Five lessons from ‘Who Moved My Cheese?’ for succeeding in commercial and residential real estate
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Like many industries, adaptability and resilience are crucial in commercial real estate (CRE). These qualities are brilliantly illustrated in the classic book “Who Moved My Cheese?” by Spencer Johnson, M.D. The story’s parable of mice and humans in a maze, seeking cheese that keeps moving, offers timeless lessons that are particularly relevant to our industry. Here are five key takeaways from the book that can guide us toward success in commercial and residential real estate.
Embrace Change
In “Who Moved My Cheese?”, the characters face the challenge of their cheese being moved. In commercial and residential real estate, the cheese is always moving—market conditions, tenant demands, and economic landscapes are in constant flux. To succeed, accepting change isn’t enough. The strongest CRE professionals anticipate change, proactively staying informed about market trends, economic forecasts, and emerging technologies and adapting strategies to stay ahead of the curve. Embracing change means viewing it as an opportunity rather than a threat.
Embrace Innovation
The character Hem’s reluctance to leave the empty cheese station represents our tendency to cling to past ways of doing business to replicate past successes. In commercial real estate, relying on proven methods and past achievements is easy. However, stagnation often leads to missed opportunities. The CRE industry needs continuous innovation, which can look like re-evaluating our portfolios, exploring new markets, and investing in maintaining a strong professional network. Letting go of the past enables us to pivot swiftly and explore innovative avenues for growth with new partners alongside us.
Embrace Data
Sniff and Scurry, the mice in the story, constantly monitor their environment and are quick to act when the cheese moves. Similarly, in commercial real estate, staying vigilant about market trends, tenant needs, and economic indicators is crucial. Regularly reviewing property performance, maintaining strong tenant relationships, and being proactive in property management can prevent issues before they arise and identify opportunities for improvement. Through CREW Network and locally through IndyCREW, there are various market leaders gathering and sharing data to enable CRE professionals to quickly gather data and make better-informed decisions with greater efficiency and effectiveness.
Adapt Quickly
The character Haw eventually decides to move on and search for new cheese, representing the importance of quick adaptation. In our industry, the ability to swiftly respond to changing conditions can make the difference between success and failure. Whether it’s adapting to new regulations, shifting market demands, or technological advancements, quick and decisive action can position us as leaders rather than followers. Flexibility in lease terms, creative deal structuring, and agile decision-making are key to staying competitive.
Keep a Positive Mindset
Throughout the book, maintaining a positive mindset is highlighted as essential for navigating change. And just like every industry, challenges are inevitable—but maintaining a positive outlook helps us overcome obstacles and seize new opportunities. Cultivating resilience, focusing on long-term goals, and fostering a positive company culture can inspire teams to persevere through tough times and thrive when opportunities arise.
When I read “Who Moved My Cheese?” years ago, it motivated me as a professional, but the further my career advances in commercial and residential real estate, the more I value the lessons learned. By embracing change, letting go of the past, staying vigilant, adapting quickly, and maintaining a positive mindset, we can navigate the complexities of our field with greater ease and success. As we move forward in an ever-evolving market, these principles can guide us to not just survive but thrive, turning challenges into opportunities for growth and innovation.
Souheir Salfity is the Real Estate Manager/Marketing Coordinator at Ironworks at Keystone and a member of IndyCREW, the Indiana chapter of CREW Network, the premier business networking organization for commercial real estate.