Many individuals are firmly entrenched in the Scarcity Mentality. They perceive life as a limited resource, akin to a single pie to be divided among all. Consequently, if one person claims a large slice of the pie, it's believed to leave less for everyone else.
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This mindset operates on a zero-sum paradigm, where one's success is viewed as directly detracting from the opportunities available to others. Individuals with a Scarcity Mentality struggle to share recognition, credit, power, or profit, even with those who contribute to their achievements. Moreover, they find it challenging to celebrate the success of others genuinely.
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If you have a scarcity mindset, you believe that money, friends, success, and promotion are scarce. You believe there simply aren’t enough of these things for everyone to have a chance. This mindset affects your thoughts, actions, and outlook, as well as your perception of and by everyone else.
The scarcity mindset keeps you from saving. You find it challenging to save time and money because both are scarce. If you have either, you spend it immediately before something happens to it!
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Let’s test quickly to see if you have some scarcity mentality tendencies…
There are 11 ways (there are more, but these are the most obvious) to know if you’re scarcity-minded in your real estate practice.
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Note: If you can answer ‘yes’ to even half of these, you have a mindset challenge that must be corrected before you can reach your next level! We’ll do this quickly because no one wants to dwell here! Jot down any thoughts you want to get rid of.
After the test, we’ll get to the good stuff: The Mindset of Abundance!
11 Things to Consider: The Scarcity Mindset…
1 You have no savings. Ever. If you do, it’s maybe for a couple of weeks, sometimes as scarce as a couple of hours.
2 You believe there’s only so much money to go around and often get into conflict over commissions…both with clients and other agents.
You’re a fan of the ‘procuring cause’ argument.
3 You don’t use a buyer’s agency agreement because you’re afraid of losing the commission to an agent who doesn’t use agency agreements.  Fortunately, this particular issue is no longer up to you as of July this year!
4 You lose listings over ‘sticking to your guns’ on commission. You’d rather be ‘right’ or ‘righteous’ than give a little to make a deal happen.
5 You are immune to goal setting and feel you’re above it. Goal setting ‘isn’t for you’.