Ok, so the market took a hit, a big hit. Yes, we are experiencing a once in a life-time (fingers crossed) pandemic, but the panic in stores, airports and our stock market has now crossed the line into commercial real estate.
Tenants are stalling, investors are waiting to pounce on the market trough, and brokers are starting to unnerve.
Hey, I get it. I am one of those “over 55 with underlying issues” people. And, yes, I know I am using a meme of Tom Hanks who is over 55 and has underlying issues. But that’s the point.
Here’s the dirty little truth about commercial real estate that many brokers and agents who have only entered this industry in the last 10 years have never faced. Commercial real estate brokerage isn’t easy. It was never meant to be easy. I can guarantee most CRE professionals with more than 10 years’ experience, did not decide on this industry because it was “easy”. Most of us entered the CRE profession because we knew, if we worked our butts off, worked smart, and yes, worked hard, we would be successful. This is true in good times, and especially more in bad. You entered CRE because there is no limit to your revenue, because you could define your own destiny.
Are things bad right now, well for the last 2 weeks, yes. Anyone remember the 2+ years of horrible beginnings in 2008? It was estimated the number of commercial brokers/agents was purged from 110,000 to 50,000 over that time span. Should this very recent trend expand for the next several weeks, or even months, where will you be on the side of the equation?
It comes down to really one question. How much do you believe in yourself?
Don’t point to the pandemic, the stock market, or the perceived lack of market velocity. This is simply one of those hard times. This is your opportunity to shine, and to show your prospects and clients how valuable you are.
Yes, literally quarantine yourself and practice social distancing, but don’t figuratively go and hibernate and simply wait out for things to improve.