is an oversight
Figuring out your mindset during these situations can help determine your success or failure in the real estate industry.
How to Maintain a Growth Mindset
A few things you can do to cultivate a growth mindset:
- Value your own work and reward yourself for the progress, not just the results
- Take enough breaks and give yourself the chance to breathe
- Get over your own disappointments as quickly as possible, look for opportunities in setbacks. Embrace failure as an opportunity for growth
- Be a life-long learner. Use resources like the news and build healthy habits like going through market data every week
- Take ownership of your own situation
- Set a daily schedule and stay disciplined
- Learn to identify when you are getting in your own way.
A primary aspect of growing in your real estate career is the ability to learn and grow. For a full picture of this session, join us at Bayut Academy to learn how you can cultivate a growth mindset with roleplays, activities and more! You can explore more resources for real estate professionals in the UAE in our Content Corner on the Agent Portal.