We all know that a well-rounded education is important to setting good foundations for future business success and life in general. And while certain basic addition, reading and writing skills, and even the occasional college course on business and economics may have come in handy, it’s another kind of education that has probably served you best in the world of commercial real estate. The long-storied institution we’re talking about is the school of hard knocks, aka life lessons learned. We’ve collected some of the best lessons a CRE pro has learned outside of the classroom and are willing to bet that, whatever your experience level, you’ve experienced more than a few of these, yourself.
1. Bad Decisions Happen…
Probably the most important lesson to have learned the hard way is one that will help you as a CRE professional and with life in general. It’s important to know that despite your best efforts in planning, research and execution, mistakes will happen. Whether it’s a cost overrun out of your control, a missed critical date or a poor investment in an individual property, things won’t always turn up smelling like roses throughout your CRE career. Experience will teach you to accept your losses, learn how to avoid them if possible and pick yourself up to move on.
2. …But Sometimes You Still Need to Go with Your Gut
While a mistake repeated twice is indeed a fool’s errand, just because you’ve experienced hiccups in the CRE world doesn’t mean you should fear making big choices. Positioning yourself to be able to jump on opportunities at a moment’s notice is essential in the rapidly changing CRE field. That hot property or those upgrades based on the latest market demands from potential tenants, all may make for tough, rapid decision making. A big picture analysis of your CRE portfolio and plenty of advanced, strategic planning will set you up best to capitalize here.
3. Delegation is Essential to Success
We’ve all had those times in our CRE careers when we’ve been overworked, stressed and struggling to fit everything you need to do in a 24-hour day, plus make time to eat and sleep. Although the lesson was most likely hard earned, delegating essential tasks is an important skill for any successful CRE professional. Whether it be data analysis outsourced to a CRE software solution partner, or tasks assigned to qualified internal staff, getting to-do list items off your plate is essential to long term health and happiness both personally and in business.
4. Surround Yourself with the Right People
That being said, delegation is a much more tolerable and successful endeavor if you surround yourself with the right partners to begin with. Internal management and staff should share both a desire for success and similar work ethic. Having someone who understands your long-term goals and can look at the big picture when it comes to your CRE portfolio is also a valuable asset. Whether an employee, business partner or infrastructure software provider, be sure to do your research and select the best individuals and companies for the job at the outset.
5. Choose the Right Tools for the Job
Similar to picking the right human talent, any CRE pro worth their salt has stumbled through the experience of choosing the wrong physical tool, office space or piece of software to fit the job at hand. Whether it’s office furniture or lease administration software, research at the outset and a little bit of investment into quality products can save you big bucks and big time in the end.
The Bottom Line
Whether a newcomer to the field or a longtime CRE professional, you’ve probably seen many of our common stumbling blocks above. If you’d like to hear how Quarem’s software solutions can help you avoid these and more, contact us today for a free quote. While the best education is typically hard-earned, Quarem is here to help share our lessons with you and avoid some of the common stumbling blocks, setting you and your CRE portfolio up for long-term success.