One of the most common questions I get from readers of this blog is: How do I become / get into real estate development?
In fact, I get it so often that I’ve decided to write a book as my response. It may be a short one or it may end up a long one. If you’ve emailed or messaged me with this question and I haven’t responded, I’m sorry. There’s a lot of you out there. But I do want to help and that’s why I’ve decided to take on this hobby book project.
As part of the book, I’ll be talking about my own journey, as well as the actual nuts and bolts of development. But I would also like to feature some much more established players in the business. In order to do that, I’ve decided to crowdsource some of the content for this book.
So here’s my ask to you: If you’re a real estate developer and would like to share your story, please complete this short questionnaire. You can be located anywhere in the world.
My plan is to select a handful of developers from around the world and then feature their stories, one-by-one. I’m confident that there will be a lot of interest in hearing how successful developers established their careers and/or own businesses.
I’ve been thinking about doing this for quite awhile now. It feels good to get started.
(Not my) yuppie life by Janet Kwan on 500px
Earlier this week I somehow stumbled on an old (2012) Medium story by Ev Williams, called, Formula for Entrepreneurial Success. (Ev is the cofounder of Medium, Twitter, and Blogger. He basically invented blogging.)
His post includes 5 short recommendations, and is obviously aimed at entrepreneurs, but I think the lessons also apply more broadly to life in general. They resonated with me, so I thought they might also resonate with you.
So whether you’re starting a company, developing a new building, or just living life, here are Ev’s 5 points:
1. Work with amazing people. Don’t compromise on who you choose to found your company with and hire. Do not put up with ego-centric personalities or downer attitudes.
2. Take on big challenges. It’s pretty simple: Hard things are valuable; easy things are not so valuable. Reaching the mountaintop is rewarding because it is hard. If it was easy, everybody would do it.
3. Focus. Say no to most things: Features. People. Partnerships. “Coffees.” Projects. Only a few of them really matter. (Yes, it’s hard to know which.) Don’t get distracted.
4. Take care of yourself. When you don’t sleep, eat crap, don’t exercise, and are living off adrenaline for too long, your performance suffers. Your decisions suffer. Your company suffers.
5. Love those close to you. Failure of your company is not failure in life. Failure in your relationships is.
If I had to pick one of the items from this list, I’d say I struggle the most with focus. It’s not that I can’t focus and complete tasks, it’s that I’m the kind of person who wants to fill every second of the day with something meaningful. And when people email me wanting to go for coffee or help with something, I want to do it.
But unfortunately, time is a hugely valuable commodity and you have to be selective.
So surround yourself with amazing people. Don’t be afraid of big challenges and risks. Focus. Eat well and lift weights (my preference). And love the important people in your life.
In the business world – particularly in the startup world these days – there’s a lot of emphasis on the importance of failure. The mantra is: “fail early and fail often.” Because if you’re not failing, then you’re likely not pushing yourself hard enough and getting out of your comfort zone.
Some people think we’ve gone too far in our celebration of failure, but I think there’s a lot of value in not being afraid of making mistakes. I try and adopt the same mentality when I snowboard. If I’m not physically falling, then I’m likely not trying things I’ve never done before. (I may have taken that philosophy too far this winter.)
Here’s a video from Gary Vaynerchuk’s #AskGaryVee show where Jack and Suzy Welch are guests and the first question has to do with this exact topic: the importance of failure.
Given all of this, I was fascinated to learn about something new this week called Rejection Therapy. I was out for beers with some good friends of mine earlier in the week and one of them – who is an educator here in the city – started telling me the story of Jason Comely.
Jason was a freelance IT guy from Cambridge, Ontario. His wife had recently left him for someone “better” and he went into a deep slump. Eventually, he realized that he had become terrified of rejection. His wife had rejected him and he never wanted that to ever happen again.
Initially he withdrew from life.
But eventually he decided that he was going to experiment with the exact opposite approach. He decided that he was going to force himself to get rejected by someone every, single, day.
It didn’t matter how it happened, but he had to get rejected. He would walk up to strangers and ask for a ride home. He would ask for a discount before buying something. The list goes on.
Eventually he thought it would be a good idea to start documenting all of his rejections: this is what I did today and this how I got rejected. It became a game for him. When he would get his rejection for the day, he would celebrate it. Then he thought to himself: why not turn this into an actual game that other people could purchase? And that’s what he did.
He calls it Rejection Therapy and here are the five objectives that he lays out:
1. To be more aware of how irrational social fears control and restrict our lives
2. Smash the tyranny of fear and reap the treasures (treasures include wealth, relationships and self-confidence)
3. Learn from, and even enjoy rejection
4. To not be attached to outcomes, especially when it involves the free agency of other people
5. Permit yourself to fail
Playing Rejection Therapy may not be for everyone. But I think the lessons are universally applicable. There’s value in trying. There’s value in asking. There’s value in making mistakes. And there’s value in not being afraid of someone saying no.