UlTImATE SUccESS GUIdEpean cars; this owner has performed thousands of overhauls and is well
known as the expert. For the same money Owner #2 is a clear choice,
the business model focuses on the service needed with the expertise to
offer high-level solutions.
The point here is generalists rarely strike it big. Why? The business
model is easy entry, minimal experience and largely diversified. Spe-
cialty services historically drive higher rates given the specific and rare
nature of the service. Pair a rare business line with a high level of ser-
vice and become the expert.
ChAnge Is gooD...Through the course of our lives we will experience every part of the
economic cycle, on multiple occasions. Unless you are a doctor or law-
yer, your business has a chance of becoming completely obsolete.
I say this because after years of hard work to become an expert in the
field of real estate development, I found myself not only out of projects
but also out of options, or so it seemed. Every path I took led me closer
to the realization that my area of expertise has become nonexistent until
I came to the conclusion that I needed to change and adapt to the situa-
tion happening around me.
With a mind full of commercial real estate experience I decided to pur-
sue the path of brokerage. I joined an international real estate firm in
2009 which happened to be the worst year for commercial real estate
brokers in modern history. Though a tough year financially and spiritu-
ally, I came to realize that the change I made was for the best. I entered
into a field that many were fleeing, yet after 3 years of hard work and
dedication, I finally arrived at the #1 real estate company in the world
with a portfolio of almost 4 million square feet, poised for the return of
tenants and buyers.
Change can be best when times are bad. For example, during the down-
turn, the commercial real estate industry spawned the new business line
of assessment consulting, generating a new source of fee-based services
for clients. The key is to evaluate the angles of your business, find and
expand your menu of specialties, and execute with a level of service that
is second to none.