The common thread among people who achieve genuine life-affirming success is the recognition of the truth that there will be countless unpredictable instances where the relationships among brokers, tenants, lenders and other actors in the marketplace may magnify the import of any given decision. That provides sufficient impetus to be thoughtful, purposeful and deliberate to err toward doing the “right thing.” No one always gets it entirely right, but consistent fair dealings foster that extra measure of faith from those that you count on and that count on you.
Focus on property in markets that you understand and with characteristics that one can investigate, quantify and qualify as genuine opportunities. When possible, exploit any measure of value dysfunction whether curable deficient aspects or active tendencies in the marketplace to disproportionately punish value. Win by accurately predicting how and when value deficiencies can be overcome with time, capital, expertise and innovative solutions. Having witnessed so many market cycles, look for fundamentals that at times are so strong that one can reasonably expect modest yet consistent increases in achievable rent that will add up over time and translate into strong yields. Exploit irrational favor and disfavor within markets and product types.
Operate as principals, readily commit to give brokers their due and respect their needs for confidentiality and fee support.