Working the big deal

In my line of work (hotel brokerage) it always tickles me when I hear other hotel brokers talking about this big deal or that big deal. It is almost like the big deal will validate them as a hotel broker. Its like baseball, many more games are won by solid base hits than the one home run that lands in the upper deck. It looks impressive but rarely does it win the game.

My guess is it is like that in many, if not most professions. What I am saying is the goal shouldn’t be periodic greatness, it should be consistency over a long period of time. When I hire a young broker, I won’t even let him make a call on a big deal. All they are allowed to work on for the first year are small deals. That is where they learn about people, business, emotions and all the steps to a successful transaction. If I let the new guy work on a big deal, he is going to try to only work on big deals and within two years he will be working somewhere else. I have often said, the big deal doesn’t prepare you for real living. It is that ugly deal that consumes your time and patience where you really learn the business.

When I go to a hotel investor conferences it always amazes me how many young guns are talking about doing a big deal. They all have an investment fund, but no one is funded. Big difference. You can spot them when you get out of the cab. Their pants are tight with a short suit jacket, no tie, long pointy shiny shoes, and multicolored socks. They all have a good pound of gel in their hair, and they have this slight constipation look on their face. Ha

Consistency is the key to a long career in just about any profession. It is not the flash in the pan, here today, gone tomorrow program. I have found that the more you know the less you must talk because people want to hear what you actually have to say. KT

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