Ep74: Beth Azor – Keep your Arrogance and Overconfidence in Check
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Guest profile
Beth Azor is a 33-year veteran of the commercial real estate industry and owns Azor Advisory Services, which specializes in consulting services in training, sales, leadership, coaching, acquisition, due diligence, and market analysis. Beth owns and manages a US$79 million portfolio of commercial retail properties in Florida and recently wrote and published Don’t Say No For The Prospect, a collection of stories from her career and experiences as a retail leasing rock star. She is a frequent guest on business and commercial real estate podcasts, has her own Retail Leasing for Rockstars podcast and hosts the Rockstar Book Club Monthly Call, where she and her guests review nonfiction, business-related books. A graduate of Florida State University (FSU), she is also chair emeritus and founder of the FSU Real Estate Foundation.
“Timing is the key and I would rather go for it and make mistakes, and even lose money, than to never go for it ever.”
Beth Azor
Lessons learned
1. Timing is everything, but arrogance can be the cause of failing to act in a timely fashion. Beth waited too long and rejected a cheaper offer that could have maintained her business better in the long run after the 2008 US real estate crash.
2. Pay close attention to due diligence. In this case, it was due diligence about the location and demographics of her property. Beth failed to appreciate the negatives about the location, which was surrounded on three sides by unpopulated areas.
Andrew’s takeaways
1. Never underestimate the quagmire that bankruptcy can swamp you in. Whether it is you, as in your company, or you, as a person, bankruptcy courts can change things suddenly, and for the worse. At the bang of a gavel, a judge can make a judgment on a bankruptcy that can really go against an investor.
2. Arrogance and overconfidence are among the most prevalent of the mistakes investors make. Macro factors are a major thing investors should always think about when investing. Sometimes it’s about preparing for events, such as the 1997 financial crisis in Asia or the 2008 global financial crisis.
3. Andrew recommends that investors follow his six-step investment process.
a. Find an idea
b. Research the return
c. Assess the risks
d. Create a plan
e. Execute the plan
f. Monitor the progress
All those suggestions apply, whether it is a land investment or a stock investment. The key item for Andrew is the separation of research on return from research on risk.
“Everybody who’s getting ready to make an investment needs a devil’s advocate … (who) must be focused on what can go wrong, and why it can go wrong, and what can be the impact when it does go wrong.”
Andrew Stotz
Connect with Beth Azor
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- Women Building Wealth
- The Build Your Wealth Membership Group
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
Connect with Andrew Stotz:
Further reading mentioned
- Beth Azor, with Jill Ratzan (2019), Don’t Say No For The Prospect: How I Went From A Sales Rookie to a Retail Leasing Rockstar to Shopping Center Owner with More Than $79 Million In Assets!!. Also available through the Don’t Say No For The Prospect website.
About the show & host, Andrew Stotz
Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.
Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.