You’re struggling to make better decisions in commercial real estate. What are you missing?

1 Know your goals

Before you start any decision making process, you need to have a clear and specific idea of what you want to achieve. What are your short-term and long-term objectives? How do they align with your values, vision, and mission? How will you measure your success and progress? Having a well-defined goal will help you focus your attention, prioritize your options, and evaluate your results.

2 Gather relevant information

Information is the fuel of decision making. You need to collect and analyze data that can help you understand the market conditions, the potential risks and rewards, and the alternatives available. You also need to seek feedback and input from your clients, partners, colleagues, and experts. However, you should avoid information overload and bias. You should filter out the noise, verify the sources, and challenge your assumptions.

3 Use frameworks and tools

Frameworks and tools are useful aids for decision making. They can help you organize your information, identify patterns and trends, compare scenarios, and weigh pros and cons. Some examples of frameworks and tools that you can use in commercial real estate are SWOT analysis, Porter's five forces, financial models, and decision matrices. You should choose the ones that suit your situation and goals, and adapt them as needed.

4 Consider multiple perspectives

Decision making is not a solo activity. You have to consider the perspectives and interests of different stakeholders, such as your clients, investors, tenants, competitors, regulators, and community. You have to understand their needs, expectations, and motivations, and how they might affect or be affected by your decision. You also have to be open to different opinions, ideas, and solutions, and listen actively and respectfully.

5 Test your assumptions

Assumptions are inevitable in decision making. You have to make some guesses and predictions based on your experience, knowledge, and intuition. However, you should not rely on them blindly. You should test your assumptions by conducting experiments, simulations, or pilots. You should also monitor the results and feedback, and adjust your decision accordingly. Testing your assumptions can help you reduce uncertainty, avoid errors, and learn from failures.

6 Review and reflect

Decision making is not a one-time event. It is a continuous and iterative process. You have to review and reflect on your decision and its outcomes regularly. You have to assess if your decision is meeting your goals, if there are any unintended consequences, and if there are any new opportunities or challenges. You also have to learn from your experience, identify your strengths and weaknesses, and seek feedback and improvement.