You have been successful in most of your small business endeavours, so far, and your investments have been returning more than you expected. You trust your own judgement in decision making, as well as the judgement of your colleagues when helping you make those decisions.
Do you think you are now ready to invest in a commercial real estate in Vancouver?
Taking on the commercial real estate industry is no small undertaking and you must consider many factors to ensure that you are making the right decisions. If done accurately, it can provide benefits, such as a better portfolio of investments or accumulating long-term wealth. Before you take this big leap, ask yourself the following questions to see if you are ready.
1. Do I know how to see and understand the big picture?
Not only will this industry require you to have great attention to detail; it will likewise require you to have an open mind and the ability to think big. This means you should know what the final product will look like even if the development process has not started yet. Choosing between a 6-unit and a 10-unit apartment should not be a debate. Go for the 10; size should not scare you.
2. Does building relationships come naturally to me?
Building trust and nurturing it is important in any field. But if you want to flourish and grow in this industry, it’s a skill you must have. Growing your network of investors and private lenders could be good for financial purposes and for boosting your marketing efforts.
3. Do I have the discipline and perseverance to perform due diligence?
Choose your niche, do your research, reach out to private lenders, and investigate your market. These are just some of the steps you’ll need to complete your due diligence. Re-assess your goals to know if you have the discipline to accomplish everything.
Jumping into this business will involve a lot of hard work, but in the end, will give you bountiful returns if you do things right. Be careful when making decisions to avoid costly mistakes.