Real Estate: The Gift and The Curse

The allure of freedom and wealth—and the responsibility it takes to achieve them.

Brief aside: I had breakfast with my 12 (almost 13) year-old daughter this morning, and she passionately explained to me how she can’t wait for the next five years to pass so she can “go to college and have her own apartment.” I love her enthusiasm, and breakfast was lovely, so I didn’t want to ruin the moment by pointing out all the responsibilities that come with being “in charge.” While the idea of having full agency over her life sounds amazing, it comes with strings attached. As the famous American philosopher Spider-Man once said, “With great power comes great responsibility.”

What does this have to do with anything? Please, dear subscribers, continue reading.

Real estate attracts people for all kinds of reasons. As someone who has hired hundreds (maybe over a thousand? Thousands?) of real estate agents over the years, I’ve noticed two primary themes that draw people in like the tractor beam thingy from Star Wars:

1. Income:
   “I can make a lot of money.”
   This is a common refrain. The uncapped income potential in real estate acts as a siren song, pulling people toward the industry.

2. Freedom:
   “Finally, I can be the decision-maker and build my own company.”
   This one is just as compelling. Most of us have had a boss who drives us crazy or people who won’t listen. Imagine the joy of finally being in control.

And yet, not too many people in the business feel wealthy, and even fewer feel “free.”

So, what gives?

Simply put, you have to sacrifice some of that magic elixir of freedom to the real estate gods and embrace accountability if you want to succeed. That part isn’t in the brochure (are there still brochures? If you’re under 30, Google it—it’ll make sense). We talk about “being your own boss,” but we don’t teach you how to be your own boss.

Here’s the truth: I’ve been lucky enough to work with, launch, and be a part of several very entrepreneurial startups, and none of us felt “free” in the beginning. We worked our butts off. We identified the key drivers of the business, obsessed over them, and consistently did the hard work it takes to build something meaningful.

Real estate is no different. You already know what it takes to succeed. This business has its complexities, but success itself isn’t complicated. The real challenge is doing the work consistently, day in and day out (check-in calls with your sphere of influence, anyone?). The freedom and income you want lie on the other side of that consistent effort.

You don’t need me to tell you what to do. You need me to remind you to be accountable.

• Best case (but harder): Be accountable to yourself. Do it because you promised yourself you would.

• Worst case: Be accountable to someone else—whether that’s through a coaching relationship or by finding someone you trust and telling them what you’re committing to.

Try it. Today. Right now. Forward this email to a friend in the industry or office and ask them to be your accountability buddy. Commit to another human and watch what happens. Or, if you’re feeling really brave, hit “Reply” and ask me to hold you accountable—but be careful what you wish for.

If there are other topics you’d like me to explore about real estate or mortgages, let me know.

- k