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I came across this TED video (albeit from 2006! ) and it resonated hugely with the property wealth creation sector and to a certain degree with one's own understanding of property.The video explains why making, and more importantly, defending an opinion, that is based on two things - limited knowledge and poor value data - will ultimately not serve you.Much of wealth creation marketing is based on limited knowledge and poor value data, of which their defence usually is that those that are asking legitimate questions or making legitimate challengers are labelled as "haters", "nay sayers", "neg heads", or people jealous of others' success. Or they are people who are too fearful to do it themselves, and try and instil their fear into you, or they are fearful that you might actually succeed so try and pull you down.Dismissing someone's opinion on the basis that they are "jealous" is one of the laziest things anyone could do and shows either a complete ignorance or a complete lack of understanding of the English language - point of fact, to be jealous, someone has to have something that you want and its a major failing to assume that they want the same as you.The video also addresses the issue of claimed success. Most of this claimed success is illusion based on non-transparency of data.If one person is cited as a success story, it makes a big difference to know if they are one person out of a group of 10 or one person out of a group of a thousand.If someone claims they bought 20 properties in one year, you need to know if their starting position, because, if they started with £750K in the bank, then their success is not too surprising, but it is unlikely you will be able to replicate it if you are starting with £75.00 in the bank.There is nothing wrong with marketing. There is nothing wrong with creative marketing. But, by the same token, there is nothing wrong with being a skepticAs the video states, skeptics and de-bunkers are important to society. They create clarity about an issue.The real problem in the property wealth creation sector is those that try and stop this legitimate process, and when you see that occurring, that should be a red flag in your due diligence process.The opinion of skeptics should have more weight in your due diligence process than the opinion of the marketeers/gurus as skeptics do not gain in any way from you taking on board their opinion or view.Due diligence marries theory and up-to-date granular and factual data. That is how it mitigates your risk.There are many valuable data sources like Companies House, DueDil, the Land Registry, and, of course, google.As the presenter in the video states, the skeptics and de-bunkers play a very important role in un-regulated sectors, the wealth creation industry being completely un-regulated.If you are not an expert in due diligence, the skeptics and de-bunkers might be the only line of protection to stop you losing life-changing amounts of money.Using video, images and music, professional skeptic Michael Shermer explores suggestive phenomena and offers cognitive context: In the absence of sound science, how incomplete information can combine with the power of suggestion to create a compelling story that influences behaviour that may not serve your best interests.In fact, he says, humans tend to convince ourselves to believe: We overvalue the "hits" that support our beliefs, and discount the more numerous "misses." This goes a long way to explaining why people are so easily parted from their money when it comes to "get rich quick" opportunities.
All next week, Property Tribes will be running "Business Risk Mitigation" Week. We will be examining the many risks in property investment - financial, regulatory, and encountering rogues - and how they can be mitigated.We have contributions from leading industry commentators and this is all part of the Property Tribes "Smart Landlord" campaign which is running throughout 2019.I invite you to join us all next week to learn how to reduce risk in your property business, as this will ultimately protect you from financial loss and stress and make for a much more enjoyable, peaceful, and profitable landlord life.SEE ALSO - Trust - How easily we are fooled.UP NEXT - How to use Companies House for due diligenceDON'T MISS - Property education, training, and mentoringNOW WATCH:
general operations director, site owner and moderator - propertytribes.com
Or in short:
Take everything as bullsh*t until you can prove 100% that it isn't bullsh*t.
Very insightful read!! I’d agree with Geoff that this is an important topic.Reducing risk by data driven decisions was one of the drivers behind us founding One and Only Pro.
Transparency notice: OneandOnlyPro is a commercial partner of Property Tribes.
De-bunkers and skeptics play a very important role - most are motivated because they genuinely don't want to see people lose money, and they will put their head above the parapet and face the ire of the guru's followers in the hope that even one person will take note. De-bunkers are also often dissatisfied clients/mentees of the trainer/mentor and who feel compelled to try to stop others losing money.Methods of stopping a de-bunker include the de-bunker being banned from facebook groups and forums, being labelled a "hater", trying to discredit the de-bunker, or claims that court cases have been won for defamation when in fact that never happened.When people disagree with me, I actually welcome it. Having a robust and healthy debate is one of the best ways to learn and grow. People who have a true mindset to do that will actively seek out others who have an alternative view so that they can test their own view against that and perhaps fine-tune or revise it. That is a great risk mitigation strategy, based on "We overvalue the "hits" that support our beliefs, and discount the more numerous "misses."Surrounding yourself with people wearing blinkers and those that only agree with you - and bolster your own ego by doing so - is extremely unhealthy and high risk imho.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**