Stick to It!

Over the past few years, I have sat down in little rooms for a private 25-or-so minute chats with somewhere north of 500 SVN advisors (commercial real estate brokers). During those conversations, we usually talk a bit about our backgrounds. The advisors tells me a bit about his or her business. And I probably give them some advice. Hopefully, I gave good advice that the advisor took and used to thrive. Usually, though, these meetings aren't life-changing experience for me or for the advisors. They're simply pleasant meetings that provide tweaks and changes.

On occasion, though, the short meetings that I do are anything but light. And there's one that I went on last year that I still can't stop thinking about.

I was in an office that I knew well with an advisor that I had also gotten to know relatively well. He or she had been with the firm for about the same time as me. He or she and I had a couple of similarities in our personal lives. And I genuinely liked this person.

All of this made it really hard when I found myself asking a question that I rarely ask: Are you sure that being in this business is the right thing for you?

To be sure, there were some extenuating circumstances. But they weren't unmanageable. If this advisor was earning significant income, pretty much every one of his or her problems could have been solved with the resources that the income brought. But this advisor wasn't.

Here's what really kills me. This was all avoidable. This person's going to miss out on a great career. And their office stood to lose someone who could have been a great member of the team. Because of a simple mistake.

It's a mistake that many of you are making right now. Others of you might be about to start making it as well. Don't worry, though, because you can easily undo it.

This advisor had at least three different specialties over a roughly four-year period. He or she went in to do something. Then, he or she did something else. Then, he or she switched gears again to do something different. They were all somewhat related, since they were subtypes of a major asset class, but they had all involved distinct building and owner pools.

So this advisor went out, built a database, started talking to owners, then got pulled in another direction. So, the advisor went out and built ANOTHER database, started talking to MORE owners, then got pulled in YET another direction. And then it happened again.

"Lather. Rinse. Repeat." is a great way to wash your hair. But it doesn't work when you're building your brokerage business.

This advisor never got traction with a pool of owners. Never got a real brand identity. And never found success. And now, this advisor has one foot out the door.

You can avoid this mistake. It's easy. Choose something. And stick to it. Build a database. Really get to know owners. And keep working it. If you get a deal that takes you out of your wheelhouse, do it and get paid (while partnering with the right people to serve the client!), but don't follow that deal to create an entire new business. Stick to what you do, and you will find success eventually. 

So… What are YOU sticking to?