Will your 2021 be a smart year for real estate deals? – Whittier Daily News
Happy New Year, dear readers! After 2020 sitting firmly in the rearview mirror and my “forecast column” was completed a few weeks ago, my thoughts today are random. Why restrict the topics? Here are some of the tidbits that reverberate in my dome.
The pandemic has made a reality for me. As commercial real estate professionals, we have two things to share – our time and our information! Let them count. By working remotely – and with no commuting – I was able to find a few hours each day for productive activities.
Each of us has the same amount of time – 24 hours a day, 365 days a year for a total of 8,544 hours – to do our trading. Don’t forget we need to eat, sleep, hang out with our families and enjoy some free time activities. If you’re like most of us, your work will be compressed into 8-12 hours every day. The tenure in business is not a predictor. Many seasoned CRE professionals spend more than half their days broking commercial real estate. But of course, if you are new to business – plan to start early and stay late.
Personally, I start my day by waking up at 4:30 a.m. The key is how your time is spent because once it’s gone you get no more. So I would suggest calculating your hourly value. Just set a sales target for the next year, calculate how many hours you want to work, and do the math. You will come to a figure. Surprising, isn’t it?
Only spend time on tasks that return that hourly wage. If your hour is $ 200 and brochure submitting is taking up your day, hmmm. Conversely, it pays to call owners of 100,000 square meters of buildings and get to know them. Learn to be stingy with your lessons and use them wisely.
CoStar, LoopNet, Reonomy, ProspectNow, Catylist and other data aggregators have standardized CRE data. Doubt what i’m saying? I can open my CoStarGo app and see a list of available features anywhere in the US
A quick rundown of comps, and I’m familiar with values. Is ownership mostly institutional? Reonomy and ProspectNow explain the answer.
You may be wondering where does the broker fit in? I agree! What differentiates is the analysis of the data and the “history” of the local shops. Only an agent anchored in the market can recite this detail and provide real added value to the owners and residents.
So master your mastery of the data! Get to know the trends, get to know the prices, know each building, understand the drivers, meet the influencers. Master your geography and become a resident expert.
Specialization – product type, geographic area, square footage, or business genre – can help you achieve this level of competence. If you learn to master your data and manage your time, you can enjoy a long successful career!
I invested in professional coaching in 2018 and moved on. The results have been transformative! As I write this column, I am also wrapping up a broad look at 2020. What worked, what didn’t and why. This consideration will turn into three to five SMART goals for 2021. If you’re not familiar with these goals – as you know, I love acronyms – the letters stand for: specific, measurable, actionable, realistic, and timely. Thank you Michael Hyatt! In general, I also mix in a benchmark. After all, you need to understand where you are today.
Let’s make 2021 our best year yet! Should we?
Allen C. Buchanan, SIOR, is a Principal at Lee & Associates Commercial Real Estate Services, Orange. He can be reached at [email protected] or 714.564.7104.