Category Archives: Career

You are either improving or getting worse

There was an NFL head coach that used to tell his players that every day, they were either improving or getting worse. The more I think about this, the more I believe it is true. Harmon Born used to say that the only way you can coast, is downhill.

Whether you are talking about relationships, marriage, finances, health, children or jobs, every day you are either adding building blocks or you are taking them away. Unfortunately, life doesn’t let us just remain in neutral. As the NFL coach said, you are either improving or getting worse.

Each day is made up of ‘touches’ where we interact with people we meet, books we read, things we say and thoughts we allow. All these things are the daily building blocks of our life and they are either helping us improve or allowing us to decline. If you really want to test this theory, ask yourself if you are better in any way or worse in any way than you were last week. Have you learned anything in the past week that you didn’t know before? The mind and the will of a person is very powerful and so much about life is believing you can improve coupled with the hope for a better future.

I think this means to just try a little harder this week than you did last week. Give just a little more of yourself to whatever it is you do. Life is not played on a field with an end zone, rather it is played over a lifetime of days and moments that hopefully see us better tomorrow than we were yesterday. KT

What the market sees

I had an employee come to me today and ask for more work to do. Ha. That could be the first time that someone has done this. Employees generally try to do as little as they can because they want to be in their car, out of the parking lot at 5:02 in the afternoon. So, this person tells me. “I want to feel needed, involved and helpful.” I was like,,,, wow.

In the course of finding this person some other job (s) that would help the company and be fulfilling, I discovered how easy it is to lose focus on the main things. Our main thing is selling hotels and to do that, you need a very articulate and professional internet presence and that presence needs to look perfect. I went to our website the way a new client would and, well,,,, ours needs a lot of help as I discovered today. A good manager (unlike me) would have been doing this already but clearly, I am not as detailed as I should be.

We all spend our time, writing offering books, updating numbers, doing pitches and basically selling. Using a common analogy, we don’t often look at the front of house because we are so busy working in the back yard. What I learned today was you need to look at the front of the house (what the market sees) more than you need to trim the weeds (what we mostly do) in the back yard.

So, what am I saying? If this employee had not come to me today asking for more work, I would not have put the time into finding more work. In short, I would not have looked at what the market sees when they look at us online. I would have kept trimming the weeds in the back yard. Every now and then something happens (like this employee) that causes you to look at things differently. In this case today, it was what I needed. KT

Show Stopper

Show stopper is a term we use in business when the deal you are working on falls apart for one reason or the other. The buyer or the seller will raise an issue that stops the flow of the transaction and ends the discussion. Usually the issue starts as something simple but escalates into a real problem, hence the term show stopper.

I am working on a deal now where we found out that there were some shenanigans (show stoppers) going on with the buyer that almost derailed the deal. We got it straightened out, but it very well could have killed the deal. I will never forget a conference call we had with a seller and a buyer on a hotel back in 2007. The seller owned one hotel, the one we were selling. The buyer owned 300 hotels and was one of the most respected buyers in the country. We got on the conference call to hammer out the remaining terms of the transaction when the seller got full of himself and started talking like he was the smartest real estate person in the room. I remember it vividly when he asks the buyer in a sarcastic manner, if they knew what they were doing and had ever bought a hotel before. Ha. What a doofus. The buyer just answered very calmly that they had bought other hotels (what an understatement) and they had experience buying his type hotel. Well, I knew that at moment, the comment by the seller was a show stopper. Sure enough, it killed the deal and to this day I remember it like it was yesterday.

Usually, not always, the show stopper is an attitude or aggression that suggest that the person will be difficult to work with and usually, causes the parties to just move on to something else. Attitude, calmness, understanding and flexibility are essential to any real estate transaction. There are always ways to express yourself other than a full-frontal assault and this is something you learn through experience rather than a classroom. This concept applies to not only real estate but many times to life, relationships, jobs, church, children and just about every interaction we have in life. Don’t let one conversation become a show stopper between you and someone you love. KT

Failure can be a powerful teacher

I have failed more times than I want to admit. With each failure I received a PhD in what I would never do again. I will mention two personal failures to make my point. 31 years ago, I invested in some fast food restaurants that failed miserably and almost bankrupted me and then 18 years ago I invested with someone on a land development deal and that same person sold the land and stole all the money I had invested with him.

The title of this blog is, “failure can be a powerful teacher” and I want to share a couple of things. First, you will not understand what you learned by the failure until later. When you are close it, you can’t see it. It is only after reflection that you truly grasp the lesson. Second, a failure teaches you not only the questions to ask, but more importantly, the questions you didn’t know to ask. Thirdly, a failure can give you an incredible understanding of the details you need to address when contemplating a financial move. Lastly, it teaches you the true meaning of liability and risk when you put your name on a document.

See, you can’t really learn these things in a classroom setting and if you did learn them, it would not carry the same weight of conviction and understanding as it does if you experience it. Thankfully, we can be persuaded and educated without having to experience it ourselves. A good friend or advisor can teach us (if we will listen) all the downsides of a decision. If we trust that person, many times it can save us from failure.

Both of those personal failures mentioned above, while incredibly painful, taught me more than I could have ever learned any other way. If you look at the lives of most every successful person or company and if you look closely, you will see that they became who they are, due in large to failures along the way. Failure is a very painful teacher but if you let it, it can teach you life long lessons that will impact you and your family’s future. KT

The art of assuming status, expertise and credibility

What is your first impression when someone starts telling you how successful, smart and accomplished they are. That’s right. It turns you off at the beginning.

In our line of work, I would love to tell you we have known and practiced this for years, but that would be untrue. Brokers and sales people love to tell clients their performance history, but man, what a mistake that is. It is always better to be asked about performance history than to offer it up. When you offer it up first, it makes you less likable than you probably are. When you are asked by the client to discuss your performance history, always take a more humble approach and answer. Over the last several years when I am asked how many hotels I have sold, I always answer that I have been able to get several hotels closed over the last 29 years. Humility always works better than arrogance.

I learned a great statistic today taken from exit interviews from brokers that didn’t get hired. It said that when you start a meeting talking about yourself, you lose 9 out of 10 assignments. When you start the meeting talking about the client and his business, you win the assignment 9 out of 10 times. While I understand these percentages vary wildly depending on who is involved, but even if these statistics are 50% true, wow what an insight.

When you start the conversation talking about the client, you have in effect, done something that is very powerful. You have assumed status, expertise and credibility. Without talking about yourself, you have taken the position that the client already knows who you are, or you wouldn’t be in the meeting. That may seem subtle, but it is a very very powerful assumption and attitude. When you are asked to make a presentation, always start with the client.  Where you see their company, their assets, their business and their future. If you are asked to make a speech, always start with the audience and their needs. This one simple adjustment could very well be the difference maker to you being liked and trusted and those two things are the main reasons people get hired and who people want to be around. KT