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From the Penthouse to the Outhouse

Between 2007 and 2008 it became clear that something was very wrong with our economy. But up until that point I was riding a tidal wave of good news in the commercial real estate industry which had been going strong for almost 14 years. Anything seemed possible, and it usually was. Deals often concluded with pats on the back, celebratory cigars, and fine wines and toasts all around. The market was so busy that I barely noticed when a deal didn’t pan out; there was always another one right behind it to take its place.

There were no signs (at least, no signs that I was paying attention to) that it would ever slow down. Most people in the industry became convinced that it was going to last forever. The phone was ringing off the hook, and each ring meant another opportunity for a big score. Life was good until, suddenly, it wasn’t.

Like many others, I was surprised at the length and severity of this downturn. It felt like I woke up one day and everything changed, including the way business was getting done. Coming out of this downturn wasn’t just going to require getting back to the fundamentals of my business – cold calling and pounding the pavement to different events. It would require learning a whole new set of fundamentals, like how to successfully market myself using social media and other new technology.

Many firms succumbed to the “slash and burn” mentality that had been their go-to in past downturns, cutting positions and trying to make their people do more with less. Fortunately for me, the leadership at McShea did not choose that route. They stayed the course and in fact increased their spending on things that would give the company an advantage, like upgrading technology and maintaining support staff. McShea even hired a few new, young brokers.

With these talented folks around me and the support of the company I was able to reinvent myself and utilize technology to benefit my clients and pursue new business in ways I never imagined. I began sending out a weekly positive thought or piece of encouraging news, something I had done during the S&L crisis. That turned into Ro’s Words of Encouragement, this weekly blog which keeps me connected to my clients and others in the industry in a positive way. I also built up my presence on LinkedIn, and recently learned that my profile was one of the top 1% most-viewed profiles in 2012.

Who says you can’t teach an old dog new tricks?

As my mom used to tell us, sometimes when your back is against the wall you learn things about yourself that you never realized. Necessity is the mother of invention.

Have a great weekend,

Ro

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