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What do you do if your strategic decision making is hindering long-term success in commercial real estate?

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Strategic decision making is a crucial skill for commercial real estate professionals, as it involves evaluating risks, opportunities, and trade-offs in a complex and dynamic market. However, sometimes your strategic decisions may not yield the desired results, or may even backfire and harm your long-term success. How can you avoid or overcome this situation? Here are some tips to help you improve your strategic decision making and achieve your commercial real estate goals.

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1 Assess your decisions

The first step is to review your past and current decisions and identify what went wrong or what could be improved. You can use various tools and frameworks to analyze your decisions, such as SWOT, PESTEL, or VRIO. These can help you understand the strengths, weaknesses, opportunities, and threats of your decisions, as well as the external and internal factors that affect them. You can also solicit feedback from your clients, partners, colleagues, or mentors to gain different perspectives and insights.

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Patrick Pozzi

Commercial Real Estate Specialist at Glacier Sotheby's International Realty CCIM/REALTOR ◆ Managing Director for Janas Associates ◆ Principal of P3 Brokers & P3 Properties ◆ Mountain and River Leisure
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Imagine you're a real estate developer fixated on short-term gains. Your strategy involves flipping properties quickly for profit, neglecting long-term investments like sustainable development. However, market trends indicate a growing demand for eco-friendly buildings. By shifting focus to green building practices, you not only align with future market needs but also enhance property value over time. This strategic pivot ensures longevity in the market, securing sustainable success.

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Minh Today

Team Leader at IQI VN
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If my strategic decision-making is hindering long-term success in the commercial real estate sector, I would conduct a thorough assessment of the weaknesses and consequences of that decision. Then, I would explore alternative options and propose necessary adjustments to improve the strategy. This might involve seeking input from industry experts, conducting more detailed market research, and identifying new opportunities that can emerge from current challenges. I would ensure that each subsequent decision is carefully evaluated and based on a deep understanding of the market and industry trends. Through learning from experience and being willing to adapt, I believe I can overcome challenges and achieve success in this field.

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Mohammed Afzal ??

Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
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When addressing strategic roadblocks in commercial real estate, carefully evaluate previous choices using SWOT or PESTEL analysis, and solicit input from a variety of sources. Refine decision-making procedures iteratively to improve long-term success prospects and adjust to changes in the market.

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2 Learn from your mistakes

The second step is to learn from your mistakes and avoid repeating them in the future. You can use the 5 Whys technique to find the root cause of your problems and devise solutions to prevent them. You can also use the PDCA cycle (Plan-Do-Check-Act) to implement, monitor, and improve your decisions. Moreover, you can adopt a growth mindset and embrace failure as an opportunity to grow and innovate. You can also seek out best practices and case studies from other successful commercial real estate professionals and learn from their strategies and experiences.

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Mohammed Afzal ??

Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
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In commercial real estate, methods such as the PDCA cycle and the 5 Whys can help you learn from your failures. Adopt a growth mentality to see failure as an opportunity for creativity. Seek best practices and insights from colleagues in the industry to achieve ongoing progress.

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3 Align your decisions with your goals

The third step is to ensure that your decisions are aligned with your long-term goals and vision. You can use the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound) to set clear and realistic goals and track your progress and results. You can also use the OKR framework (Objectives and Key Results) to align your goals with your team or organization's vision and mission. Furthermore, you can use the BSC framework (Balanced Scorecard) to balance your financial, customer, internal, and learning perspectives and measure your performance and outcomes.

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Mohammed Afzal ??

Brand Marketing Expert | 7+ Years Revolutionizing Retail, FMCG, and Real Estate Sectors | Let's Connect!!
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Use a SMART framework to set clear objectives and make decisions in commercial real estate that are in line with long-term aims. Use OKR to align objectives with the corporate vision and BSC for a balanced viewpoint. To guarantee continued alignment with goals, evaluate and modify techniques on a regular basis.

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Bernardo Garcia Santamaria

MBA Graduate at Universidad Anáhuac
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La importancia del timing en comercial es imprescindible, he tenido malos resultados en donde la clave estuvo en los tiempos que tomo todo el proceso de salida a la venta de un producto

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4 Test your assumptions

The fourth step is to test your assumptions and validate your decisions before implementing them. You can use various methods and tools to test your assumptions, such as experiments, surveys, interviews, or simulations. These can help you collect data and evidence to support or challenge your hypotheses and assumptions. You can also use the MVP approach (Minimum Viable Product) to create a prototype or a simplified version of your decision and test it with your target audience or market. This can help you save time, money, and resources and reduce uncertainty and risk.

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5 Adapt to changes

The fifth step is to adapt to changes and respond to new situations and challenges. You can use the VUCA framework (Volatility, Uncertainty, Complexity, Ambiguity) to assess the level of change and complexity in your environment and adjust your decisions accordingly. You can also use the OODA loop (Observe, Orient, Decide, Act) to cycle through your decisions and actions and react faster and smarter. Additionally, you can use the SCAMPER technique (Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse) to generate new ideas and alternatives and improve your decisions.

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Bernardo Garcia Santamaria

MBA Graduate at Universidad Anáhuac
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Es importante siempre estar preparado para diferentes escenarios y parte dela estrategia debe ser siempre contemplar las posibilidades, se obtienen mejores resultados siendo estrategico.

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6 Collaborate with others

The sixth and final step is to collaborate with others and leverage their skills, knowledge, and network. You can use the RACI matrix (Responsible, Accountable, Consulted, Informed) to assign roles and responsibilities and clarify expectations and communication. You can also use the 6 Thinking Hats technique to encourage different types of thinking and perspectives and avoid groupthink and bias. Moreover, you can use the Stakeholder Analysis tool to identify and prioritize the interests and needs of your stakeholders and involve them in your decision making process.

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Bernardo Garcia Santamaria

MBA Graduate at Universidad Anáhuac
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compartir informacion y sumar informacion a tus proyectos siempre va a aportar valor, de una via u otra siempre será importante

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Chelsea Garber

I help top-earners and property owners maximize their ROI through strategic design.
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"When the ship is sinking, jump off." That lesson came from one of my biggest mistakes in commercial real estate: hiring the wrong property management company. What was meant to lighten our workload ended up complicating it due to: ??? Poor communication ?? Inadequate handling of tenant issues ??? Insufficient staff training As property owners, we spent more time managing the managers than the property itself. Fortunately, we acted swiftly and replaced them with excellent local contractors, and now, our property thrives with high rental rates and low tenant turnover. It has transformed from just a property into a community—all because we got off the sinking ship in time.

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What do you do if your strategic decision making is hindering long-term success in commercial real estate?

1

2

3

4

5

6

7

1 Assess your decisions

2 Learn from your mistakes

3 Align your decisions with your goals

4 Test your assumptions

5 Adapt to changes

6 Collaborate with others

7 Here’s what else to consider

Commercial Real Estate

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What do you do if your strategic decision making is hindering long-term success in commercial real estate?

1

2

3

4

5

6

7

1 Assess your decisions

2 Learn from your mistakes

3 Align your decisions with your goals

4 Test your assumptions

5 Adapt to changes

6 Collaborate with others

7 Here’s what else to consider

Commercial Real Estate

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