The Steady March of Change

When the iPhone came out, I didn’t want one. I loved my Blackberry’s keyboard. So did many other consumers.

People, in general, do not think they need the next thing. Maybe it’s because they’re afraid of what could happen if it doesn’t work. Perhaps they’re just comfortable and change is hard.

”If I asked people what they wanted, they would’ve told me faster horses” - Henry Ford

With the iPhone, Apple had to overcome this prejudice against their product and show (educate) consumers on just how great their product was. Obviously they were very successful as most phones sold today either are iPhones or they look like the iPhone!

Your job as an entrepreneur and real estate investor is to keep your mind open to new ways to do things. Evaluate. Don’t chase.

Spend some time thinking about how you would answer this question: "How do you evaluate a new opportunity and make sure it’s the right thing to pursue?

• Be inquisitive. Ask yourself, “how will this improve what we’re currently doing?”
• Inquire from others who are trying to solve the same pain point you are. Have they tried this new service or thing?
• Beta test. We research comps and visit other properties in the area we are buying in but even after all that research, we still beta test on site. Maybe we try renovating a unit to a level nicer than the others to see if the market likes it. Maybe we test setting the rents at a certain level to measure demand.
• Most importantly: "Does this opportunity advance me towards my long term vision for how I want to live my life?"