The Three Types of Listening in Real Estate Investing
Did you know there are three types of listening that can shape your success as a real estate investor? Many investors think itโs just about learning market trends or analyzing deals, but listening skills are equally critical to navigating partnerships, understanding clients, and spotting opportunities. Hereโs how these three listening typesโInformal, Active, and Intuitiveโcan benefit your real estate investing journey. 1. ๐๐ฃ๐๐ค๐ง๐ข๐๐ก ๐๐๐จ๐ฉ๐๐ฃ๐๐ฃ๐: ๐๐๐ฉ๐๐๐ง๐๐ฃ๐ ๐๐๐ฎ ๐๐๐๐ฉ๐จ In real estate, Informal Listening is essential for gathering the facts and figures needed to make informed decisions. This is the kind of listening we use when we ask questions to clarify the basics, such as confirming property details with a seller or understanding a clientโs goals. For example, you might ask a mortgage broker, โWhatโs the current rate for investment properties?โ or inquire about property features with, โIs this property zoned for multifamily use?โ While it sounds straightforward, this type of listening can be easily derailed if questions are misheard or answers lack clarity. In real estate, small misunderstandings can lead to costly mistakes. Thatโs why, even in informal listening, itโs crucial to verify information and rephrase questions if needed to ensure accuracy. A simple โJust to confirmโฆโ can save you from potential setbacks. 2. ๐ผ๐๐ฉ๐๐ซ๐ ๐๐๐จ๐ฉ๐๐ฃ๐๐ฃ๐: ๐ฝ๐ช๐๐ก๐๐๐ฃ๐ ๐๐๐ก๐๐ฉ๐๐ค๐ฃ๐จ๐๐๐ฅ๐จ ๐๐ฃ๐ ๐๐๐ค๐ฌ๐๐ฃ๐ ๐๐๐ฃ๐ช๐๐ฃ๐ ๐๐ฃ๐ฉ๐๐ง๐๐จ๐ฉ Active Listening is critical when forming connections in real estate, whether with clients, investors, or business partners. It involves fully engaging in conversations, showing interest, and responding meaningfully. This type of listening goes beyond just hearing words; it includes non-verbal cues like nodding, maintaining eye contact, and using verbal affirmations like, โI understandโ or โThat makes sense.โ For instance, when discussing investment goals with a potential partner, Active Listening helps you understand their motivations and concerns. By paraphrasing what theyโve said and asking clarifying questions, you demonstrate your commitment to aligning with their goals. This skill is crucial for investors because strong relationships, built on trust and understanding, often lead to lasting partnerships and collaborative projects.