What has the 80/20 Rule got to do with Property Advice?

I would like to share with you a discussion I had recently with my business coach, which led to me completely rethinking the role of a property expert and the value of the advice we provide.

I was having my normal bi-weekly coaching session with my Action Coach, Garry Crosby and we got on to the topic of marketing and in particular lead generation.

As a business, we are having some marketing research undertaken by a company called Loman Miller Associates who are Marketing Strategists.  They are experts in their field and come highly recommended.

They are taking an independent look at the thought process you might go through when making commercial property decisions.  They are speaking to some of our existing clients to understand, why they brought an expert on board and why they engaged us in particular?

These are questions that I have pondered a lot on  Were my clients looking;

to save money?

was it for accountability?

to increase credibility in the requirement?

was it to save time?

or was it to avoid getting caught out?

I thought I had Loman Miller’s report worked out and was discussing their fees with my coach, which I thought were expensive, given what I thought, I already know.  Garry then said something which was very profound (he does come out with some real gems from time to time). 

He said “Jonathan, you might think you know everything and you probably are aware of 80% of what will be in the report.  But you are not paying them for that, what you are paying for is the 20% that you don’t know and it’s that 20% that will make the significant difference and that is where the value of an expert lies”.

Boom, the lightbulb suddenly flashed inside my head, it was a Eureka moment.

I have never thought about experts in that way before and that has led me to look at the role we play in a completely different light. 

One of the challenges we face as a business, is business owners thinking they know all there is to know about commercial property.  However, unless you are a property expert, there will be gaps in your knowledge.  

You don’t know, what you don’t know and this is where the danger lies.  It’s in these gaps, where you are at very high risk of being caught out. The risk is often financial, which can derail your future plans.

Being aware that knowledge gaps might exist and being able and willing to turn to an expert for help, can make a significant difference to your business, whether that is marketing advice or in our case property advice.

With our proven expertise, you can turn to us in confidence.

It won’t cost you anything to find out, but if you have gaps in your property knowledge, then it will be worthwhile giving us a call. 

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