Sharpening The Saw: How To Keep Improving Your Commercial Real Estate Empire
BATTLECALL GUEST EXPERT: Tony Seruga, Maverick
Real Estate & Contributor
It is absolutely pertinent for every person involved in commercial real
estate to be constantly improving their education!
A real estate insider
is only as good as his or her information, and this information must be up to
date, accurate and relevant to the business of interest. The business of
interest could be a certain type of property, such as apartments or raw land, a
certain area, such as a specific city or state, or even specific types of deals,
such as distressed properties that are offered well below market rate. Whatever
the area of interest, the real estate insider must understand his or her market
better than anyone else, and constantly keep up with the dynamics of commercial
real estate.
In addition to understanding the market defined by his or
her area of interest, national and local trends should constantly be monitored,
such as mortgage rates, real estate laws, weather anomalies such as hurricanes,
and other such influences that affect real estate that are found in the macro
environment.
In order to remain sharp and in the know in commercial real
estate, there are many things that you can do to continue your commercial real
estate education. We must admit that your education does not stop at any point
in time with commercial real estate.
The commercial real estate insider
must always be growing, learning, finding new tid-bits of information, expanding
and improving his or her real estate activities, and fine tuning his or her
business model. Success will be found on the largest of scales when this
strategy is adopted into a sound business model.
To not continue your
education is sure death in this industry! There will be someone right under you
to take your place and your opportunities if you choose not to always go the
extra mile and be as informed as possible!
Let's look at the many
ways you can continue to educate yourself so that your commercial real estate
endeavors are maximized to the fullest!
Reading is probably one
of the key ways to improve your education. Trade journals, newspapers, magazines
and books are great sources of information. By reading, you can identify trends,
be cautious of future changes, learn from others' strategies and business
models, as well as strengthen your basis for ideas in order to strengthen your
own commercial real estate business. You never know how another person's idea or
experience can spark a great idea for your own business out of nowhere! You may
adopt some strategies and tools for yourself that you didn't even know existed,
or perhaps modify them to better fit your business model.
Make a morning
of it, and spend some time reading your monthly magazine subscriptions and trade
journals! Choose a real estate book every week or so, and dedicate yourself to
reading a little every day. Not only will it increase your education, but it can
be fun as well.
Another great way to increase your education is to attend
meetings where there are speakers and discussions on anything that influences
your area of interest. This may include real estate seminars, zoning and
planning meetings at your local Chamber of Commerce, classes regarding finance
and contract writing, or other areas where you may find your knowledge and
capabilities weak. Attend investor meetings in your city.
There will be
a wealth of information found here that you will not find published in any book
or magazine. Experience and insider tips can be found nestled in these seminars
and meetings that can give you a whole new advantage on
opportunities!
Refer to online sources as well, such as newsletters and
blogs, where you can find more insider tips and teachings. Do be aware, however,
that not all information is valid, so you may be learning things on what not to
do, which can be just as valuable as learning what to do.
On more of a
personal note, in order to keep up with the dynamic ways of commercial real
estate, it is important to treat your body well by keeping a physical and active
lifestyle, to support such a fun and rigorous profession.
Another
element of sharpening the saw is to visualize your goals, and where it is you
ultimately want to be, so all your education is leading you down the correct
path that will get you the most out of life!
Share the wealth by teaching
others your special knowledge, and give them an opportunity that you were given
to be involved in such a great business.
All these things mentioned can
greatly increase your success as a real estate insider, as well as transform
your life into that which you have always dreamed. Implement just a few of these
ideas, and you will yield positive results exponentially through your increased
knowledge and abilities. Always be ahead of the game, and the game will reward
you handsomely!
Got an opinion? We want to hear from you. Post your thoughts or comments here in our Mortgage Warrior Forum. Come join the conversation and say hello...onward mortgage warrior!
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