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February 25, 2015

           Volume 17 - Number 8

      
Streamlining the Business of Commercial Real Estate
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YouConnect© is a Web-based Appraisal and Vendor Management solution enabling financial institutions to automate and streamline their process, while satisfying federal and state examination and auditing requirements.
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No. 1 Selling Comp
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DataComp© is the No. 1 In-house Commercial Comparable Management Software on the market today made by and for commercial real estate appraisers.
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New Edge 2011

 

EDGE© is a simple to use, but powerful report writing solution. A stand-alone application that integrates seamlessly with Word, Excel and DataComp©. 

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Manager© is our cloud-based commercial appraisal workflow application that can be accessed from any browser, Windows, Mac or cell phone. 

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DataComp and Edge
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Check Out Our Sister Publication...
TOP OF THE WEEK TO YOU!
(by realwired! CEO, Brenda Dohring Hicks)

Brenda Dohring Hicks

 

Top of the Week to You! is designed to offer the inside scoop and latest of what's important in the world of technology as it relates to the commercial real estate industry.


Does Willpower Matter?

So let's start with the basics. I'm sure there are a variety of definitions for willpower, but I'm sticking with a simple one - the power of choice. Another popular definition for willpower is self-control. To me, that definition isn't as empowering as looking at willpower by simply observing the word itself - willpower, and seeing that it could be "willchoice." Will power is all about having the will to choose.

What does willpower have to do with business? Why would I bring it up when my passions are process and the people who run them? Because it's important to know that there's a lot of research that proves willpower is a limited resource. And if you don't think that willpower impacts your work/life consider this: willpower is energy produced by the brain and making decisions relies on that energy. When it's depleted, because we've made a multitude of decisions, you need to rebuild the supply. And the size of that supply - one's supply of willpower - develops over time and can actually be improved just like muscles in the body, improved through use and exercise.


Where are you on the willpower scale? Did you have a lot or a little when you were young and can you change that. It seems so. Just look at Walter Mischel's famous marshmallow test from 1970. In short, Mischel placed preschoolers in front of a marshmallow and gave them a choice: they could eat it right away or wait 15 minutes and get a second one. Despite the obvious benefit, two thirds of the children devoured the first marshmallow within a few minutes. Those who delayed their gratification were more likely, as teenagers, to have stronger self-control, handle stress more effectively and even score higher on the SAT. Some 40 years later in a follow up by Cornell University, 60 people from Mischel's original study were assessed and the results found that participants with higher self-control as children still exhibited higher self-control as adults. And those who couldn't wait for the second marshmallow - over 40 years ago - still had lower self-control.

Decades of research suggest that willpower is like a muscle. It gets fatigued when exercised - but also may get stronger the more you use it and possibly get stronger in as short as 2 weeks. Now, some more good news. Like most things, willpower can also be used more efficiently. People can have remarkable willpower, not because they have more of it, but because they've learned how to best use what they have. Ah, there's the tie in to my passion of process and people!

If you want to try it:
  1. Eliminate as many choices as possible. The more choices we make during the day, the harder each one is on our brain. Practice this as often as possible to build willpower muscle. My favorite practice is not to linger undecided over a menu. Scan it, enjoy the descriptors and come to a quick decision.
     
  2. Make choices now for something in the immediate future. It's easier to make smart decisions when the result is a short time in the future. Make your lists in the evening. Decide what you'll wear, eat for breakfast or lunch and click off as many decisions as you can. This allows you to conserve your mental energy for decisions that really matter tomorrow.
     
  3. Do the hardest thing you need to do first. Boy, we've heard that our whole life, haven't we? While there are a lot of self-proclaimed "I'm not a morning person" folks, science proves otherwise.
     
  4. Take mini breaks that includes "brain food" i.e. glucose. There's evidence that when a person's glucose is low, the brain responds more strongly to immediate rewards and pays less attention to long-term outcomes.
     
  5. Create reminders of long-term goals, particularly for the big stuff; growing your company, losing weight, engaging your team. Plan when you're fresh or you'll find it easier to rationalize not doing your best. Use the tangible reminders you set for long-term goals to interrupt the impulse to go for a short term path.
More research is needed to understand the neurological mechanisms behind willpower. But next time you find yourself short on it, particularly in emotionally charged situations - good or bad, remember that you can always find ways to improve and build your willpower reserves. And you're always stronger than you think.

Come join our discussion on our blog, or I welcome your feedback through email.
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