Interested In Commercial Real Estate? Get Started With Rob Finlay’s 5 Keys to First-Time Investments
Despite being battered through 2020 due to the pandemic, commercial real estate is back and as lucrative and viable as ever. Investor sentiment is sweetening as deal processing time has doubled its rate when compared to last year, and secondary markets are garnering unprecedented attention.
Everyone knew the $10 billion industry wouldn’t stay down forever, but commercial real estate is coming back in a big way that should excite anyone interested in getting in on the action.
For first-time investors looking to expand their portfolio in one of the traditionally most stable markets, it’s helpful to have a few keys handy before you reach the door. One man happy to share the secrets of the industry is Rob Finlay, founder and CEO of Thirty Capital, whose services for years have been the solution for many looking to break into commercial real estate.
1. Identify an Expert
Flying blind is a risky strategy no matter what game you’re playing, and one that can lead to unnecessary disaster. While some might be tempted to forge a path out on their own without outside advice, this kind of thinking can land one in the gutter just as often as it might to the top.
By identifying the experts and weighing their advice appropriately, you can ultimately save yourself both crucial time and money. “We’ve had our fair share of setbacks over the years,” says Finlay.
“But these missteps are precisely what led to our current success. We’ve experienced it all over the years, commercial real estate is a multi-faceted and constantly evolving industry. We are here to help guide our clients towards profitable CRE investments that are based on our robust collective experience rather than just theory and guesswork.”
Having an experienced ally in the field is invaluable, and for those looking to seriously invest, it’s all but essential to first learn the ropes via an industry leader.
2. Rally All Resources
Before making any major moves, it is essential you know exactly what you have at your disposal. This includes everything from your network of experts to credit lines. “A well-defined budget does two main things for any first-time investor,” notes Finlay.
“First, it provides a sense of order to your overall situation and goals. And second — and perhaps most importantly — it allows you to decide whether additional funding is needed or not, based on the best available information at the time. Investing isn’t something to be done half-heartedly, and information is everything in making the best move.”
Organization is key to have a clear understanding of what is within your current reach, and once you have this kind of view, you can then make decisions with confidence.
3. Consider Your Options
Today’s market is a far cry from that of last year and almost an entirely different animal to that of twenty or even ten years ago. There are still traditional apartment rentals and retail spaces, but now there are a plethora of tech-based options that simply didn’t exist in years past.
“When looking at an area of investment,” says Finlay.
“It’s helpful to imagine the variety of ways you could make the location ideally function. What role it fills in the market now, and how this might change over the years. Properties need to be efficient, reliable, and ultimately quite flexible in what it can provide if you truly want it to remain profitable long-term.”
These kinds of thought exercises are helpful in mentally identifying a potential investment’s strengths and weaknesses, and determining the estimated timeline of the investment.
4. Toe Before Foot
Before you build out your commercial real estate empire with multiple properties occupying different roles, it can be helpful to start small. “While we encourage our clients to be aggressive in their research when it comes to actual investing, it’s best to begin with a walk rather than run,” advises Finlay.
“Getting used to the feeling of owning commercial space is a skill in itself, and one that for most requires time. Once you have some experience, then it’s time to branch out, but it’s important to not overwhelm yourself right out of the gate.”
As with any new endeavor, there will inevitably be some growing pains to begin. It’s best to go through these on a smaller scale where the damage is mitigated but the lesson is still learned.
5. Polish and Prepare
Once you have a property or two running to the point where they no longer needs as much direct attention, at that point, it might be time to prepare for the next steps. Polish your current holdings, everything from your website to your internal team.
You should be making regular assessments of your properties’ total cost vs. income, lead generation, and fine-tuning the process as you go until you get a feel for things. With polished systems in place, you are then better prepared for the future.
“We know how intimidating it can be as a first-time investor,” comments Finlay.
“Commercial real estate is a challenging but immensely rewarding investment opportunity. We are here to help people make the most of a historically unique market and substantiate their ambitions in physical spaces.”
The Ultimate Guide to the Essential Social Skills in Business
Effective communication and strong relationships are essential for success in the workplace. One factor that can greatly influence these qualities is emotional intelligence, often abbreviated as EQ. EQ refers to the ability to identify, understand, and manage one’s own emotions, as well as the emotions of others. Research has shown that individuals with high levels of EQ are better equipped to handle stress, communicate effectively, and work collaboratively with others (Chamorro-Premuzic & Sanger, 2016).
