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 lessons learned through my brokerage history or that I notice from my current role on the principal side of the business.
Brokerage is a challenging business that requires 100% effort and commitment to succeed. Anything less than complete focus on taking the required actions to create a successful brokerage career, increases the likelihood of failure dramatically.
Creating deal traction in the beginning of your brokerage career is tough and, maintaining a positive attitude will be challenged along your path. There are very few successful brokers that I know, (definitely, me included), that at one point or another, didn’t ask themselves if all the time, work, rejection, fear, and making no money is going to work out or is worth it. Those doubts, if un-checked, eventually lead to wondering if another type of job may be a better fit for you or, will have you begin to create your “back door” out of the brokerage business. When I refer to that “back door,” it can take the form of: interviewing for other jobs, (in case brokerage doesn’t work out), spending time trolling the internet for other career paths, talking to past employers to determine if they’ll take you back, considering an advanced educational degree…..Anything that distracts your focus from 100% commitment to succeeding as a broker can be considered a “back door”, and will increase the likelihood that your fear of failing will come true.
Prior to becoming a broker, I was a successful sales manager for a national medical company in the laboratory services industry. I had a nice salary, a BMW as my company car, and a nice expense account. Actually, it was a pretty good gig but, I made a decision that real estate was going to be my career so, I took a job as an agent with a small, investment sales brokerage company. I had a very difficult time getting any real traction for many months. My old company would welcome me back if I chose to return, and that was the “back door” for me. I spent time wondering if brokerage was going to work out and, if I should quit and take my old job back. The more I wondered, the worse it got. The more time I engaged my “back door” thinking the less productive I became.
Eventually, I had to look in the mirror and ask myself if I was willing to quit. I had to ask myself if I truly had put everything possible into making it work. The truth, for me, was I had not. I had not committed 100% of myself to making it work, to doing the right things each and every day that I was in the office. By that time, I knew what was necessary to be successful but, I also had to admit that I wasn’t doing those things every day, and I wasn’t doing them in the best way that I could. I had to admit that I was failing, and it was only my fault. For me, I couldn’t bring myself to leave brokerage when I knew that I hadn’t given it my best. My decision was to close my “back door” and fully dedicate myself to doing the right things, in the right way, each and every day. The decision to close the back door and fully lean into brokerage changed my life. (The single most important shift I made was a commitment not to leave the office until I hit my cold call/appointment setting goal every day). My career trajectory quickly improved, my results continued to grow, and I went on to become a top broker, develop a great team, start and run a very successful brokerage company and, eventually shift to the principal side of the business completely.
My start in the brokerage business was tough. It took 14 months to make my first dollar but, the moment that I closed my “back door”, and my daily habits became consistent with my goals, my life changed. I’m not saying that brokerage is for everyone but, what I’m clearly suggesting is that when you close your own “back door” and, take daily actions that are consistent with your goals, you will be stunned at what you can accomplish.
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.
KJF Partners, Inc.
Cell Phone: 949-275-5038