If you’re looking to make your first million or even several million in this industry, you’re in the right place. In this article, we’ll explore three key principles that can help you pave your way to financial success in commercial real estate. So, grab a cup of coffee, settle in, and let’s get started on this incredible journey.
1. Surround Yourself with the Right People
Success in commercial real estate, like in any other field, heavily relies on the company you keep. The importance of building the right relationships cannot be overstated. Think about it; if you surround yourself with the right people, your chances of success increase dramatically. It’s like going to the gym – hang out with the muscle-bound folks, and you’ll eventually get in great shape.
When I started my journey in commercial real estate, my first mentor provided some guidance, but it was only when I teamed up with people who had been in the business for a while that things really started to take off. We formed a network of intelligent, honest, and transparent individuals who shared our vision and values. These relationships were instrumental in our success. So, remember, building the right network is your first step on the road to millionaire status.
2. Know Your ‘Why’
You must have a compelling reason – your ‘why’ – for diving into commercial real estate. The road to success in this field can be long and challenging, with substantial investments and research required. Having a deep, meaningful purpose behind your actions is crucial to keep you going, especially when times get tough.
Your ‘why’ should extend beyond just making money. It could be about providing a secure future for your family, pursuing your passions, or making a positive impact on the world. Ask yourself the “seven whys” to get to the core of your motivation. Knowing your ‘why’ will act as a driving force that propels you through obstacles and setbacks, helping you stay focused on your end goals.
For example, my ‘why’ is all about pushing my limits and maximizing my potential. I’m on a quest to see how much I can achieve in this lifetime, and I recognize that financial success in commercial real estate is a significant part of that journey. Find your ‘why,’ and you’ll have an unwavering source of motivation.
3. Learn Every Day
The learning process never stops. If you want to excel in commercial real estate and achieve millionaire status, you need to commit to continuous learning. This applies to any aspect of your life, not just your business. As you grow personally and professionally, so will your success.
Learning every day isn’t just about reading books, attending conferences, or networking – although these are essential components. It’s also about self-improvement, building your confidence, and evolving your self-image. The more you invest in your own development, the more valuable you become to your business.
Over time, your growing knowledge and improved self-image will enable you to take bigger risks, make smarter decisions, and lead your business to new heights. The wealthiest people in the world didn’t get there by accident – they actively sought knowledge, embraced growth, and built upon their experiences.
Becoming a millionaire in commercial real estate isn’t a pipe dream; it’s a realistic goal if you follow these three key principles. Surround yourself with the right people, find your ‘why,’ and commit to learning every day. Commercial real estate can be a lucrative venture, but it’s also a demanding one. Use these principles to guide you on your journey to financial success and remember, we’re here to help you every step of the way.