Being a commercial real estate developer can be incredibly challenging. You have to navigate tricky market conditions, unrealistic stakeholder expectations, overflowing schedules, and rocky finances – and still have a personal life left at the end of the day. It’s no wonder real estate is considered one of the most stressful occupations out there.
Fortunately, there are a few things you can do to lighten your various burdens and make life easier as a commercial real estate developer. Commercial Consult offers a few suggestions below:
Make a List of Tasks to Delegate
You don’t need to attend to everything personally. Your time and energy are limited, meaning you should aim to delegate all non-essential tasks to your employees and focus on the tasks only you can do. To get started with delegating, create a list of non-essential tasks as well as tasks you’re not good at. Then, assign them to your employees. Have a trial run and see what happens.
Hire and Outsource
New employees aren’t a liability but an investment that will more than pay for itself with time. As such, you should always be looking to hire talented employees. When finances don’t allow full-time hires, you can look into other options – such as hiring freelancers or outsourcing a business process altogether.
Use Apps and Technology
Apps can simplify key tasks, record key information, and keep you updated, among other things. LightBox Insights offers a list of apps for commercial real estate professionals that is worth checking out. CoStartGo, for instance, offers updated intelligence on properties, including ownership, availability, and tenants. The News Funnel features relevant real estate news from over 3,000 media sources.
Some apps simplify contracts you have with clients, contractors, and other stakeholders. For instance, online form PDF-making tools allow you to conveniently draft legally-valid contracts, sign them, and forward them to a customer, without you or them having to print anything out. It’s secure, fast, and saves a huge amount of time. If you need an example, this may be helpful.
Pick up Key Productivity Skills
When you need to work, productivity skills ensure you can focus properly and derive a high-quality output. Some examples of productivity-related skills entrepreneurs should have from Karl Hughes are time-tracking, calendar blocking, prioritizing, and focus control.
Save Up Some Money for Yourself
As a commercial real estate developer, market conditions determine your success. When the market is hot, you can expect to double your net worth every year or two. When things aren’t going well, you could end up losing everything from your car to your house (we’ve all read the stories). Having personal savings and other risk-mitigation measures – such as setting up a limited liability business structure – can give you a practical security blanket as well as peace of mind.
Build up a Reliable Support Network
Having a support network – whether that’s your family, friends, customers, or fellow entrepreneurs – will make life significantly easier. You could reach out to an entrepreneur if you’re in need of practical assistance, for instance, or get help from a mentor if you have a vexing business problem. If you don’t know the right people in real estate, Commercial Consult can help. We offer valuable real estate consulting services – we can answer pressing questions and offer the insight you need to move forward with your upcoming real estate transaction (or project).
Don’t Burn Out
The entrepreneurial lifestyle can be taxing. It’s crucial you look after yourself to avoid entrepreneur burnout. A good self-care routine – with activities like exercise, nutritious eating, meditation, nature walks, and more – will keep you in good health as well as give you the energy you need to meet your various goals.
Essentially, you can make your life easier by simplifying, delegating, making good use of technology, knowing the right people, and looking after your various needs. Don’t forget to be kind to yourself – appreciating everything you do and giving yourself a pat on the back now and again for your various accomplishments will make being you significantly easier.