My New Year Resolutions

New Year is that time where many of us make rash resolve as to changes we will make to our lives in the coming year. Many of those resolutions don’t last more than a few weeks. Sometimes not more than a few days. It is said that January is the month when gyms have the most sign-ups. Many of which drop off soon after.

This year I looked closely at the changes in the economic landscape, and what that would mean for the industrial real estate market, and therefore how we need to go about doing business in the coming year.

As a result I have resolved that:

1. We will be more adaptable. The market is very different from even six months ago, and flexibility will be essential over the next 12 months. To seal deals we all have to be innovative and find ways to circumvent obstacles, utilising skills that have largely been forgotten over the last decade.
2. I will encourage agents to communicate promptly and accurately. It’s always been the case that communication is necessary, but in the market environment we anticipate in the year ahead, it will be vital. The time when agents thought they could imitate Casper the Ghost has passed. My resolution is to cut off those agents who try ghosting me.
3. We will work with purchasers who need bank finance. But they need to work with us! Giving a purchaser six weeks to finalise their finance is unfortunately necessary. I can sympathise with waiting an extra few minutes for service in a café because of staff shortages. But I don’t empathise with banks taking a month too long to process  loan applications. But that is what is happening , and we need to learn to live with it. But purchasers will need to get organised in advance – and convince us that they have a reasonable chance of approval before we take a property off the market for an extended time. At the same time , I predict that we will go back to the future with back-up offers being more common. 
4. I will be more patient with people who don’t do their job competently. This is my equivalent of joining the gym in January. It didn’t last long at all! My advice – if you can’t do the job, find another one. Particularly if you are being paid by the taxpayer!
5. We will not be sucked into the stalled vortex of inactivity by the agents of doom and despair. Businesses still need buildings to operate from, and Expedio will still be buying, selling, refurbishing and leasing.