Closing commercial real estate transactions in today's market requires a close and consistent eye on the many elements throughout the process. The old saying "time kills all deals" has never been more true, given the state of the 2011 market. So, if you like to get paid on your deal (and who doesn't) here are some elements to consider:
* Pursue viable transactions. Try to fill your pipeline with smaller to mid-size deals. These have a higher likelihood of closing.
* Time is one of your best resources, protect your time and work your transactions wisely. Qualify the potential success of your seller, buyer or tenant. Non-productive time means no sale!
* Assume nothing and be proactive at every stage of the transaction. The downfall of many transactions is lack of proper follow up. Inefficiencies + extra time create opportunity for problems to surface.
* Keep-your-eye out for trouble developing. When problems arise use creativity to develop solutions that meet the needs and interests of the parties involved. Leave compromise as a last resort.
Few people really enjoy change - it's not in our nature. By focusing your attention, resources and efforts on dollar productive activities your income will grow. Given the uncertainties we face in this challenging market you can create success by concentrating on keeping the momentum moving forward toward a closing.
Yours in building commercial careers worth having.
Ron Fredette is managing director of KW Commercial NH & Mass., Bedford, NH.