That’s the first wisdom I learned as an analyst at a large private industrial REIT.
It rings true in acquisitions because market conditions can change on a dime, interest rate changes, or a black swan event happens.
And in asset management and brokerage when ownership or their attorneys are too busy or stretched too thin to turn a lease in 24-48 hrs. Then a tenant’s circumstances or priorities change when a lease could have already been signed.
Those who start playing with Artificial Intelligence (AI) will see how far AI has come and what used to take hours to surface issues in 1st drafts of a lease can be identified in minutes.
Test it out yourself…
Take your agreed-upon Letter of Intent (LOI) and ask your favorite AI to compare it to the first draft from your attorney.
If you want to take it to the next level, create a document that has context of who you are, your roles, & goals.
Ask the questions you’d usually ask your attorney.
Have it draft feedback emails to your attorney.
Once you have finished, ask it to create a repeatable skill based on the chat so next time you can just ask it to run on upload.
Any tasks or workflows you perform repeatedly can be augmented, partially or fully automated (ideally with human checkpoints to prevent hallucinations).
Create a list of your most painful workflows & choose one to focus on improving each week.
If you aren’t sure where or how to start, sign up now for my 20-minute initial consultation to get you started on your CRE workflow improvement journey. Your future self will thank you!