(1) I wish I could get through to all the young agents about how unique and valuable this challenging market is for their skill development and long-term upside in CRE industry this market is. Only by battling through the GFC was I forced to evolve into the agent I became...
(2) ...while at the same time experiencing younger competitors bail from the industry while the more established agents created a window for me to catch up and then pass them by focusing on their private RE portfolios, time with their family or even more time golfing...
(3)...all because they felt they ROI on time invested in their brokerage wasn't worth it because there just weren't very many deals going on. Back then it was because of a total implosion in RE, while current conditions aren't as difficult, they are still challenging..
(4)...due to the rapid increase in borrowing/debt costs with yields/cap rates not moving upwards as fast. Regardless, if I could only get younger agents to see what I see, and know what I know, they would never quit. They would never give up...
(5)...because they would know that this is the exact market they should be hoping for. Will they make less money, yes. Will there be less deals, yes. Will it take them longer to feel financial security in this profession, hit some company sales "award", etc...
(6)...yes, but when evaluating your career over 15-20 years, the current 12-18 months of less income/success is nothing compared to the coming "gold rush" of the next 10 years the inevitably follows transaction market dislocations...
(7)...the combination of skill sets learned in this kind of market combined with less competitors around will carry you to heights previously unthought of in your profession...
(8)...skill sets being your ability to; manage price expectations; overcome objections; communicate your specific value of rep; accurately price deals; vet buyers; investigate buyer's financing; source financing; source LP capital; obtain price reductions; etc;...
(9)...all of these skills sets you get to take with you back into a normal transaction market (2002-2004), (2012-2015), with much less competitors around, and your business explodes. Then those skills sets, relationships and track record will carry into "boom times"...
(10)...(2005-2007), (2nd half '20-1st half '22), and you close more deals than you ever thought imaginable, and you get the tens of millions of dollars that come along with that, and ultimately you get the life you dream of living every night when you go to sleep...
(11)...all because you didn't quit today, tomorrow, or ever. Dont quit the business, ever. Just keep pounding. This story works for everyone who grinds it out day after day, and simply put, never stops moving forward, and never gives up. My heart breaks everytime someone quits...
(12)...even after all these years, having seen a thousand agents quit over the years, I still cannot de-sensitize myself to the tragedy I see when someone quits this business for any reason, let alone because the market is difficult...
(13)...this is the exact market young agents should be hoping for. Short term pain, life long gain. Thank the senior agents who wont be working hard this year. Thank the other young agents who quit. This is the moment your era begins, all thanks to a "tough" market. #perspective
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