Thirty years ago, I was just getting started in brokerage. I was stumbling and fumbling my way along. I didn’t know what I didn’t know, and I didn’t realize many important things.

I didn’t know that most people I was hanging out with were fine people but not the right people. They were charming and articulate, but they weren’t making any money. I didn’t know then that for many people, brokerage is like daycare for adults. They drink a lot of coffee and talk to many people but don’t make minimum wage.

I did know that I wanted to do better, and I was willing to work. So, when I had the opportunity to hear a nationally recognized expert tell wannabe brokers how to succeed, I jumped at it.

Thor

The expert was Jim Brondino, CCIM. I thought of him as Thor, the Norse god of thunder. Thor is depicted as a larger-than-life protector of people against the forces of chaos.

Jim Brondino, CCIM, was Thor in my eyes. In a professional sense, he was 9 feet tall and could bench press 500 pounds. He had earned the CCIM designation. I didn’t know much about CCIM back then, but I knew it was hard to earn. I was predisposed to give him serious attention.

Thor’s Wisdom

Thor’s message was simple: fire half your clients; don’t waste time with people who won’t close. His philosophy was like Steve Jobs’s advice or essentialism. Do fewer things but better. I was willing to obey because he was the expert. He was Thor.

The only challenge was I didn’t have any clients. Half of nothing is… Well, none.

Fortunately, Jim Brondino’s wisdom stuck with me. I wasted comparatively little time with people who wanted me to play “broker fetch.” To the extent that I could recognize the principal’s request was unfulfillable or that they lacked capacity, emotional intelligence, or loyalty, I declined to work with them.

I’m not exceptional, but I didn’t waste many days, weeks, or years pursuing other people’s unachievable fantasies because of Jim’s direct candor. I am much more successful because of the excellent counsel I received that day.

Now It’s My Turn

More than 30 years later, I am the fossil in front of the room. Within the last few days, I made a sincere effort to pass on what I considered wisdom to 68 LA Realtors who wanted to build a million-dollar-a-year investment brokerage practice. Mercifully, I didn’t tell them what it would cost or the odds of them attaining their fantasy. But I did offer them the wisest of counsel I thought they might understand and be able to apply.

In the olden days, there was an honorable tradition. The fortunate few who had, by luck, perseverance, or skill, been able to do well had an obligation and an opportunity to invest in helping the next generation.

You and I have learned too many things the hard way. To the extent that you and I are successful, we might help others gain wisdom at a lower cost than what we had to pay.

So, what do you wish you had learned 30 years ago? What lesson have you attempted to pass on to the people you care about?

Your feedback is always your gift to me.

May your next 12 months be your best year so far.

-o0o-

Terry Moore, CCIM, is the author of Building Legacy Wealth: How to Build Wealth and Live a Life Worth Imitating. Read his “Welcome to My Blog.”

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