In your opinion, what are the top 3 skills that one must acquire in order to succeed in the business?
As the title states.  Would love to hear your guy’s thoughts on this.  Especially from ones that have been doing it a while.  What things you had to learn along the way?  Whether things in construction, financing, running a company, working with peoples, tax law?   Could be anything.
[{"id": "ivzjp7m", "text": "1.  love yourself\n2. dream bigger than you think you want or need\n3. bite off more than you can chew and then start chewing", "replies": [], "depth": 1}, {"id": "ivzroox", "text": "Be personable, hungry, and ethical", "replies": [{"id": "iw2jr1u", "text": "I would like to squeeze consistent in there somewhere.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ivzzhbz", "text": "1- 3 F ton of liquidity", "replies": [], "depth": 1}, {"id": "iw0c3cd", "text": "Underwriting skills. Know the finances, return metrics, everything. You should be able to look at any model and understand what\u2019s going on and how to make it yourself", "replies": [{"id": "iw1e1ad", "text": "This isn\u2019t even close to the most important skill in this business. Being able to model is an analyst level skill. When you move up the ranks it doesn\u2019t matter beyond understanding the outputs, and knowing what levers to pull.", "replies": [{"id": "iw2m02t", "text": "Understanding the impact the inputs and levers being pulled make to the model is just as important (if not more) than the outputs. Mastering underwriting and modeling allows you to look at a deal and know whether it is actionable.", "replies": [{"id": "iw2t8f0", "text": "\u201cKnowing the levers to pull\u201d is understanding the inputs. You don\u2019t need to be able to build a model to know that leasing up a vacant box or turning percent rent tenants to net deals is going to be accretive.\n\nA model is just an analysis of the impact of business strategy. If I understand real estate and the buildings and how to operate them, I can pay someone to run the numbers for me and plug in the inputs I know will make it work.\n\nDon\u2019t get me wrong, I\u2019ve done my analyst stint. I\u2019m not some broker or entrepreneur who\u2019s never done it. I can model with the best of them. Having graduated past being an analyst I can tell you a monkey can do that job and it\u2019s not a critical skill set.", "replies": [{"id": "iw8ufy4", "text": "You said it right there.  You started at analyst level and moved up. Theres no way around it. If you skip the underwriting phase and try to dance with the big boys at JV partnership meetings, everyone will realize you dont know shit. As soon as waterfall discussions come up you'll look like a fool.", "replies": [{"id": "iw8v41j", "text": "You think you need to run models to understand a waterfall? You\u2019ve clearly never worked in development - vast majority of those guys are construction, engineering or law backgrounds and never sat in an analyst role. Especially the guys who founded shops or were early employees.\n\nI don\u2019t need to be able to build a waterfall model to understand the math behind it lol", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iw0cdp9", "text": "Cold call x 3 and make smart calls", "replies": [], "depth": 1}, {"id": "iw0cff2", "text": "1) Be resilient. You will have setbacks in all aspects of this business. Learn from every setback, chin up and keep moving \n2) Know your numbers and make sure you are good with the worst case scenario\n3) If something seems so complicated that it gives you anxiety, very likely you just haven\u2019t spent enough time learning it \u2026 whether that be insurance policies, lease terms, construction protocols, city regulations etc.", "replies": [{"id": "iw22ins", "text": "Last ones the truth and That anxiety can be a bitch", "replies": [], "depth": 2}], "depth": 1}, {"id": "iw0w61a", "text": "1.\tConnect with great attorneys\n2.\tLearn about contracts (PSA, leases, etc.)\n3.\tUnderstand depreciation really well.", "replies": [], "depth": 1}, {"id": "iw10v3i", "text": "Coachable, grit, and ethusiasm - nothing of which that can be easily taught", "replies": [], "depth": 1}, {"id": "iw12jlg", "text": "Patience , persistence, perception", "replies": [], "depth": 1}, {"id": "iw144sb", "text": "Funny you should ask, was interviewed a number of years ago on the topic:\n- Persistence. You can be an ass, and you can have no clue how to analyze things, and you can still be a success if you're persistent enough. Some brokers are like this not me.\n\n- Personal and empathetic, client first.... Better than the first, but recall you can be as personable as ever but if you don't have persistence you'll be the nicest broker nobody ever knew\n\n- Analytical and strategic mindset... the chops. This is where you can win, differentiate. Come up with solutions others don't have. Have rigor. Be robust. Be right with the conclusions. Like above, you'll flail in the wind as a great strategist that's unknown if you don't have some persistence and customer demeanor.\n\nEdit: Spacing", "replies": [], "depth": 1}, {"id": "iw2kyk7", "text": "My top 3 are \n1. Discipline (beats motivation every day of the week)\n2. curious \n3. resilient \n4. continuous improvement mindset\n5. don\u2019t need to be good at math", "replies": [{"id": "iw3dm3x", "text": "Not good at math ???", "replies": [{"id": "iw3sgsl", "text": "I\u2019m not sure you understood the joke\u2026", "replies": [{"id": "iw3umkx", "text": "You only have to spell it out for me twice.  ; )", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iw377bc", "text": "1. Networking.\n2. Understanding how commercial real estate works from A to Z.  Meaning, from due diligence to closing and all aspects/steps between.\n3. Being able to understand a lease from both sides (Landlord/Tenant) and how to adjust clauses to obtain certain results.", "replies": [], "depth": 1}, {"id": "iw3h31e", "text": "1) Sales\n2) Emotional intelligence/control\n3) Discipline", "replies": [], "depth": 1}]