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As I
consumed the first round - my thoughts naturally compared my profession -
commercial real estate - with professional golf. Are there similarities?
Certainly! Indulge me while I dissect a few.
No
safety net. Professional
golf is the only pro sport without contracts - much less guaranteed contracts!
That whopper agreement Mike Trout signed with the Angels? Yep. Guaranteed.
Certainly touring pros have their cards - which allow them to enter certain
tournaments - but if you don’t play well - no paycheck! Our profession is a
commission only gig. No deals. No money.
Staying
power is crucial.
Some PGA players break onto the scene and place in the money immediately.
Others labor at their craft for years with little to show. Same with brokerage.
Many times what separates success from failure is your ability to stick around.
Expenses are not covered in professional golf - travel, meals, lodging, caddie
fees are all paid by the golfer. A similar accounting occurs with us. Frugality
is common with newbies in both professions.
Talent
is a predictor but not a guarantee. Both professions boast “can’t miss” prospects - who fizzle
akin to that Fourth of July dud. Ever heard of Ty Tryon? Didn’t think so. Young
Tryon was to be the next Jack Nicklaus with a stellar college pedigree and
comparable golf swing. Never a whimper. The attrition rate with new hires in
commercial real estate is 70%. Wow! Only 3 of 10 will make it. Generally work
ethic - not talent - predicts success in both fields.
Authenticity.
ArnoldPalmer, Lee Trevino, Payne Stewart. All had their unique ways of doing things.
Palmer attacked a golf ball like it was a blacksmith’s anvil. Trevino would
talk you to death. Payne Stewart? Knickers and knee high argyles in a world of
Amana visors. Among them - sixteen major championships! Figuring out a bold new
way to schlep buildings works as well.
We
start from zero. Every
January both endeavors wipe the slates - and earnings - from the previous year.
A new round commences. If profitable - the only one who remembers is Uncle Sam.
Well,
it’s almost time for the second round. I’ll be watching - on my phone - as I
tour buildings.