Like everything else in life, as good as you think you are, there’s always someone better. A friend of mine, a talented surgeon, one of the top in his field was invited to learn new procedures from one of the most outstanding specialists in his field.
Instead of taking the attitude he didn’t need to learn any more techniques, he quickly jumped on a plane and went directly to the surgeon’s office. After attending a one-day seminar and demonstration of a new technique in his field, he felt much more confident as a surgeon himself. After his visit, he increased his practice by 15% being able to use this new technique in his own city on his own patients.
There is very little difference in practicing medicine versus commercial real estate strategies.Instead of being satisfied with your old commercial real estate strategies that may have worked years ago under different economic conditions, doesn’t it pay to learn new strategies to keep up with the most advanced techniques in commercial real estate acquisitions and dispositions?
The other day, I was in a conversation with a very experienced commercial real estate tycoon for 30 minutes. He in his own mind did not believe he could learn anything new doing hundreds of deals in the past through the 1031 techniques and strategies.
I proceeded to tell him that he did not know all the strategies and it would pay to listen for five minutes to learn something new. He was very reluctant to even spend five minutes but I persuaded him to do so. After giving him an analysis of a 1031 technique that I knew he would have never of discovered for himself, he reluctantly admitted that he did learn something and he was grateful for listening and admitted he really did not know everything.Being smart is not necessarily reading books 24 hours a day but willing to listen to others that may have unique and better suggestions for getting to the finish line for better results.
Controlling your own destiny is not necessarily doing everything on your own but acknowledging that possibly listening to others more skilled pros in your field is actually the smartest thing to do.
Let your Pride set aside for a short time to allow knowledge to creep in and maybe admit to yourself you don’t know everything!
One key illustration is that when Warren Buffet has an auction to listen to him at lunch for some free advice, why do all the top pros in the field line up and pay millions for the lunch and advice that comes with it. All of these participates are successful in their own right but still, pay millions to learn something new.
To schedule a consultation with Westwood Net Lease Advisors, please fill in the online application form available on our website.