Grigoriou – the principal of TG Newton & Co, an agency based in the Melbourne suburb of Oakleigh – says people in business may not enjoy operating in tough markets or economic downturns, but there can be many benefits.
“A lot of clowns come into an industry when it’s booming,” he says. “When the boom stops and the market becomes more difficult, it’s like a big flush of a toilet. It clears the decks. The cleanout gets all the amateurs out of the industry. It just leaves the professionals in the room, the ones who can do the job properly.
“Another benefit is that the skills you learn in a difficult market will carry you through your whole career. Every sailor looks great in calm seas but it’s how you go in stormy seas that really matters.
“Another great thing about a tough market is that you turn into a hero when you get good results for your clients – because you’re the one who got the job done, you’re the one left standing, you’re the hero.”
“In a tough market, you need to work hard. And it’s good for you.”
Grigoriou says four key questions have “saved my bacon” many times over the years. He says individuals or businesses can use these questions to address any issue. The four key questions are:-
- What is the real problem?
- What is the cause of the problem?
- What are the possible solutions?
- Which of the solutions is the best one?
“After you have used those questions to achieve clarity, then you can summon the character to move forward,” he says.
Grigoriou recommends people will achieve success more readily if they “remove stinking thinking” from their lives. One way to do that, he says, is to stop reading newspapers and watching the television news.
“Media loves the negative stuff and they love dumping on the property market,” he says. “Get it out of your life.”
This echoes the advise given by Hotspotting founder Terry Ryder, who suggests people should eliminate newspaper from their daily routines, because they fill readers’ heads with negativity and misinformation.
Another way to eliminate “stinking thinking” is to avoid people with negative attitudes and what Grigoriou terms “excuse-itis”.
“You don’t want to be around people whose excuse is It’s not my fault.”
Grigoriou also recommends publicizing your successes. “When you get some great results, let everyone know. Make a lot of noise about it. Blast out the results.”
And this advice to real estate agents applies equally to property investors: “You have to keep moving around. You have to find the hotspots. If you have an area that’s flat and is not selling, move. There are pockets that go through lulls. So move. Move around until you find good listings.”