Here's how you can develop resilience when faced with failure in the commercial real estate field.

1 Embrace Setbacks

When a deal falls through or a property underperforms, view it as an opportunity to learn. Analyze what went wrong and identify what could be done differently next time. Accepting that setbacks are part of the commercial real estate landscape allows you to detach from the notion of failure as a personal flaw and instead see it as a chance for growth and improvement.

2 Cultivate Patience

Commercial real estate is a long-term game, and success doesn't happen overnight. Cultivating patience means understanding market cycles and recognizing that some of the best opportunities come from playing the long game. Patience also helps you to stay calm and strategic when facing challenges, rather than making hasty decisions that could lead to further setbacks.

3 Strengthen Networks

Your network is a vital resource when overcoming failure. Connect with mentors, colleagues, and industry professionals who can offer advice, share their own experiences with setbacks, and provide support. Building strong relationships can also open doors to new opportunities that might not have been available otherwise.

4 Diversify Strategies

Don't put all your eggs in one basket. Diversifying your investment strategies can mitigate risks and reduce the impact of any single failure. Explore different types of properties, geographical areas, and investment models. This approach not only cushions you against market fluctuations but also broadens your experience and expertise.

5 Prioritize Learning

Continuous learning is key to resilience in commercial real estate. Attend seminars, read industry publications, and stay updated on market trends. This knowledge not only prepares you for future challenges but also equips you with the tools to navigate them successfully. Embrace every experience as a lesson, and you'll find that your failures often teach you more than your successes.

6 Maintain Perspective

Keeping a balanced perspective is crucial when dealing with failure. Remember that your worth is not defined by any single deal or investment. Maintain a healthy work-life balance, set realistic goals, and remind yourself of past successes. This mindset helps to mitigate the emotional impact of setbacks and keeps you focused on the bigger picture.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?