My first year in this dynamic industry has been a journey of eye-opening experiences and invaluable lessons.
Some of them were learned through the school of hard knocks, but all contributed to a richer understanding of the commercial real estate market. .
In this newsletter, I’ll share with you lessons I learned my first year in commercial real estate. These insights aren’t just from textbooks or seminars; they’re from the inner circles of our market, the invaluable meetings, and the countless conversations with clients, mentors, and peers.
The world of commercial real estate, much like any other sector, brings a wide variety of learning opportunities. But what stands out is the resilience and adaptability of those who navigate those opportunities.
We’ve seen markets fluctuate, deals fall through, but the spirit of progress never dims as you can never rule out real estate, it is fixed, by nature. This is not just about buildings and land; it’s about the ambitions of the people who invest in them.
As we delve into these lessons, remember, whether you’re a seasoned investor or just starting to dip your toes in the Willamette Valley’s real estate waters, there’s always something new to learn. And while the path may not always be smooth, the journey is always worth it.
Make connections and get involved
In this whirlwind of commercial real estate, I’ve realized one thing: making connections and building relationships isn’t just a part of the job; it’s the heart of it… And it’s through these connections that lead to opportunities to engage and add value. .
Getting involved in commercial real estate means more than just knowing the market trends, it’s about immersing yourself in the community, understanding what makes it unique, and building relationships that go beyond transactions.
Remember, the most successful people in our industry aren’t just those with the sharpest strategies; they’re the ones who are deeply connected, actively involved and who do the right thing.
Josh Kay did a great job breaking this down in last week’s newsletter.
Clients Don’t Know What They Don’t Know
In the world of commercial real estate, one truth stands out: our clients often face a sea of unknowns and speculation runs rampant. They may feel overwhelmed, unsure of their next steps or what resources to utilize to achieve their goals.
It’s a natural part of the journey, and it’s where we step in as professionals and trusted advisors.
Our role isn’t just to provide answers; it’s to guide our clients through these uncertainties, helping them navigate the complexities of the market. It’s about empowering them with knowledge and confidence, so they can turn their doubts into decisive actions.
By educating and supporting our clients, we’re not just closing deals; we’re building lasting relationships and trust. And that’s the real cornerstone of success in our industry.
Act Fast and Be Patient
The balance between urgency and patience is a delicate one.
Acting fast in this market is crucial. Opportunities can come and go in the blink of an eye, and being decisive is key. But here’s the twist – acting fast doesn’t mean rushing blindly. It’s about being prepared, completing the due diligence , and then making informed moves with confidence.
At the same time, patience is our silent ally. It’s about understanding that not every deal will close overnight and that sometimes, the best opportunities are those that are carefully nurtured over time. Patience is what allows us to see beyond the immediate horizon, to plan and prepare for the long game.
Hope for the Best, Prepare for the Worst
Optimism is fuel, but preparedness is the safety net.
Hoping for the best means seeing the potential in every deal, the opportunity in every challenge. It’s about having the vision and experience to recognize what could go right and the drive to pursue it. But, as we all know, hope isn’t a strategy on its own.
You have to be prepared. It’s about performing due diligence, understanding the risks, and having contingency plans. It’s the meticulous work behind the scenes – analyzing trends, understanding regulations, and staying ahead of market shifts.
In this balance of hope and preparation, we find true strength
Stick To Your Strengths
Sticking to your strengths isn’t just good advice – it’s essential for thriving.
Embracing our strengths means recognizing where we excel and leveraging that in every deal. It’s about understanding our core competencies. We work to maximize our natural talents and acquired skills, and surround ourselves with an incredible team who can support the gaps.
Remember, in a field as complex as commercial real estate, trying to be a jack-of-all-trades can spread us too thin. Instead, specializing in what we know best allows us to provide exceptional value to our clients and stand out in the market as a trusted source for collaboration and execution.
It’s about quality, not quantity.
Wrap Up
As we wrap up, remember, the journey in commercial real estate, much like life, is filled with learning curves and uncertainties. I’ve been fortunate to have incredible mentors and team here at First Commercial Real Estate who have invested in my growth and development.
As we enter 2024, I am enthusiastic about the market and the opportunities that will present themselves. Commercial Real Estate is an ever changing dynamic, and I am more confident than ever in the direction of the Industry and my role to help others realize their goals.