It is strange but true that people usually know what they should do, yet they choose not to do it. This is particularly true in the world of commercial real estate (CRE) investing. For someone like Dean Kirkland WA is the perfect example of this. People want to invest in CRE in areas such as Washington or Vancouver, but they don’t want to take the necessary actions to actually do it. To combat this, and to drive more people towards success, he has developed a list of action steps that must be completed.
Set a Realistic One Month Goal
First of all, Dean Kirkland recommends that people set themselves a goal that they can realistically accomplish within the next month. On a psychological level, setting a goal like this is empowering and it encourages people to set more goals and therefore accomplish more. This is perhaps the most important step within CRE, because it is what leads to action.
Get a List of the Comprehensive Development Plan
The county, town, and/or city planning departments in every part of the country have a Comprehensive Development Plan. Anyone wanting to work in any element of CRE should have a copy of this.
Whether people want to invest in CRE, lease it, or develop it, they need to know what is available. While much of the information can be found online, they must also look personally. Driving around to identify properties, therefore, is key. It is also an opportunity to start networking with the other players in the CRE transactions.
Decide on an Area
The world of CRE is incredibly wide and it is recommended that people narrow it down. They can do so geographically, for instance by focusing on one particular neighborhood in Washington, or they can do this by type, such as warehouses or offices. Combining the two is possible as well.
Start to Network
Next, relationships have to be built. CRE transactions are lengthy ones, because everything has to be negotiated on. Having professional relationships with at least some of the people involved in those negotiations, such as brokers, lawyers, and accountants, is a great way to make the whole process go by quicker.
Develop a Unique Style
Dean Kirkland also believes it is important that anyone within the world of CRE develops something unique. This may be a unique approach or a unique technique, or it could be focusing on a “hidden” market.
Find a Partner
Working with someone else always makes life easier.
Make a Bad Offer
This is a very important step. People always focus on doing things the right way, but that means they never truly understand what the wrong way is, or its impact. Hence, purposefully making a bad offer is an excellent exercise.
Last but not least, it is time to get serious and get to work in the area of commercial real estate that someone is interested in.