Rethinking Competition in CRE

I grew up playing competitive tennis, and my instinct has always been to think of competitors as threats. If someone is on the other side of the court, you play to beat them.

When I started working for Jan Brzeski at Arixa Capital in 2015, I carried that mindset into business. That’s why I was surprised to see Jan meeting regularly with Jerry Ducot of Lone Oak, one of his direct competitors in private real estate lending.

To me, it didn’t make sense, why would you share a meal with someone chasing the same loans you are? But Jan explained something that has reshaped how I think about competition. Competitors don’t have to be enemies. They can become a resource for new business and a sounding board for questions.

I recently interviewed Jan and we discussed this topic along with learning about his new business Sage Credit Investment Partners. Listen to the full podcast here.

A New Way to View Competitors

Jan’s perspective is that there is more than enough business to go around. Instead of worrying about losing a deal, he focuses on building long-term relationships, even with people technically competing for the same projects.

His relationship with Jerry turned into a two-way exchange. They refer deals to each other that didn’t fit their respective lending boxes, share market knowledge, and keep the dialogue open. Both companies benefited and so did their borrowers.

The Power of Collaboration

This approach to competition is unusual in a space where many lenders guard information and operate with a scarcity mindset. But Jan proved that the opposite can be true.

Take Lone Oak’s annual event at the Bel Air Bay Club. They invited not only brokers and borrowers, but also competitors. Rather than worrying about giving away too much, they created a community where everyone could connect. Lone Oak went on to build a billion-dollar loan portfolio. Clearly, collaboration didn’t hold them back, it accelerated their growth.

The Bigger Picture

Jan’s philosophy reshaped how I think about competition. Instead of tightening your grip and treating every rival as a threat, it pays to open your hand. Competitors can become collaborators, sounding boards, and even friends.

In CRE and in business generally, I'm learning that the win isn’t just about capturing the next deal. It’s about building a network of relationships that endure. As Jan said during our conversation, “On my deathbed, I want to have good memories of the people I’ve worked with.” That’s a far bigger win than any single loan.