Flight or Invisibility? That is the question. Which of these two “super powers” would you rather possess? Mike Fondario (affectionately given the nicknamed “Mi-Fo” by tribesmen during his 2 week stay in the outskirts of Korea) asked this deep question, along with many other riveting questions, at the company Christmas party.
So, which would you choose? Flight or invisibility. Think about it really hard. This could be life changing. And, according to Mi-Fo, there is a wrong answer.
Here’s another question from the Mi-Fo life question book:
If you had to give your spouse or significant other a major deformity, what would it be? I gave RD claw hands. Sorry RD. It’s the best and worst I could come up with.
Last question (and apparently my answer was subpar): If you had to battle to the death with someone, hand to hand combat style, what would your weapon of choice be? I chose a syringe full of snake venom that I would throw as we battled. According to Mi-Fo that makes no sense and I also get no points for creativity.
What does this have to do with commercial real estate? Nothing. But it did make me think about a question RD and I discussed about three weeks ago after I purchased my Powerball/ lottery ticket with potential winnings of half a billion dollars.
If you won the Powerball, what would you do with your life? Think about this really hard. This question could be life changing.
Would you travel?
Would you go back to school and get a degree in something worthless?
Would you be a stay at home Mom?
Would you invest in real estate?
Would you invest in a Gold Mine in Africa?
Would you buy a new house?
Would you give money away to your family?
Would you give money to charity?
There are thousands of scenarios.
My answer was simple:
• I’d invest a boatload of money into Hoff & Leigh Networks, ramp up the “fund” with winnings from the lotto, and grow the company at a faster pace.
• I’d pay off all real estate debits within the family.
• I’d give a bunch away to charity- no, I really would! I am not just saying that.
• I would be pickier about the brokerage deals I work on including which Landlords I chose to spend my time with.
• I’d finish my kitchen remodel.
• Oh yeah, I’d also buy RD a badass hot tub, too.
Then, this really got me thinking about my brokerage business, because if I had unlimited fund, would I operate on a different level?
Here are some questions I asked myself, you might also ask yourself:
-Do I treat my “valued” clients like they are valued and communicate often enough? Doing a good job for existing clients leads to easy referral.
-Do I have clients that don’t value me and I need to fire? I know that sounds crazy, but am I spending time on people who aren’t going to value my time and; therefore, end up costing me money? For example, owners who don’t like to pay after I spend a massive amount of time on their property. Bad value proposition for me.
-Am I tracking my existing database well? For example, am I letting lease expirations drop through the cracks? This is low hanging fruit.
-Lastly, am I spending my workday actually working verses doing busy work that can be done after hours? For example, writing contracts and leases can be done before I go to bed, whereas I should be spending my day prospecting, connecting with existing clients, etc.
I have asked a lot of questions today, and I encourage you to start thinking about how you want your 2013 brokerage book to look financially. These are some good questions to start making your revised strategy plan.
Have a great week!