Rand Sperry: Why I chose to be a Broker
Perspectives from Rand Sperry, CEO of Sperry Commercial Global Affiliates.
At age 22 I graduated from college and knew exactly what I wanted to do. I wanted to sell apartment buildings. Why? Well, when I was age 20, I bought a fourplex in Long Beach near my college. I did it as an investment. My dad once said to me, “You never want to be beholding to anybody, so buy investment real estate and grow your passive income.”
By the time I was 20, I SAVED $11,000 dollars while working and going to school. In the next two years, I cash flowed $2,400 per year on that investment and then sold it for $12,000 net more than I paid. I actually sold it myself. I placed an ad in the paper, got only one phone call and closed him for the sale. I also made 21% cash-on-cash, and when you add the $12,000 profit after two years, my total return was 76% per annum. While managing the property I learned how to market units for rent, screen tenants, rent the units, clean them, and make minor repairs. So, the day I was handed my diploma in 1976, I had $26,000 in my jeans, and I had so much fun brokering the property I decided that is what I am going to do. My goal was to take 50% of all my commissions, along with my $26,000 and start buying small apartment buildings and a few single-family homes to grow my empire. It turned out that because I had experienced rental ownership and the success of making a profit, I could relate to my client with confidence and enthusiasm as well as experience.
Needless to say, I was one of the top brokers at my company of 150 brokers, and by age 26 I had purchased 12 properties with a personal net worth that had just tipped the $1 million mark, which was my goal by age 30.
In summary:
- Believe in your product (by owning it)
- You must be passionate about what you are doing
- Have a big goal broken down by many small goals
- Reward yourself when you get there … I bought my first brand spankin new Porsche Targa
- Set your next goal….
Stay tuned for the next chapter.