Several weeks I returned from one of the largest hotel investors conferences of the year. It is held the last week of every January in Los Angeles and generally has around 4,000 hotel professionals in attendance.
I saw a bunch of people I have worked with in the past and realized we all look older than we probably think we do. Ha. There were older folks (like me,) some middle age investors but this year there was a plethora of guys in their mid to late 20’s. I enjoy watching people anywhere I go, but none was as enjoyable as watching these young investors. They made me chuckle. They all looked the same. Tight suit with pants that come up around the ankle, gelled hair, fake tan, white teeth and the walk and facial expression of someone who is constipated. I guess they thought it made them look serious.
We met with some of these young bucks and all of them had big titles and bid ideas. While I was not trying to make anyone uncomfortable, I did need to drill down to the core issue. So, I would ask them if they currently had the money? I learned many years ago that in our line of work, if a buyer won’t show you the money, they don’t have the money. Pretty simple, right? Additionally, properly funded investors never have an issue with providing proof of funds. When I ask that question, they would squirm and try to get comfortable before answering that question. You have probably heard the term, smoke and mirrors? That is what most of it was. Just a bunch of talking but very little actionable ability.
Then I met this one young chap who started the conversation saying that he couldn’t purchase a hotel now but hoped to be in position to within the next year. I loved that guy for his honesty and would welcome helping him in any way I could.
There are two schools of thought, (1) fake it till you make it, and (2) always be real. I find that people respond to real honesty much quicker than to fake bluster. So, the message I suppose is to be real, be honest and be who you are. These personal qualities will take you far in this life. KT