Welcome to the Managing CRE Risk podcast with Jeremy Goodrich. Today, we talk about how mindfulness can help you be a better property manager. Our guest is Terrie Schauer, investor, property manager, author, and coach. She shares some techniques for being more mindful in our work life, how to be professional in business relationships, and why real estate investing isn’t as risky as many of us think.
Learn more about Terrie and her story at shineinsurance.com/managing-commercial-real-estate-risk!
“Very often the things that people are afraid of are not the things that they should be afraid of.”
At the beginning of the conversation, Terrie shares what risk means to her. She is living and investing in Quebec, and according to her, real estate investing isn’t very risky overall. It can be hard and time-consuming, but there aren’t many events that can take down someone’s whole portfolio. The biggest risk is usually around the sale and not the operation of the property.
Terrie shares some ways to successfully mitigate real estate risk.
- Focus on creating solid contracts at the beginning of all your business partnerships.
- Have your systems and processes in place at the time of sale.
- Make sure to insure the property early on.
“The best diet plan in the world will not help you if you can’t execute it in those micro-moments when you’re choosing what to put into your mouth. And real estate is the exact same thing.“
Terrie wrote a book, Mindful Landlord, that focuses on becoming a successful and fulfilled landlord through mindfulness. She talks about some of the techniques that can help you train your mind to become more mindful in your business.
- Learn how to meditate and cultivate pure presence.
- Instead of trying to replace anxious thoughts with positive thoughts, identify what’s underneath your thoughts.
- Always focus on the next step in your business plan to avoid being overwhelmed.
- Don’t be afraid to ask questions and ask for help from people.
- Be professional in your communication with tenants. Use polite language and don’t text with them.
About our Guest, Terrie Schauer
Terrie is an investor, a property manager, and a real estate broker. She spent twenty years getting income properties in three different cities to cash flow, both for her and for her clients. For Terrie, the ultimate goal of being a landlord isn’t a dollar sign, it’s a full, happy, and financially free existence.
Mentioned in the show:
- Terrie Schauer – Mindful Landlord
- Her LinkedIn
- Jeremy’s LinkedIn
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Special thanks to Terrie Schauer for taking the time to share so many great insights with us
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