Here's how you can enhance your Corporate Real Estate career through self-reflection after failure.
In corporate real estate (CRE), where the stakes are high and the market is ever-changing, failure can be a daunting prospect. However, it's an inevitable part of any career journey. Embracing failure as a learning opportunity rather than a setback is crucial for growth and success. Self-reflection allows you to dissect what went wrong and formulate strategies to improve. By understanding the nuances of CRE transactions, market dynamics, and client relations, you can turn past failures into stepping stones for your career advancement.
When you face failure in corporate real estate, the first step is to embrace it without judgment. Recognize that even the most seasoned professionals encounter setbacks and that these moments are rich with lessons. Take a step back and assess what contributed to the outcome. Was it a lack of market research, poor timing, or maybe a communication breakdown with clients or stakeholders? By acknowledging these factors, you can begin to transform your approach and decision-making process for future endeavors.
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Jerry Kingsley
India Head, Strategic Consulting | Value and Risk Advisory & City Lead Capital Markets- Chennai
A lost project helps you more than a win in CRE. You work towards winning a client the moment you have lost an account. Having a loss debrief with the client always helps to understand gaps.
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Dr John Sturgeon (GAICD)
Valuer - Planner - Project Manager / Director / Land Tenure Access & Acquisition Delivery Advisor / Property Leader / Subject Matter Expert (SME) / Real Estate Academic
Well said Mike…as our experience grows it is important to learn from both successes and failures…better to develop decades of knowledge and experience than simply a single year of experience 10 times over…
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Mike Power
Experienced Property Executive
I agree that it is important to not immediately go looking for a party to blame but rather focus on facts. Contributing factors both macro and micro should be reviewed - accurate communication, each parties needs/expectations, deliverables (time, cost, quality, alignment with business priorities, delivery model, relationship model (client, PM and Constructor). Once facts behind the failure or problems are identified focus on the improvement opportunities. Most employees don’t come to work to deliberately fail. But to achieve targets and be recognised. Most will respond with gratitude. loyalty and respect given the opportunity to be involved in corrective action when appropriate.
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David MacDonald
Private Equity Real Estate Consultant at David V. MacDonald Consulting
Always learn from it even if you still can’t believe the outcome. Use that circumstance when working on all your next projects. Don’t forget either that we all have failed at one point in time.
After accepting failure, it's essential to analyze the situation objectively. Remove emotions from the equation and focus on the facts. What were the exact reasons behind the unsuccessful deal or project? Perhaps there were external market conditions you didn't account for or internal missteps in strategy execution. This objective analysis can reveal gaps in your knowledge or skills that you can address through targeted learning or mentorship within the corporate real estate sector.
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Jose Luis Celani
Director of Real Estate Development @ Multiplan | Angel Investor, Board Advisor
After a failure in corporate real estate, self-reflection is essential for growth. First, analyze what happened in detail, identifying causes and faulty decisions. Seek feedback from colleagues and superiors to gain new perspectives. Develop essential skills and stay up to date with market trends. Create an action plan with clear and measurable goals. Cultivate resilience and a positive mindset, seeing failure as a learning opportunity. Strengthen your network of contacts and constantly review your practices, adapting to changes. Finally, practice self-assessment and take care of your physical and mental health. Turn challenges into opportunities for continuous growth.
Continuous learning is a cornerstone of career enhancement in corporate real estate. After pinpointing where things went awry, seek out resources to deepen your understanding of those areas. This could involve enrolling in specialized CRE courses, attending industry conferences, or simply keeping abreast of market trends and regulatory changes. The key is to convert your newfound insights into practical knowledge that can be applied to your future real estate dealings.
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Anatolio Nogueira
Especialista em Lançamentos Imobiliários | Empreendimentos Imobiliários | Gestão Comercial
Independentemente dos resultados obtidos num projeto, o aprendizado contínuo é a regra básica da sobreviência. Ao término dos projetos e de etapas importantes a reflexão, o apontamento de pontos de acerto e de equívoco são essenciais para o crescimento, desenvolvimento e melhoria. O insucesso num projeto costuma nos ensinar muito mais que o sucesso, a dor costuma ser uma cruel, mas excelente professora.
With your lessons in hand, it's time to adjust your strategies. This might mean reevaluating your approach to risk assessment, refining your negotiation skills, or improving how you manage client expectations. Whatever the specifics, the goal is to develop a more robust framework for decision-making that takes into account the realities of the corporate real estate market and the complexities of property transactions.
Building resilience is critical in the face of failure. In corporate real estate, resilience translates to the ability to bounce back from setbacks and maintain a positive outlook. Cultivate a mindset that views challenges as opportunities for growth. By doing so, you'll not only recover more quickly from disappointments but also gain a reputation as a reliable and adaptable professional in the CRE industry.
Finally, don't underestimate the power of networking. Sharing your experiences with peers can provide valuable perspectives on how to handle failure. Engage with other CRE professionals, join industry groups, and participate in forums where you can exchange ideas and strategies. This networking can lead to mentorship opportunities and partnerships that bolster your career and help you navigate future challenges more successfully.
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