We are all guilty of it at some point in our careers not spending as much time deserved on forming solid business relationships albeit not intentionally always. Of course it is all about time and exposure to business and the sheer experience that comes over the years of doing ‘real deals’ which tells us to stop/think and act strategically. On the basis that ‘actions speak louder than words’ sometimes I personally I use to put a little bit too much trust in to people I am only human. So much time is wasted on bad deals the older you get the more experienced you become to say NO as quickly as possible to an opportunity that could not only cost you and the company your reputation but also waste an enormous amount of time – bad news always travels fast and the world is getting smaller.
I am yet still perplexed at the amount of people in business that consider themselves professionals in this field of property but still act on the basis of making a ‘quick buck’ with such a short term view, I am sure you know a few yourselves that command absolutely huge fees and expect to do as little as possible passing that buck – churn and burn. The countless joker brokers in this business are relentless at sending deals they really don’t have the first clue about, we call them the ‘cut and paste merchants’ eager to get the opportunity off of their desk. The ability to understand why a good deal is a good deal is critical when dealing with any assets, looking at the business case clearly, understanding the deal inside and out as much as possible and not just taking somebody’s word for it. What is the risk? Is there an exit strategy and what is it? Would you invest if you had the funds and why exactly? Where is the value added? Etc.
Surround yourselves with experts that support you in your quest to remain as professional as possible, a polite quick no can save stress and allow yourself and your teams to concentrate on what really is important by not spreading yourself too thinly which we are all as I say guilty of, we learn the hard way naturally over the years to work smarter not harder. None of us have enough time to waste dealing with these jokers and also at the other end the buyer could appear in the first instance as a tire kicker, it’s a fine balance as the kicker could be just cautious and experienced, we all know when we are dealing with the real deal, when they do come consider the value they can bring to your business, your wellbeing, your future and you may have just one chance to make it work. Life changers we call it internally here at ACE Funding, they come perhaps every 10 years?
It is all about relationships (as my father taught me at a very young age when I use to visit print factories at the weekend with him) and the rest is BS he still says to this day. Of all the mentors I have had I still need advice, I relish the fact of building more meaningful relations in business but even if I don’t do business you can never have too many friends right? So the moral of the story is think long term, breath and take your time to do a better job, take advice from those that know how but don’t burn bridges ever as you could be missing out big time. Don’t limit yourself, think big yet realistic and use your personality to build relations, on the basis of trust works well for any relationship working closely together strategically and in most instances discreetly protecting all parties. Life is about learning and without mistakes we don’t learn.