1. Matching Capabilities and Resources with Deals
- Assess your current capabilities and resources.
- Understand how to match these with the appropriate deal types and roles.
2. Managing People
- Recognise if you are good at managing people and how it influences your role in a deal.
- Consider alternatives if managing people is not your strength, such as bringing in a project manager or partnering with someone who has that capability.
3. Negotiation Skills
- Evaluate your negotiation skills and their importance in commercial property deals.
- Practise and improve negotiation skills, or consider hiring someone to negotiate on your behalf if necessary.
4. Numerical Skills
- Identify if you are good with numbers and how this strength can benefit commercial property deals.
- Understand that being good with numbers helps in quickly determining if a deal stacks up and managing feasibility studies.
5. Organisational Skills
- Leverage strong organisational skills for projects that require planning and managing timelines.
- Recognize the importance of organisation in roles involving construction, development, and planning processes.
6. Strategic and Solution-Based Thinking
- Differentiate between planning and strategy, and understand the value of being solution-based.
- Apply strategic thinking to find solutions, fill vacancies, and manage tenants effectively.
7. Hands-On Skills
- Utilise hands-on skills in projects that require physical work, renovations, or compliance rectifications.
- Be aware of the potential to overcapitalise and ensure efficient use of hands-on skills.
8. Time Management
- Assess how much time you can allocate to managing projects and people.
- Align your roles and responsibilities with the available time to avoid overcommitting.
9. Resource Allocation
- Evaluate your cash and equity position and learn to leverage other people’s money for projects.
- Consider education around no money down deals and how to start with minimal cash and equity.
10. Building a Team
- Identify potential partners or team members within your network who can bring complementary skills to the table.
- Ensure clear roles and rewards for everyone involved to avoid conflicts and maximise project success.
11. Networking and Leveraging Relationships
- Look within your circle and extended network for people with valuable skills.
- Be open to forming partnerships with people outside your immediate group of friends or family.
12. Leveraging Value and Skills
- Focus on leveraging your strengths and capabilities in the right projects and roles.
- Outsource tasks that do not align with your strengths to build a well-rounded and effective team.