It's been some years ago now, in fact probably like thirty or so, when we stopped by to see my mom and dad one Sunday afternoon. My wife and I were moving back to Galveston after our few years in Houston where I had been the vice president in charge of building and selling single family homes for Columbia Communities, Inc.
William Wallace Cherry, Our Family's Self-proclaimed Elisha
We rang the doorbell at my folks home, Daddy answered, and after the hugs and hellos told me that he and his cat Elijah wanted to have a private talk with me. So I followed them out to the patio, we sat down and he and Elijah said to me in unison, "Bill, I've heard that you are planning to go into bidnez for yourself."
"Yes, sir," I said.
"Well, I think that's going to be an exciting adventure. I want you to know the sure rules of success: The Cherrys have never worked for poor people, and I want you to promise me that you won't either. And the second rule is this: It is far better to see how many places you can make a hundred bucks than it is to find a couple of places where you can make a thousand."
So here's my interpretation of that advice that I did follow. When you represent clients who are financially secure, they can buy and sell their homes regardless of what the loan market is doing. For the past many years, there have been quite a number of tight times dictated by almost non-existent mortgage loans. My business has always remained reasonably predictable and steady.
But in contrast, I also needed to make sure I didn't become so exclusive in my representations that I overlooked and didn't develop a middle-market. That's was what Daddy didn't want me to do as a result of totally following Rule No. 1.
"Don't concentrate your efforts on one dynamic of the population or in one neighborhood. Make your living from many areas. It's the way to protect your own well-being from cratering if the market you love falls out of favor for one reason or another," he continued, all the while Elijah was giving me his usual dumb, duh look from Daddy's lap.
"How'd you figure all of that out?" I asked Daddy. "I didn't. Elijah told it to me. And if you know anything about your Bible, Elisha is the keeper of all wisdom. Since I'm his Elisha, it was my responsibility to pass it on to you."
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