News: Brokerage

To succeed, you must get out of your comfort zone

During interviews, after explaining a broker's role and the expectations for them, I ask candidates if they want to be a great broker. The answer is always an emphatic yes. Then I ask if they are willing to pay the price. The answer is always yes but I know the reality is very different. N.Y.C. real estate brokers face difficulties few other careers can match. To succeed, you must get out of your comfort zone and stretch yourself. You need setbacks because the learning that setbacks foster is an integral step on the path of success. Thomas Edison said famously, after failing repeatedly to create an incandescent lightbulb, "I have not failed. I've just found 10,000 ways that won't work." Why don't people push themselves? The answer is simple: fear of failure. Individuals often fear failure more then they covet success. And there is the rub; success is born of mini setbacks. The only true failure is giving less then you are capable of. The gap between a person's capabilities and potential should be as small as possible. The only way to realize potential is through commitment and effort. Ask yourself, "Will I go as hard as I possibly can, endure the pain and rejection, or will I settle for less?" Most brokers stop when the rejection and setbacks begin and, failing to understand that real estate has a long sales cycle, retreat to a place of comfort. The best brokers face the difficulties, decide to go a little bit harder, and break through to the next performance level. They work longer hours, make more calls, go to more meetings and thus do more deals. They control their attitudes and actions. Push self-defeating thoughts from your mind. Instead of saying, "I am not getting traction on my deals" as an absolute statement of fact, use it as an opportunity to learn. Identify why you are not getting traction. Solve the riddle. Mark Schnurman is the chief sales officer, principal at Eastern Consolidated, New York, N.Y.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,