I actually wrote this post a few months ago, but was hesitant to publish it. After giving it some deeper thought, I believe this to be true.
In my first blog post ever, I said “real estate is a great business and career because of the people.” Working in the business for the last 3 years, I’ve been able to witness this firsthand and can confirm this to be true.
Specifically, what’s really unique about real estate professionals is that almost all of us have an unrelenting desire to run our own deals one day. Real estate professionals don’t get into the business because they want to be lifelong employees, they want to be entrepreneurs.
While everyone is different and the path to entrepreneurship is in no way linear, I’ve witnessed a trend among the new groups that we’ve been partnering with; it’s a team of 2-4 partners in their 30’s who previously worked for large, well-respected real estate shops. They were great employees, but hit a point in their career’s where they knew the ins and outs of the business and deal making, established a robust network of potential investors, and had good access to deals. They passed up the opportunity to advance within their company and headed off on their own to begin building their real estate empire equipped with everything they need to run their own deals.
Their time at the large firm afforded them the opportunity to gain all the skills they needed and to build the reputation and network necessary to launch their own firm. Real Estate PE funds, development firms, owner/operators, brokerage houses, and lending institutions are filled with smart young people with aspirations of creating their own real estate firms.
This notion alone creates a field of people with an insatiable hunger for knowledge, a penchant for networking, and passion for innovation. Across all aspects of the real estate spectrum, the people you’re working with are likely vetting a start-up idea or in talks with a couple buddies about launching their own shop. While they’re executing their day-to-day business responsibilities, they’re determining how the people around them may play a part in a business venture down the road. This creates an incredibly unique working environment.
From what I’ve witnessed, real estate professionals above all else are entrepreneurs waiting for the right opportunity and timing to go off on their own.
What do you think?