Making Profitable Business Adjustments for Long-Term Success
Born and raised in Illinois where his business is based out of, Scott Krone is the Founder and Managing Partner of CODA Management Group. With a Masters of Architecture from the Illinois Institute of Technology and over 25 years of development and design build experience, Scott and his firm team up with investors to purchase strategically located undervalued warehouse space and convert it into climate controlled, self-storage facilities that are managed by a top 3 operator.
Scott Krone joins John Carney today in The Real Estate Locker Room to share how he got his start in the real estate realm, hard lessons learned from starting his own business, and how and why he left residential real estate development behind due to market conditions in lieu of commercial real estate and self-storage.
Five Key Points:
- Teamwork is important. You have to rely on others because you can’t do everything yourself. Make sure your team knows and understands what the game plan is, and all work together for that collective goal.
- Pay attention to the overall market. It affects the real estate market, and ultimately your business.
- Pay attention to what’s happening around you – the market, your competition, etc. You can’t operate in a vacuum; you have to make adjustments based on what’s happening around you.
- Residential real estate is more emotionally driven, and commercial real estate is more numbers driven, which means it’s more predictable.
- Never be content, and constantly look to improve. If you’re not practicing, you’re not improving.
- Ice Hockey
- Invest in a mentor or coach. If you don’t have that refinement in your life, you’re not going to be able to get better and improve.
Reach Out to Scott Krone:
Thank you Scott for taking the time to teach the audience the value of paying attention, making key business aadjustments and sharing your insight into the self-storage space.
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© John Carney 2019