I’ve been thinking a lot about the real estate mistakes I’ve seen since I started my company 30 years ago. It is a topic I cover extensively in the Nonprofit Real Estate 101 class that I teach for The Real Estate Council. As an “anniversary present,” I thought I would share some of the major mistakes I’ve seen and, in some cases, unsuccessfully tried to prevent.
1. Falling in “Love” With Real Estate
Falling in love with real estate generally happens in two different situations. The first occurs when I take a client to see a property that is for sale or lease and, no matter how hard I have tried to caution them in advance, the client begins gushing about how the property is absolutely perfect—in front of the owner or the owner’s broker. Prices or rates harden, and negotiations become much more difficult because the owner knows they have the upper hand.
The second example is where a client owns a piece of…