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Tips for success in commercial real estate

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By the Holladay Properties partners, some tried and true professionals

  1. To be a successful real estate developer or investor, you must think long term for returns, short term for performance.  The way the property, tenant(s), financing are applied will ultimately determine the success – or not. (John Phair)
  2. In real estate, as in life, don’t mistake luck for smarts. (Doug Hunt)
  3. If there is one rule in real estate it is that “time kills all deals”.  Therefore one needs to be diligent and move the ball down the court each and every day.  Real simple tip. (Tim Baker)
  4. Partnerships, like shock absorbers, aren’t tested until the road gets rough. (Doug Hunt)
  5. To be a successful real estate developer, one must not become emotionally attached to the project to the extent it clouds judgment. You need to be able to make sound judgment on when to hold ”˜em and when to fold ”˜em and all the myriad of decisions in between. (Manette Tepe)
  6. The real money in real estate is usually made by the people who have real money. (Doug Hunt)
  7. Success in the real estate industry requires creativity and the use of analytics and local market knowledge. The astute application of this information allows a real estate professional to locate opportunities at the appropriate point in the business cycle. This in turn enhances the opportunity for success and mitigates risk. (Tom Gibson)
  8. In government, double the budget ”” at least ”” before you commit to a project. In real estate, double the time ”” at least ”” before you can complete a project, let alone see a payday. (Doug Hunt)
  9. It takes money to make money. (Jim Laskowski)
  10. Quick flips are ok for acrobats, but usually only work, like in the circus, if there is a greater fool on the other end of the seesaw. (Doug Hunt)
  11. Always do your due diligence and don’t take anyone’s word as truth unless it’s supported by physical evidence. (Tim Healy)
  12. Land ”” location ”” is at the heart of most successful projects, Now go back to the comment about how much longer things take to complete as you pay by day by month by year for the land while you wait for that project to get real. (Doug Hunt)
  13. Marketing/project signage is very important. (Larry Mudd)
  14. Leverage is no different than fire. Great when it’s just enough. Deadly when it gets out of control. (Doug Hunt)
  15. To see a project succeed takes time, sometimes a lot more time than you expected. Don’t give up and do everything you can to keep the fish biting. (Chris Wilkes)
  16. Banks are”¦ well”¦banks. Watch out for the phrase “relationship banking,” especially if you loan money to your brother-in-law. (Doug Hunt)

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