CLOSE UP – CLOCK: A digital clock-radio changes from 5:59 to 6:00 AM. The radio comes on, playing a verse of the Sonny and Cher hit, “I Got You, Babe.” Phil Connors sits up in bed. . . .
Punxsutawney Phil saw his shadow yesterday morning, so it looks like we’ll have six more weeks of winter. And if you believe the pundits’ predictions for 2010, looks like we’ll have an extended winter in commercial real estate, too.
Do you feel like Phil Connors (Bill Murray’s character in the movie Goundhog Day), like you’re waking up only to relive the same day over and over again? Are you mired in limbo, just drifting from day to day, hoping that tomorrow will bring the deal that will jump-start your business? Have you tried everything—slashing staff, forebearing loans, making concessions, cutting advertising—but nothing has changed?
Maybe it’s time to do like Phil. In the movie, egotistic misanthrope Phil Connors finally gets over himself and begins to care for other people. Hopefully, you don’t have as much personality work to do as Phil, but the principle applies to the real estate business: do things right.
What does that mean? First, get your business in order from the ground up. If you’re like most real estate investors, your investments are an amalgam of disparate properties and disjointed entities; find the synergy among them and develop a comprehensive strategic plan to maximize value. Next, develop a business continuity plan to assure that when you die, you don’t leave a mess for your heirs and business partners to clean up. Finally, tweak your information systems to deliver more timely, more accurate, and more understandable information. When you do things right, you’ll make more money from your real estate in less time with less risk.
Take heart: spring is coming. Despite Punxsutawney Phil’s prediction, it arrives on the vernal equinox every year. So whether he sees his shadow, and we have six more weeks of winter, or he doesn’t, and we have only six weeks until spring . . . it’s the same difference. In real estate, too, spring is coming. Be ready when it arrives.
CLOSE UP – THE CLOCK: The digital clock-radio changes from 5:59 to 6:00. The radio comes on, playing the chorus of “I Got You, Babe.” Phil opens his eyes as Rita reaches over him to shut off the alarm. . . .