Without a doubt having deals is one of the most important point of a
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salesman. So wealth creation expert Keith Cunningham learnt in the lesson of deals how to create and manage them and wrote it down in a few points:
- Just because rents have gone up 5% per year for the last 5 years doesn’t mean they can’t go down 25% in one year.
- Lease first, then build.
- Control your inventory.
- The easiest sale is to another salesman.
- Have an ongoing asset disposition program in good markets. Sell something…. Not every asset or building can be a core holding.
- Sell when the market is good because when the market is bad, there are NO buyers… at any price.
- Holding off on selling based on last year’s prices or what your pro-forma said is stupid.
- Do not follow the market down…. Lead the market. Make cuts quickly.
- Work renewals hard and early.
- Beware of tenants with good stories…. Be sceptical.
- Don’t let what your competition is doing influence your decisions.
- Do fewer deals and do them better. You can be more profitable by having more time to focus on the few and you get the added benefit of keeping overhead low.
- Do what you think is right based on the facts. You can’t erect a fence to keep the competition out.
- It’s better to start a building two months late and miss a deal than to start it two months early and face a shrinking market.
- Secondary locations can sit empty no matter how low rates go.
- No credit, no deal.
- New projects must be based on current rooftops and existing infrastructure, not future population growth.
- Do not inventory land at retail prices for future projects. A 20% increase in land price is only a 2-3% increase in total project cost.
- Too many deals dilute time and attention away from the good ones.
- It takes 5 good deals to make up for one bad deal.
- When a bad deal surfaces, 90% of management’s time is siphoned off from the rest of the business to deal with the problems of the bad deal. The result: The bad one is still bad and the good ones are now mediocre or troubled as a result of a lack of attention. 90% of management’s time should be spent on nurturing the good ones. Easy to say, hard to do.
- The first markdown in price is the smallest. The mistake is to hold off on selling at today’s prices in the belief the market will come back.
Two important facts of Keith Cunningham’s list are that deals should be profitable and manageable, so that there will be no wasted time and a great benefit. Next: Keith Cunning’s Lesson on Financing…Read More Here
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