Transitioning Into Real Estate With Your Spouse
By JD Esajian on October 16, 2015
Getting into real estate can be life-changing for couples and families. More often than not, it is seen as a change for the better. It can completely alter the dynamics of family finances, what’s possible in the future, happiness quota, and what type of legacy can be created. However, that doesn’t mean that there can’t be friction and challenges for relationships on the way. Many spouses can find the road to real estate and financial success frustrating. So what’s the best way to deal with it?
Challenges for those with Spouses Who Get into Real Estate
The biggest frustration of those with spouses getting into real estate can be time. Whether new real estate agents, investors, or business owners begin juggling real estate and their day job or they go all in, there can be less time together. There can be a furious race to get those first deals done, and to achieve consistency. This can result in new routines and schedules, less time at home, new friends, and even mentally being on the real estate playing field when they are at home. It’s not easy for all household members to take these changes. So how do you conquer them?
Number 1: Get the Right Mindset
For the partner that got into real estate, it is essential to remember why you got in. For most, it is about providing better for their spouses and families. Don’t lose sight of that. You probably have very visible business and investment goals. Are your personal ones just as visible (to you and your family)?
For the non-real-estate spouse, and other family members, it is equally important not to forget why they are doing it: why they are working so hard, putting in the time, and so on. Odds are, they don’t like the time away just as much. They may love what they are doing, but not just being there to experience every moment is a sacrifice for them too. Don’t doubt their good intentions. You are a team. You all have different roles.
More Time is a Myth
In spite of all best intentions, the truth is that there won’t be more time later, or fewer things to do. Not unless you schedule it.
“I’ll have more time later, when…” are nothing more than famous last words. There will always be more to accomplish. More deals to do. Another level to climb to. There are times to hustle. However, unless real estate pros learn to make time for themselves and their families, there are no guarantees that there will be more time later, or that family will still be there all those years down the road.
Scheduling Time Together
If it’s not firmly on the schedule, it’s not likely to happen. Scheduling time together can feel a little forced at the beginning, but it’s certainly better than no time. There is no reason that you can’t steal spontaneous moments and hours together to stay under the covers, run off to the beach, have an amazing lunch date, or get away for a weekend. That’s a part of enjoying the whole journey in real estate.
Schedule time together each week: quality time with all family members. Look for ways to blend work and personal time. Certainly much more time can be spent at home given how much can be achieved in real estate from a laptop. Time away can do double duty too. Drive neighborhoods and walk houses together, go one business trips, and to real estate seminars together. Review numbers and materials and marketing together.
To Team Up, or Not
Some couples and families find the best way to overcome the challenges is to team up and work the real estate business together. Amazing power couples and teams are built this way. You don’t have to love all the same things about the business, or need similar skill sets. Very different couples and family members can complement each other very well by finding a good way to fit together.
You might not yet get why your spouse, parent, or child is so gung-ho on the industry, but if you give it a try you might be incredibly thankful for finding your perfect zone.
Still, those in real estate need to accept that not every life partner is going to be the perfect assistant or business partner, or employee. That’s okay, and in some ways will save extra stresses. Can you imagine having to fire your husband or wife? And then going home with them? Once they see the results, and if you can find a way for them to love it, in a way congruent to them, you might work together. But don’t force it.
Patience
A little patience goes a long way. So does great communication. The results will come, and so will the money, time off together, lifestyle, and other goals. Just keep going…