We all know the older you get, the harder it is to adapt to the market. It’s not easy to change what you have learned for your whole career.
But to continue to thrive, you absolutely must adapt and see your business as it has changed. As discussed in previous blogs, new technology plus the impact of Millennials has accelerated real estate industry changes. This creates new opportunities, but causes some existing properties to become obsolete and some previous practices to become unprofitable.
Of course, there will always be industry constants. Deal fundamentals, you have to know. And you still need money; tenants still need to pay rent; and stable tenants are still desirable. What shifts is this: you have to apply these fundamentals to a different set of parameters.
Enter the new recruit, The Bridge between past and present.
How Does This Benefit You?
Let’s be frank: some of us do not have the energy to do all the hustling we did when we were younger. Having a young, energetic and tuned-in employee can only broaden a firm’s horizon, contacts and opportunities. So, plan on educating The Bridge on what you did and what she should do.
Your new recruit gives you insights into the millennial perspective on hot areas, market trends and technology’s influence on user patterns and activities. One example is how Uber might make an area more attractive as a nightspot even though people don’t live close by.
That’s invaluable insight right at your fingertips. And for better or worse, that is what everyone is after right now. This gets you focused on areas or projects—potential new opportunities—you may never have considered without The Bridge.
The mentoring relationship is at its finest when it benefits both mentee and mentor. Your value to your mentee happens early on, but as she progresses, she will become more valuable to you. Mentoring actively keeps your mind young and your perspective broad. It’s essential to know what the other generations are doing.
Isn’t it worth the investment in your mentee, yourself and your business?