Coaching: The exodus has begun - by Rod Santomassimo

It’s 2008 all over again. Remember 2008, when an estimated 100,000 commercial real estate brokers dwindled to less than 50,000 in less than an 18-month period? Like now, there was a dramatic decrease in market velocity, and thus those brokers who did not build a sustainable business, and simply lived on the precarious “transaction treadmill’ had nowhere to go, but out when the treadmill stopped.

I have already seen it in these first weeks of the latest market downturn. Although the Coronavirus is unlike anything, we’ve seen in our lifetime here in the U.S., these are not unprecedented times.

This is not the first (nor will it be the last) time we’ve seen something come in and completely disrupt our way of life. Heck, there have been three since 2000.

During the Great Recession, many businesses came out stronger, but those who didn’t adapt, lost. Most commercial real estate brokers who simply folded their tents and waited for a resolution mostly became employees when the dust cleared. They were quickly surpassed by those who committed to building their businesses regardless of temporary market conditions. And in the long-term perspective, this will be temporary.

This is absolutely the wrong time to retreat. This is the perfect time to work on your business and create a platform that will crush those that have decided to hibernate and play it safe (figuratively speaking of course). 

Will this be easy. Heck no. But you are in the wrong profession if you want easy.

Rod Santomassimo, CCIM, is the founder and president of the Massimo Group, LLC, New York, N.Y.