
Time to Act
This is an antidote to many of the things that are occurring on the global stage right now. Our clients look to us when they sense fear and confusion in the air. Those of us who step up into those leadership roles will flourish in these uncertain times, and the glitter of leadership will follow us into the more stable times. It’s our job to act, not just react to the changing real estate landscape.
There is mass confusion occurring in the market right now. We constantly get calls with clients that are concerned about the market and are unsure what to do. I’m here to give you my thoughts. My thoughts are not going to be political. There are things that are occurring that are causing confusion and fear. Fear can be paralyzing, especially with an asset as massive as real estate.
At the PLG meeting not so long ago, we talked about fear and confusion. When there is confusion in the air, it’s time to act. Now, I don’t have a crystal ball. None of us do. None of us know which way the market is going to go. However, we all can research. We all have lenders, people that work in finance, office managers, etc. We all can read the paper. We can read the Wall Street Journal and we can read the New York Times. We can go on Inman and look at the curve of what’s occurring to the real estate market. It’s our job to essentially never switch off. I’m always trying to absorb information regarding our market. Once I absorb that information, I can pass it on to the agents, but most importantly, we can pass it onto our clients.
Naturally, none of us know exactly what will happen. However, we should strive to give our clients valuable information. I believe, if everything is going to keep going the way we’re told it will, interest rates are going to climb. What does that mean for our clients? Right now, we are in a stable market, but we aren’t sure what it’s going to look like in six months.
I recently had a lovely conversation with a client. She was feeling unsure and was searching for advice. I always strive to offer advice to my clients in the same manner that I would my own family. So I recommended to her that she should sell now, take the money, rent for at least a year and then take her time in buying on the West Side of LA.
The Three Pillars
Over the years, I’ve had many people tell me that I am streetwise or that the agents at PLG Estates always know what’s going on. The truth is, we are, and we do. But it’s not because we woke up like that. We do the research. It all goes back to the three pillars of being able to build a business: talent, strategy, and effort.
I am six foot one, but I don’t know how to play basketball. I’m never going to be a successful basketball player — my talent is zero. However, I could get pretty good if I strategized by hanging out with really good basketball players. And then if I put an enormous amount of effort in on the court, I could probably play a decent game now and then. But I’ll never be a pro basketball player, no matter how much I want to do it.
Let me twist that example around and use it in real estate. Talent, strategy, and effort. In my opinion, the most important column is effort. Your work ethic is number one. Number two is strategy — who are you, what do you do in the business? Have you found your niche? That’s where success is found. It doesn’t have to be a super small niche, but find a niche and go for it. Otherwise, everyone is just the same.
The weakest pillar in the three pillars of talent, strategy, and effort is talent, especially in real estate. Because if you work your ass off, have great strategies, you’re loyal, you’re honest, and you research — you’re going to be successful.
There is confusion in the air. The administration and the political climate is crazy right now. Act, don’t react. If we act and we lead, then we will win.
