October 1, 2024

Small Wins, Big Payoffs: Mastering Mindset in Commercial Real Estate

Author: Elyse Welch CCIM

Commercial Real Estate is all about endurance. With deals often taking years to complete, it’s easy to get bogged down in setbacks or discouraged when progress feels slow. So, how do we stay motivated and keep our clients engaged through it all? By focusing on small wins and celebrating milestones—big or small—along the way.

Do I think everyone needs a trophy? Absolutely not. (Do not get me started!) However, I do believe in recognizing real achievements, no matter how minor they may seem. In our tenant representation work, it can take as long as three years to move from scouting a trade area to opening a store. Celebrating small wins keeps us and our clients motivated during the long-term projects that are so common in our field. To keep momentum high (and get that instant gratification!), we take time to celebrate every step forward, no matter how small.

When asked, “How was your day?” I’ve learned that if my definition of a “good day” is closing a deal, then I’m going to have far fewer good days than I’d like. Deals take time, and no one can close them daily—not even the most seasoned professionals. If you are this person, please reach out to me directly. I have many questions… So, in an effort to maintain a positive mindset, I’ve had to shift my perspective. Instead of focusing solely on the end result, I’ve come to measure a good day by the progress made toward it.

Some days, that means trading paper for a deal that could happen in the future. Other days, it’s building stronger relationships with clients, finding potential leads while scouting sites, scheduling a big meeting, or getting a deal approved in Real Estate Committee. Each of these small steps moves the needle, even if they don’t bring immediate results.

And here’s the real kicker: I’ve found that my best days in commercial real estate aren’t always about what did happen—but rather, what didn’t. When nothing derails or falls apart, I consider it a win. In fact, my new definition of a good day is simple: “Did anything die today?” If the answer is no, then yes, it was a good day.

Celebrating Wins with Our Clients

This mindset isn’t just something we practice internally—it’s something we bring into our work with our clients. We make a point to celebrate every step forward, from having a great client meeting to sending out an LOI, prepping and accomplishing a tour, securing Real Estate Committee approvals, and more. Every milestone is worth acknowledging because it brings us one step closer to the finish line.

Moments of recognition keep our team and our clients energized. They create a positive atmosphere that fosters collaboration, which is key in a long-term industry like commercial real estate.

Does that mean we are constantly celebrating? Kind of! Mood builds momentum, and in commercial real estate, a positive mindset leads to positive outcomes—even if the end result isn’t what you originally planned.

Endurance through Teamwork

I know it’s not always easy to maintain optimism. That’s where the team comes in. Having played team sports all of my life, I have found that having the support of a group, both in your brokerage and with your clients, helps buoy everyone’s perspective, especially on the tough days when silver linings feel hard to see.

I affectionately call my style of endurance being “too stupid to quit.” By shifting our perspective and celebrating the progress we make—no matter how small—we maintain the mindset and momentum necessary to see projects through to success.

Read more about shifting your mindset towards success with some of my favorite books:

  • The Infinite Game
  • The 4 Disciplines of Execution
  • The 8th Habit