As a real estate investing coach one of the biggest and most common mistakes I’ve seen in my career is that oftentimes aspiring real estate entrepreneurs will focus only on how to do good deals, as opposed to building a solid business. So let’s talk business…
About 2 years ago I flew to San Francisco for a couple of days to meet with a number of investors. In between two meetings I decided to set something up with my friend Barry who lived in the bay area ever since he started working as an executive coach for companies located in Silicon Valley. Barry has had the pleasure of working with companies such as: Apple, Google, Uber, and many more along the same pedigree.
Barry said something to me that afternoon over our hot tea that will stick with me forever,
“Ya know Daniel, at this point in my career the number of individuals I’ve coached most likely reach thousands. I’ve had the pleasure of coaching the smartest, most resourceful and innovative people that planet earth has to offer. These people can most likely find the solutions for some of the worlds greatest problems. But you know why oftentimes they don’t? Because most people really just suck at relationships. Whether it’d be business, romantic, or even just friendships, relationships make or break everything we do. There is no such thing as a self-made person.”
When I arrived home from San Francisco the day after I started reading a book that was gifted to me by my business partner Kevin, and wouldn’t you know it the first page of the book showed this equation:
Knowledge + Relationships = currency
We live in a world where we all want to be associated with the best. Parents want the highest rated schools for their children, sports fans want the best player in the draft, and oftentimes we want the best business partner we can find. We are engineered to seek greatness and be associated with it, and yet time and time again we see partnerships fail, especially in the real estate space, because we look for greatness at the expense of goodness.
Relationships are inevitable in the real estate industry, whether it’d be with a broker, property manager, investor, contractor or whoever you need to be on your team, i believe that when good people come together, great things are inevitable.