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Success in commercial real estate

27 April 2018

There are comparisons between being a successful athlete, and having success in the commercial real estate business - whether as an investor, or finding that perfect location to run a business.

This is according to the President of the Real Estate Institute of Australia, Malcolm Gunning, who said: "Like a successful athlete, you have to have a clear and forward plan when it comes to commercial real estate. 

"As an athlete you don't have outstanding performances without a successful training plan, and the commercial real estate business is the same. 

"Rarely is it a quick turn around, you have to adopt a long-term plan much the same as an athlete in the Commonwealth Games." 

Nearly every single professional athlete has had major setbacks in their career, and Malcolm said the same thing happens in the commercial real estate world. Things go wrong, but it's how you pick up yourself and get on with it that matters.

Don’t be put off by setbacks

"You cannot be put off or disenchanted when you have a short term setback," Malcolm said.

"It may be a roof leak or you may have a major tenant leave. You have to be prepared for this, and have the ability to manage it." 

Also sometimes in sport it's not about winning the gold medal, but achieving something to the best of your ability and managing your expectations, and the same goes for commercial real estate.

"Do not expect results beyond your capability. Doing a personal best is a bit like making a profit slightly above market. Don’t be greedy, that is what matters.”

* this article was originally published on the Commercial Property Guide website here.