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Running and CRE all about finish line.

Imagine being in the middle of a 50-mile run with a broken shoelace. That's what some drawn-out real estate transactions can feel like.

I should know, because it actually happened to me.

While participating in the Leadville 50 in Colorado during the summer of 2011, my shoelace broke on the trail. A spectator offered a replacement, but it didn't fit right and I tried to rig the two together. In the chaotic moments that ensued, I lost both confidence and momentum.

But I somehow managed to regroup, re-focus and finish the race.

In the early morning hours when I'm running just to run and figure out my day, it's often dawned on me that sometimes getting a deal done is tantamount to a 50-mile marathon.

Both involve pursuing intense paths of planning, pacing and keeping your head in the game in order to get to the end of the road.

Here are some things that have helped me finish deals (and races):

Be active: Real estate is not a behind-the-desk, nine-to-five type of job. The better physical condition you are in, the better you will be able to handle the tasks on your plate and help your clients meet their goals. I run in the morning, using the time for reflection and introspection. It gives me the ability to think through situations andset an agenda for the day.

Prepare and Pace Yourself: In ultramarathons, the courses are meant to be challenging, so it's important to be aware of your surroundings to keep moving forward. When you get behind at 32 miles, you might feet too tired to finish. But if you now how to manage your food, water and keep a mental focus, you can keep going. You can pursue a deal in the same manner, by having all the pieces in place and having a firm grasp of the ultimate goal.

Develop relationships: In that Leadville race, it was a spectator who offered a replacement shoelace. In the real estate industry, it's often the relationships you cultivate along the way that help cement deals. Just as a runner is urged on by others in the race, a broker can learn from other parties in the transaction, particularly the competition.

Expect the Unexpected: Unexpected events will inevitably occur. You can plan your itinerary, but you can't plan the weather. After the broken shoelace incident, I was able to forget what happened, focus on the good, and make it to the finish line. Deals can nearly unravel with a phone call or email. It's just what happens in the course of doing business. It's how you respond and solve the problems that keeps you in the deal.

Writer John Hanc said that finishing a marathon isn't just an athletic achievement, it's a state of mind that says anything is possible.

Some real estate deals are like that, too. You look back and marvel at how all the pieces came together. Then you move on to the next deal and the next race. (I just don't wear those shoes anymore.)

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Comment:Running and CRE all about finish line.
Author:Udis, Andrew
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Apr 3, 2013
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