Research has consistently shown that emotional intelligence (EQ) is an important predictor of job performance and success in the workplace. EQ is comprised of a set of skills that allow individuals to recognize, understand, and regulate their own emotions, as well as the emotions of others. In addition, individuals with high EQ are better able to communicate effectively, build relationships, and navigate complex social situations. As a result, they are often viewed as effective leaders and collaborators, and are more likely to achieve their personal and professional goals.
In fact, a number of studies have demonstrated the significant impact that EQ has on job performance and success. For example, one study of 85 upper-level managers found that those with higher EQ scores were rated as more effective leaders by their subordinates (Law, Wong, & Song, 2004). Another study of 151 employees found that those with higher EQ were more likely to be promoted within their organization over a five-year period (Carmeli, Brueller, & Dutton, 2009). These findings highlight the importance of EQ in the workplace and suggest that developing these skills can lead to significant benefits for both individuals and organizations.
According to a study conducted by TalentSmart, a leading provider of EQ assessments, EQ is responsible for 58% of success in all job types (Bradberry & Greaves, 2009). In contrast, IQ only accounts for about 4% of success in the workplace. This suggests that EQ is a crucial skill set for individuals in any professional field. Fortunately, EQ is a skill that can be developed and honed over time with practice and awareness.
There are several key components of EQ that are particularly important for success in the workplace. These include:
Self-Regulation: This refers to your capacity to recognize and control your emotions. Sometimes treating them when they arise may be necessary. Understanding how to manage your anger is essential. However, it can also cover how to control the feelings you’ll experience.
Self-Awareness: This implies recognizing and understanding your own feelings. Do noisy places make you nervous? Do other people talking over you make you angry? Knowing these truths about yourself shows that you are working on your self-awareness. Being conscious of yourself is necessary for this phase, which can be more complex than it sounds.
Socialization: This category focuses on your capacity to manage social interactions and direct relationships. It doesn’t entail dominating others but knowing how to work with others to achieve your goals. This could entail presenting your ideas to coworkers, leading a team, or resolving a personal disagreement.
Motivation: Strong motivators include external forces like money, status, or suffering. Internal motivation, however, plays a significant role in Goleman’s concept. By doing so, you demonstrate your ability to control your cause and initiate or continue initiatives of your own volition rather than in response to external demands.
Empathy: It’s equally critical to be sensitive to others’ feelings. This may entail learning to identify different emotional states in individuals — for example, can you tell the difference between someone at ease and someone anxious? — but it also requires comprehension of how other people may react to their current situation. Empathy is one of the essential traits in business and business leadership.
A thought leader in this space, Michael Ventura has built a career advising organizations on the importance of emotional intelligence in the workplace. In his book, Applied Empathy, Ventura highlights the value of empathy in business and provides strategies for developing and applying this skill set. With two decades of experience as a leader, facilitator, and educator, Ventura’s work has made impact in with prestigious institutions such as Princeton University and the United Nations as well as corporate clients such as Google and Nike.
Through his work, Ventura advises leaders to focus on the development of EQ in order to help individuals improve their communication, collaboration, and leadership skills, ultimately leading to greater success in the workplace. Experts like Ventura continue to support the growing body of research on the value of EQ in business, and the evidence that organizations who invest in the EQ of their teams help to create a more empathetic and successful professional environment.
And it’s worth noting that EQ isn’t just important for individual success in the workplace, but also for overall organizational success. A study by the Center for Creative Leadership found that EQ was a better predictor of success than IQ or technical skills in the workplace, and that teams with higher levels of EQ tend to be more effective and productive (Boyatzis, Goleman, & Rhee, 1999). By cultivating a culture of empathy and emotional intelligence, organizations can improve their overall performance and create a more positive work environment for their employees.
In conclusion, emotional intelligence is a crucial component of success in the workplace, and individuals and organizations alike should prioritize the development of these skills. The ones that do not only develop a leading edge in their category, but also become a meaningful place to work for their teams. And in today’s rapidly changing talent landscape, the retention of highly capable, emotionally intelligent leaders is one of the greatest keys to unlocking success.
Boyatzis, R. E., Goleman, D., & Rhee, K. S. (1999). Clustering competence in emotional intelligence: Insights from the emotional competence inventory (ECI). In R. Bar-On & J. D. A. Parker (Eds.), Handbook of emotional intelligence (pp. 343-362). Jossey-Bass.
Bradberry, T., & Greaves, J. (2009). Emotional intelligence 2.0. TalentSmart.
Chamorro-Premuzic, T., & Sanger, M. N. (2016). Does employee happiness matter? Journal of Organizational Effectiveness: People and Performance, 3(2), 168-191.
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