Herb Weitzman invoked Charles Dickens in his recent lecture to the Associate Leadership Council (ALC) class: It is both the best of times and the worst of times to be in Dallas’ commercial real estate business.
The Weitzman Group founder and executive chairman served as the guest speaker for the ALC class’s second “Leadership Lunch” of the year, which is an exclusive benefit to participation in TREC’s premier leadership development program.
It’s the best time, Weitzman said, because Dallas “is about the best city, by far the best real estate city, in the country. Everybody wants to be here.”
But there’s never been a worse time, either, he added, because of uncertainty and volatility in banking and finance as well as a federal government that, when Weitzman spoke to the class on Tuesday, October 28, was still shut down.
Worse because, for all the career opportunities available to the leadership development program’s class of 30 emerging CRE executives, the world is changing faster than industry can often keep up.
“There’s a lot of curves in the road, and you can take this road or that road, and you’ll learn,” he said. “Every day, you’ve got to say, ‘I’m learning something.’”
“You’ve got to decide how you want to play the game,” he added.
Weitzman has been in the game for most of his life. In 1990 – already 30 years into his real estate career – he founded the company that bears his name, which today is considered one of the largest retail real estate brokerage firms in Texas.
Weitzman Group’s leasing portfolio includes approximately 44 million square feet of retail across Austin, Dallas-Fort Worth, Houston, and San Antonio. It manages more than half that figure in commercial properties throughout the state.
“You start as a rover and you go and you build, and you try and you fail, and you learn from your failures and you try again,” he said. “You learn from that failure, and then you start getting it.”
“That’s where I come from,” he added. “I was a broker and I loved it. I still love it. It’s the main part of our company.”
So how does one turn a career into a company, and a company into a real estate empire?
To Weitzman, it starts with learning from the right leaders. He credited Henry S. Miller, for whom Weitzman worked for 28 years, as his mentor, the one who brought out the best in him early on in his career.
“You’ve got to get in a position where you can get support from somebody that has done it so that you can grow,” he said. That’s important you know, that’s not just talk. I learned so much from [Miller].”
From there, Weitzman offered four additional pieces of advice to help the class navigate their careers:
Be Responsible for Your Success
You can choose your path, set your goals, and align yourself with the right mentors, but your work ethic will ultimately determine your success, Weitzman said: “If there’s something you want, you’ve got to burn the midnight oil and go and do it.”
Business is a Marathon, Not a Sprint
Ambitious entrepreneurs tend to want to be very rich very fast, Weitzman said, which isn’t necessarily the best way to build a company or career. “Think long-term, save your money, and go into deals that will increase in value over time,” he said. “There are so many options out there.”
Integrity is Everything…
Business relationships ultimately depend on trust, Weitzman said. You’ve got to represent your customers honestly and fairly. “I’ve always put that first, to take care of the customer first,” he said. “We do our research and we get them the best deal.”
…But Passion is Important, Too
Weitzman said passion is the most important quality he looks for in a potential hire. “I’m just as excited every morning when I get up,” he said. “I still work 14 hours a day, I love it. I love this changing market.”
The Associate Leadership Council is TREC’s premier leadership program. Each year, 30 TREC members are selected through an application process to participate in this 10-month leadership development program. More than 750 individuals have graduated from ALC in its 29-year history. For more information, visit www.recouncil.com/alc.
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