I mentioned, The SPEED of Trust: The One Thing That Changes Everything by Stephen M. R. Covey, two weeks ago in my short. I’m not done talking or thinking about it.
He asked the question, “Have you been in the business for 15 years or one year 15 times?” It’s the difference between investing in yourself to stay current and relevant or doing the same thing over and over. I’ve been thinking about his question and the impact of intentionally adding value vs. just coasting on your business.
As a person who likes adventures, I approach my business the same way as life. I don’t want to be stagnate and do the same thing over and over again. I want to continually challenge myself. So, I read books, listen to podcasts, try different experiences (like writing a blog), and most of all, get out there and meet new people.
Sometimes growth comes from meeting people just starting in the business. My experience and their new perspective end up being a win-win. It benefits the industry when the new ask for help and the more experienced are open-minded about another way of doing things. The mentor/mentee relationship can be energizing for both careers. So, I wonder, how do you push yourself forward?
It Changes Everything 🧑🚀
I’ve been thinking about trust––both as an economic driver and how it affects relationships. A while ago, I read the book The SPEED of Trust: The One Thing That Changes Everything by Stephen M. R. Covey. If you haven’t read or listened to it, I highly recommend it.
If you get good at trust, everything else gets better. Innovation, collaboration, and partnerships flourish when there is high trust. High trust is a dividend, and low trust is a tax. In the CRE business, trust is critical. Tenants, owners, and investors need to trust brokers, and brokers need to trust them.
Credibility is the base in which to build trust. It’s about being honest, walking the talk, and doing the right thing when there is a cost. The successful brokers and business partners I know enjoy that dividend, and they stake their reputation on it every day.
What's the Price? 🧑🚀
I've been thinking a lot this week about pricing. I have a new 5,300 SF industrial listing in the Minneapolis-Bloomington area. It used to be that there were many small to mid-sized industrial buildings in the metro. Not so anymore, making them are harder and harder to find. Many of these properties were bought up and then redeveloped or repositioned into something bigger.
So, how do you put a price on an existing building whose size and type won't be built in Minneapolis again? What's the value for something that's disappearing but still in very high demand? The market's moving fast, and pricing always depends on supply and demand.
That's my week. Hope yours went well.
Shifting Gears 🚘😎
As a broker, I spend a lot of time in my car. I find it's a great place for me to think and reflect. One of the things I thought about this week was my Friday blog. I started them back in October 2021 to share my experience as well as opportunities, perspectives, and thoughts about the CRE profession.
After seven months, I've decided I need to downshift a gear. My "official" blog will come out every other Friday instead of weekly. On the alternate Fridays, I'll email shorter career and industry tips and advice as well as answers common questions. One of my favorite things about Blog Friday has been reading responses from those who have reached out. We'll keep that communication going, just with fewer words to read. 🙃