One of KJF Partners’ Core Values is:
“We are driven by our personal commitment to create value for our investors, tenants, teammates and brokers.”
To serve our broker partners, we send occasional emails that focus on things that I have learned through my brokerage history or that I notice from my current role on the principal side of the business.
Brokerage is a very challenging business and, if you’re going to be in the business, for the long term, you must shift with market changes.
Although I didn’t realize it at the time, I was lucky to start my brokerage career at the high point in a real estate cycle. About a year after I started making active calls, the market shifted dramatically, in a severely negative direction. Because I didn’t have an established base of clients at that time, I was fortunate to uncover some new sellers in the market and that led to other, similar clients and deal types.
Some of the things that I recall during that shift are as follows:
The shift in that market was dramatic and, although the current market shift seems significant, many of the market fundamentals, such as vacancy and tenant demand, are still in pretty good balance. No matter the shift, there are some things that I believe are always wise to consider.
In all markets you should constantly be evaluating:
Being a professional real estate person requires a realization that individually, you cannot change the greater market so, it’s imperative that you rapidly adjust to the current market and use your skills efficiently to maximize potential. Change can be difficult and letting go of what may have worked yesterday can be frightening. When you walk a tightrope between two trees, it is impossible to get to the other side if you refuse to let go of the first tree. It makes sense then that if you are walking a tightrope between two markets, it’s tough to excel in the new market if you won’t let go of the old. You may have to let go of clients temporarily, or overpriced listings to create room for the “new.”
Evaluate, release what’s necessary to succeed and, as always………
KJF Partners, Inc.
Cell Phone: 949-275-5038
PS: If you have subjects that you’d like to see become future topics for This Principal’s Perspective, hit reply and let me know what your thoughts are.