When I need help from a lawyer, CPA, doctor or trainer I simply set aside any pride or past accomplishments and call to either converse or make an appointment to get the most updated info I can find from outside pros.
Listen to Other Viewpoints
Commercial real estate investments, with such a wide variety to choose from, require the same updated conversation and guidance from an independent pro like any of the above-mentioned professionals. Being smart is the ability to listen to other viewpoints and not think you already know everything about your field of expertise.
After 47 years of buying, selling and managing all different asset groups of income properties and over 3 million sq. ft. of ownership, I still learn new applications or tax ideas monthly. My main job now is to pass this knowledge on to the investor and hopefully gain a trusting relationship to make additional deals through my knowledge.
Because there are so many implications and strategies that apply to purchasing commercial real estate investment properties, it is very wise to at the very least hear about other viewpoints or newer concepts that are perhaps an improvement of your old strategies.
New tax laws and ideas have come into being that simply are a better mouse trap that the ones you applied in the past when selling a deal. Being burned in the past using a concept but dealing with the wrong party is not a reason to not listen to a new person’s idea that allows positive results currently.
Experience: Ask for Help, and Help Others
Having too much pride or stubbornness only hurts yourself and allows others to make the deal happen, leaving you on the sideline. So ask for help.
Experience – NOT age – is the main factor in determining who to possibly deal with now and in the future. Solid results, proven over time in different down and up cycles, are the most conclusive evidence. Going to class and getting a degree is great but applying it in actual business daily for years far surpasses the diploma on the wall.
I try daily not only to listen but to help others with their issues; I have most often found that commonsense and gut is the best combination to getting the best results. Of course, a background of years of experience helps and ethical conduct are paramount, but in the end, a good trusting relationship with beneficial results will help both sides make a living and produce more lasting results.
Referrals are the secret to success and the only way you achieve them is to offer services that gain positive results for the client. Making an extra dollar on one deal with poor results is a model for long-term failure in any service related business.