We talk a lot about the traits and habits of successful CRE professionals.
But if you follow Charlie Munger and Warren Buffet, you’ve probably heard them say:
“Invert, always invert.”
This is especially important in commercial real estate. When you invert success habits and analyze failures, you learn what to avoid.
So in today’s Massimo Minute, I’m diving into the top 7 ways to fail and how to avoid falling into common CRE traps.
7 ways to fail in commercial real estate:
#1: Work like an employee.
Go ahead and work 9-5. Don’t show up as a boss, and you’re guaranteed to fail.
#2: Ignore social media.
Forget about what worked in the past. Today, it’s all about getting attention, and there’s no more effective way to get attention than by posting. If you need a social media strategy, it’s something we cover in our coaching programs.
#3: Rely soley on social media.
Social media is a presence play. It does not replace prospecting. If you’re relying on your marketing and referrals, you’re going to fail – especially in a downturn. If you need a prospecting playbook, send me an email at firstname.lastname@example.org.
#4: Don’t find additional ways to prospect.
Referrals and repeat business are essential. But if you’re relying on these as your main streams of income, you’re setting yourself up for failure. In fact, prospecting mistakes are so widespread that we created a whole training on the 7 deadly sins of prospecting you need to avoid.
#5: Don’t workout every day.
This one sounds strange, but we’ve tracked our most successful coaching clients, and they all work out consistently. They prioritize their health, so they can better serve others.
#6: Focus on commissions.
Go ahead and focus on your commissions. See how it works out for you. If you’re not client-centric, you will fail in today’s market.
#7: Be a commodity.
It’s a scary place out there right now because most CRE professionals are just commodities. You need to find ways to differentiate yourself and serve your clients better than anyone else.