Answers - Real Estate

Excerpted from Sell with Soul: The New Agent’s Guide to an Extraordinary Career in Real Estate

You must have enthusiasm to succeed

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

in real estate. It’s so easy to procrastinate when you are self-employed – or to sleep late every day if you’re so inclined. Prospecting

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

and previewing seem thankless sometimes.

When I was new in real estate, I had it – enthusiasm, that is. I did open houses every weekend,

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

took names and made cookies. I would work with any buyer, regardless of his motivation or time frame. I even offered to show relocating <

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

>renters around town just in case they might buy a house someday. I marketed my listings in every imaginable venue–newspapers, mass ma

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ilings, postcards and city-wide brochure distribution.

I answered the phone at all hours of the day or night. I worked seven days a week.

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

I checked voicemail during vacation and returned business calls from a hot, noisy street in Mexico.

I’m not saying that these were all s

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

mart things to do – I spent a lot of money unnecessarily and destroyed my marriage in the process. But to succeed in this tough business y

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

u need to be excited about your new career, nearly to the point of fanaticism.

I once interviewed a licensee right out of real estate sch

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ool who announced to me that he intended to take every Sunday and Monday off. Fair enough. But then I realized that he meant he wouldn’t e

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ven answer his phone on his days off, at the risk of losing potential customers. After several years in real estate, I got to the point wh

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ere I was willing to risk losing customers for the sake of a mental health day, but in my first year? No way. I lived for phone calls from

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

potential clients. I literally did cartwheels a few times when I got off the phone from a new buyer or a referral. I got a little thrill e

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

very time my pager went off; I couldn’t wait to see who had called. I still feel that way most of the time.

That new agent didn’t make it

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

in real estate – he quit within the year. He probably could have been a great agent, but his heart just wasn’t in it.

If your lifestyle

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

doesn’t accommodate a 24/7 availability to your clients, you can still succeed. You can always find people willing to work harder than you

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

regardless of what field you are in. And guess what? They may be more successful financially than you, and that’s fair. Life is about pri

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

orities and compromises. You can’t have it all and do any of it exceptionally well. That said, early in your real estate career you really

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

do need to be committed to building your expertise and business. Remember the 80% failure rate for first-year agents? An awful lot of tho

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

se failures are likely competent people who aren’t prepared for the overwhelming demands of a new real estate career.

Just think about it

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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