In the world of commercial real estate, having tenacity can help you think strategically and be persistent. It will also make it easier to face challenges and push forward. I learned about tenacity early on from my grandfather, who owned a car dealership and invested in real estate. His actions demonstrated that he was able to find and maximize opportunities by persevering.
Follow these guidelines to incorporate tenacity into your investment strategy:
Gain a Competitive Edge
When I first entered the real estate market over 25 years ago, I had nearly no experience in the industry. I was hired by Massey Knakal in New York City and assigned to Chelsea, a neighborhood which I soon learned was changing. I studied the streets of the area I was covering for the next 90 days to learn everything I could. That knowledge helped make me an expert in the neighborhood, and I could gain a competitive advantage over others.
Persist through Delays
One of the most complicated transactions I was involved in took several years to close. It involved an estate with various family members, multiple attorneys, and countless delays. The solution was ultimately to auction the property. We worked to get all the constituents to agree on a contract that would be bid on and finalized. Had I given up after a few months, I would have missed out on the end result. It was worth staying on and helping everyone find a way to communicate and work together to complete the transaction.
Navigate Market Cycles
The real estate industry tends to be cyclical, and is influenced by broader economic forces and market trends. Over my two decades in the business, I’ve witnessed significant downturns, including the Great Recession of 2007 to 2009, when sales and my commission-based income plummeted by 90%. More recently, Covid brought uncertainty and a shift away from traditional workplaces like offices.
While a crisis will often cause many to sit on the sidelines and wait, those who are able to transact can find unique opportunities. For example, Alex Rabin, principal and co-founder of PEAK, invested in New York during the pandemic while many others hesitated. He was able to acquire properties and renovate them to make them high-quality products that could be added to his portfolio.
Build a Reputation
Over the years I’ve been in real estate, I’ve watched some of the most successful investors work hard to build and maintain relationships. They’ll reach out to brokers to find deals and meet regularly with others in the industry to stay on top of trends. If you’re able to create a reputation that demonstrates you are a reliable partner and can deliver results, you will likely be sought after in the industry.
Find a “Yes” to Move Forward
If you’re just starting out in real estate as a broker, you might face a long line of rejections. I always advise that a “no” is one more step toward a “yes.” Staying in the game and pursuing opportunities can help you find one that leads to a successful outcome.
It may be helpful to seek out mentors and learn from their experiences. I was fortunate to work alongside industry veterans, and I listened to the way they handled clients and different situations. It helped me learn how to keep looking for a solution even if takes extra steps.
Tenacity can help you both when you’re beginning your real estate journey, and once you’ve gained a level of experience. It can help you regain direction after facing a setback and will allow you to keep learning and growing. You’ll be able to ask questions and find information to get the Insider’s Edge, which can help you gain an advantage and get returns that outperform the market.
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