Strategy is often regarded as a form of attack or defense in a warzone. Initially, the term was understood as pertaining to battle alone and included a set of actions and coordinated responses that a team learns and which is often deployed on the battlefront. However, strategy, as a term, now extends to every other facet of business and organizational management, including the real estate sector, hence this article.
How Strategy Applies to Real Estate
The strategy applies to the real estate business in the following ways:
- It brings clarity to the company's direction and helps team members seize the grains from the chaff and make decisions that touch on the core of the business.
- It helps private or personal realtors to remain focused on their real needs and not get carried away by the many options of the business.
- It helps prevent costly mistakes and misdirection
- Organized business and transactions where duties are correctly divided across all workers for speed and efficiency.
- Strategy makes it easy to track growth and know the company’s status from the point of entry through the various stages of implementation up until the completion of the business.
As such, strategy applies to real estate as much as it applies to battles on the war front and they are ways to use it for maximum results.
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Drawing a Strategy for Your Real Estate Investment
According to Emirates.Estate strategy is essential to real estate investment in Dubai and worldwide. You should take approach even more seriously if you are engaging in the business for commercial purposes or intending to invest in two or more properties. Although no laws in the UAE or Dubai mandate that you have a strategy, it will save you many headaches and open a gateway for clarity and better management of the investment.
Getting on to the concept of strategy drawing, the steps can be subdivided into the following points:
- Set a Goal
In setting a goal, it must be SMART – that is, it must be a specific goal, measurable, Relevant and must have a time scale, or it can be monitored within a time frame. A SMART goal makes implementing the plan and growing the business more accessible. SMART goals are more precise, direct, and broken into stages of implementation so that once you find yourself doing things outside of the objective, you will know.
- Know Your Strength and Weaknesses
In this stage, you need to study your internal and external business environments to know the upsides and downsides of the property you are about to buy. These factors may be about the location, the property types, and other features that make the property more or less desirable. Knowing your business/investment strength and weaknesses is an excellent tool for success.
- Design a Plan
Now that you have your future intact (your goal and objective) and understand where you are right now (strengths and weaknesses), it is time to design steps and things you can do from your present state to reach your future desires. It is a clear-cut plan of things to do every day in the short term and long term to reach your goal.
- Implement Your Plan
Finally, the implementation stage is the execution stage. This is when you set the ball rolling and start applying all the steps you have drawn out. You should keep a section for evaluation of the job done so far and an assessment in case there is anything that could be done to change or improve the business. If you have a team, ensure that everyone is engaged through out the implementation period such that they contribute towards the success of the business.
Clear Steps on Strategy Formation
Learning does not end – it applies to every facet of life. Therefore, any person who desires better results/returns/profit in business must be ready to learn. To get expected growth, one must first understand the factors that propel that growth and bring about the most preferred results. Once these factors have been identified and analyzed to discover a plan, they must stick to the plan drawn but must also provide room for improvisation. Sometimes, there are ways to make adjustments without injuring the purpose of the business or affecting the aims and objectives. Improvising can sometimes contribute towards the achievement of a goal.