Personality tests are driving many of the decisions we make - or decisions made about us - these days. Many companies hire based on personality, therapists and guidance counselors lead people toward specific goals and careers based on these tests. They even come up frequently during podcasts across all subjects. With all the weight placed on personality tests, we think it's time to assess the best personality types for real estate investing.
The personality traits needed for real estate investing
To be a successful real estate investor, you must be okay with taking risks. These are not the same type of risks that would allow you to go bungee jumping. These are calculated long-term risks.
Tenacity and discipline
You need to be good at gathering information, making decisions, and tenacious enough to understand that some investments take longer to pay off. COVID has been a perfect example - the real estate market was a buyer's market and may have encouraged people to purchase investments, but it was better to sell and wait before investing that money again. Prices were high, but now we predict they may become more reasonable. Now is a better time to consider investing.
Once you have all information necessary, you will need to make decisions quickly. Should you buy, should you sell? These questions can only be answered by you. You might get it wrong sometimes, but more self-assured people will bounce back and learn from mistakes.
The Myers Briggs Type Indicator® Test
The Myers Briggs Type Indicator Test was developed initially in 1917 and has been continuously honed since. There are many questions about the validity of the test, but it is still considered one of the best-known personality tests available today. (You can sign up for the official test here: https://www.myersbriggs.org/my-mbti-personality-type/take-the-mbti-instrument/)
As part of this particular personality test, personality types are broken down into four categories:
· Extroverts or Introverts
· Intuitives or Sensors
· Thinkers or Feelers
· Judgers or Perceivers
Which Myers-Briggs Personality Types Are Best For Real Estate Investing?
Key INTJ Characteristics, according to Verywellmind.com
· INTJs tend to be introverted and prefer to work alone.
· INTJs look at the big picture and like to focus on abstract information rather than concrete details.
· INTJs place greater emphasis on logic and objective information rather than subjective emotions.
· INTJs like their world to feel controlled and ordered so they prefer to make plans well in advance.
Key ENTJ Characteristics, according to Verywellmind.com
· ENTJs are planners. Making decisions and having a schedule or course of action planned out gives them a sense of predictability and control.
· They are highly rational, good at spotting problems, and excel at taking charge. These tendencies make them natural leaders who are focused on efficiently solving problems.
Key INTP Characteristics, according to Truity.com
· INTPs are philosophical innovators, fascinated by logical analysis, systems, and design. They are preoccupied with theory, and search for the universal law behind everything they see. They want to understand the unifying themes of life, in all their complexity.
· INTPs are detached, analytical observers who can seem oblivious to the world around them because they are so deeply absorbed in thought. They spend much of their time in their own heads: exploring concepts, making connections, and seeking understanding of how things work.
Key ENTP Characteristics, according to MBTIonline.com
· Innovative and entrepreneurial, ENTP types are often the first to notice a pattern in a system or a group of people. They're highly in tune with even the smallest details, and they enjoy strategizing, problem-solving, and brainstorming the best ways to do everyday things.
· ENTPs are often the people others rely on for help. They're resourceful and good at working under stress.
Of course, if you are not considered one of these character types, that doesn’t rule you out altogether. If you are risk-averse for example, you can lean on others to guide you and coach you through the process. After all, everybody deserves a chance to invest in one of the most profitable methods of investment!
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