For whoever needs to hear this:
It will never get easy.
There’s no circumstance that aligns perfectly with an easy path to succeeding in commercial real estate.
Let’s say the market is HOT 🔥
- Finding space for tenants isn’t easy due to lack of supply
- Finding value add deals for buyers is tough with top tier pricing
- Competing for listings with brokers is tough because there are more competitors in total and some of those are “buying” listings
The market gets COLD 🥶
- Tenants aren’t expanding, thus putting resistance on brokers and owners
- Pricing may be there, but lending markets dry up for investors
- If no one is transacting, it doesn’t bode well for sales brokers
For those who make it past 5 years and/or a true cycle, and have true longevity, aka a career in this business, it takes 3 key ingredients:
1. Mindset
2. Skillset
3. Endurance
Blame the market all you want. But if and when you quit, just know that it wasn’t ever going to be your friend. It was going to shift and make you adapt and that’s the only constant we can bank on in our space.
You can either embrace the punches the market throws at you because you have the MINDSET to do so and the ENDURANCE to do so… or, you quit.
BUT, if you stick it out with the right mindset & endurance- here’s the beauty of it:
Your SKILLSET will develop. It’s almost like Darwinism and you’ll come out of that punch (market correction in either direction) with less competitors, a stronger ability to overcome objections, challenges & times.
That’s why you see people who are 10, 15, or even 25+ years in with sick cars, houses, watches and doing so with money that is passive or “no big deal” for them to use.
I’m not talking about the people who are faking it for persona or investing in a nice suit as a bet for credibility while first getting going/ramping up (different rant for a different day).
I’m talking about the ones with the yachts, the jets or most impressively, the ones who choose to work, not have to.
The more successful they are, the sharper their mindsets, skill sets and endurances are. The cool shit they own and freedom of time is simply a reflection of those 3 things.
So if you’re thinking about quitting, I’d understand. It’s not for everyone.
For those who plan to stay, I want to get better with you. If you could, answer this:
What do you think helps the ultra successful get through the inevitable difficulties of the market?
Chairman-Economic Education Association of Alberta
1moChad: Congratulations. You have always impressed me with your sincerity and your ability.