There is an old adage in real estate. In order to enhance the likelihood of closing a deal, you need to ensure you are working with a buyer, seller, user, landlord and/or tenant who is “ready, willing, and able” to consummate the transaction. Ready, willing and able are great qualifiers when working with prospects and clients. The ability of qualifying well is a skill procured by commercial real estate professionals after many years in the industry. And yes, it is a skill likely acquired through failure, or in some cases, getting burnt by an unscrupulous client.
But if a qualified prospect or client is “ready, willing and able”, what are the 3 analogous characteristics of a truly qualified and successful commercial real estate professional? The three keys to commercial real estate success are the individual’s command of 1) Skill, 2) Will, and 3) Thrill.
Skill is not talent; don’t confuse the two. I have worked with many talented brokers, managers and mortgage brokers. They were naturally charismatic, very astute in a particular element of a transaction or a good negotiator. Many of us are born with certain talents but no one is born with a skill. Skills are acquired through hard work, experience (the aforementioned failures), and practice. Show me a top producing associate and I will show you someone with skill. Yes, they may have talent, but they definitely have the skill.
Will is the decision to put in the hours and work on each of the many variables associated with commercial real estate brokerage to truly acquire the skill. Think about those who are market leaders and they are most likely the hardest working brokers in your office. If not, they certainly put forth the effort early on in their career to create a platform of continued lead generation. Today, there seems to be a belief that the web is going to decrease the need for hard work. The web, if utilized correctly, can be a great source for lead generation but ultimately you must have the will to develop the skills necessary to do something with those leads.
Thrill is the separator of all true top performers. They love what they are doing and see every day as both an opportunity and a challenge. Top performers don’t view the work necessary to acquire the skills as necessary evils. They view these as personal investments in their growth. They have the will to acquire the skill and even more so, they are thrilled to do it.
To succeed in this market and be a leader in any market, regardless of your level of experience, you must have all three. There is no doubt a wide range of SKILL among the CRE community. I assume all of you are WILLING to do this, or you would not be doing so. Lastly, but most importantly, you must have the THRILL. Are you passionate about your business? Do you see each and every day as a challenge and an opportunity?
Possess all three of these keys and you will greatly enhance your probability of success.