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How many failures did you have on your way to your real estate business, and how did you overcome them?

Answered by Kristin Wilson, relocation consultant

I had many, many failures in real estate, mostly related to not protecting myself enough with legal contracts when it came to commissions. I wasn't paid over $100k in real estate commissions over my career, and I learned the hard way that the only way I could try to get it back was to go to court in a foreign country (not ideal). What I changed about that when I started my new business was to change my income model from commissions paid at the end to consulting fees paid up front. That way, I knew I would always get paid for my work. I also learned in real estate and business that you can't control everything. There will be theft, there will be mistakes, and there will be unknown unknowns popping up now and again. The way to succeed is just to learn from each mistake, bounce back quickly and don't let it affect you too much.

In my current business, I learned that as "the boss," I have to take responsibility for everything that happens, including employee mistakes. You can't please everyone, and sometimes you'll get bad reviews or disgruntled clients. The best way to handle these situations is to be proactive and try to find resolutions before things escalate. Don't take things personally, just try to fix things but also know when to fire customers if needed. Have good policies and procedures you can lean on if things go wrong.

If you're supporting yourself as a digital nomad, you're winning in my opinion. Failure is a natural part of life. It's how you react to failure that makes or breaks you. If you have a flexible mindset and self-confidence, you can make it through anything.

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