Explore how commercial real estate organizations can avoid complacency by continuously preparing, adapting, and developing their executive teams to seize new opportunities and drive long-term success.
Many of us know the classic dream about showing up for a test completely unprepared1. It may reflect regret or anxiety. Alternatively, true preparation can be awe-inspiring.
You wasted $150,000 on an education you coulda got for $1.50 in late fees at the public library.
Matt Damon’s character in
Good Will Hunting (1997)
A Remarkable Store of Knowledge
Early in my real estate career, a group of us would play a game with one of our Managing Directors by showing him photos of office buildings or hotels. Big city or small/mid-market – Indianapolis or Kansas City, for example – he often knew the property: current owner, original developer, size, and even major tenants and lender. He was the real estate version of an art history professor. And like any great professor, he didn’t just learn the facts. He sought deep understanding. It wasn’t about getting a degree. It was about being the consummate real estate professional. It was about readiness to create value when the opportunity arose.
Do You Have Your Own Story Like This One?
We were at an impasse. The property was cash-flowing, but the borrower knew he could cost us time and money by simply resisting. We didn’t want the property—we just wanted a performing loan and were willing to reduce the balance to get there. Still, he stalled, objecting vaguely to the new terms but refusing to specify why.
That same boss—the one who knew every building—took a different approach. He read the loan agreement aloud, line by line. “Any objection to this sentence?” he asked. Silence. Then the next sentence. And the next. It became clear: the leverage had shifted. Now the borrower was losing time and money. And we were doing it in a way that would hold up in court.
The point isn’t the tactic—it’s that he likely learned it from someone else, years earlier. He had the insight and wisdom to apply it in a new context.
When Knowledge Leads Us Astray
But experience can also mislead. I’ve passed on deals and missed great opportunities — thinking a cap rate was too low, or a hotel rehab too costly. I let past observations blind me to present potential. My knowledge of history obscured the reality of the present. I was weighed down by my own learning and lacked a vision beyond what I already knew. To truly succeed – to be more than simply a caretaker of the status quo – leaders must stay rooted in the industry while open to what others don’t yet see.
Your Executive Team: Today & Tomorrow
Should your goal be to find the best executives so your organization will thrive? Trick question. A winning team is a process, not a fixed achievement. Think of a championship sports team—what wins this year may not work next. Executives either grow or burn out, and there will always be Peter Principle2 examples who rose to their lowest level of incompetence. Boards and CEOs must constantly evaluate: Is each leader still contributing? Does their style strengthen or weaken the team? Is your bench deep enough?
Since 1946, Boyden has been helping organizations answer those questions. We do executive search and leadership consulting, and 70% of our business is with repeat clients. Our work doesn’t begin or end with the placement of a senior executive. Like my old boss, our success comes from relentless preparation. Let us focus on what we do best—so you can focus on what you do best.
How can we be helpful?
Curious about what we do and how we do it? It might just be exactly what you need—and it can’t hurt to find out. Feel free to reach out to me directly.
Bibliography
- Psychology Today."Recurring Final Exam Dream." Psychology Today, 23 Sept. 2009.
- Indeed. "Peter Principle: Definition and How To Avoid It." Indeed Career Guide.
