Top Adding - Real Estate

Coaching You to the Next Level

I want to take a bit of a side-trip from my usual hard-hitting commercial mortgage loan and investment property advice. I had the opportunity to spend a few days at the Pacific Life Open tennis tou

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rnament in Indian Wells, California last week while on vacation and noticed a minor, but significant change in the rules. The change was minor in that the players were allowed to ask for a time out to spend time with their coache

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

between sets. It was significant because the opportunity to speak with their coaches helped several players turn their games around.

For those of you not familiar with the rules of the Association of Tennis Professionals (ATP)

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

oaching during a match was, until recently, against the rules. In fact, a player could be penalized points during a match if the umpire felt that he or she was getting verbal or non-verbal coaching tips during a match.

I point o

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ut this concept of “coaching” because it has implications in commercial real estate investing.

Have you ever stopped to consider why the best sports figures and Fortune 500 CEOs hire coaches? On the surface it doesn’t make sense

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

These people are the best in the world at what they do, so who is realistically going to be able to help them get even better? Well, as I’m sure you already know, the reason that they are the best is because they have coaches.

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

Coaches provide several things for those at the top of their profession and those seeking to improve their performance:

1. An external, unemotional perspective to help the one coached see things that they can’t perceive about the

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ir performance.

2. Information on new aspects of the profession or related professions to help increase performance.

3. Networks of other professionals who can help in areas where the performer is weak.

4. Experience from their

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

past challenges, helping the one coached move ahead faster.

So what does this have to do with commercial real estate?

Whether you’re just starting out or are a seasoned development professional, I can guarantee that you’ll get b

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

tter if you enlist a commercial coach or coaches to help you grow. So where can you find a commercial real estate investment coach?

Let me note that we will soon release coaching programs for investors and loan agents who want t

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

break into and excel in the commercial side of the business (email us here for more information: Coaching@InvestmentPropertyInsider.com). However, until those coaching programs are up and running, here are some suggestions on f

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

inding and using a coach to help you get better at investing faster:

1. Consider a retired commercial developer, investor, or real estate agent. You could check with a local commercial real estate office to ask if anyone is reti

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ing soon or has recently left the business. Approach them with the concept of becoming an apprentice and giving them a piece of your profits. They might just enjoy passing on their wealth of experience.

2. Check with a local S.

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

.O.R.E. office to see if there is anyone who has experience in the commercial real estate investing or development businesses. S.C.O.R.E. is a non-profit business resource group and can be found at www.SCORE.org.

3. Do you know

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

anyone in the business that is already successful? Approach them with the idea of becoming an apprentice, but be very mindful of their time when you do. Again, consider offering them some of your profits as compensation.

4. Con

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ider a personal or business coach for hire. There are a lot of people in this business and some of them are very good. I’d caution you to be very careful whom you hire, however. You’re looking for a specialized type of coachin

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

here, more than the generalized life coaching that a lot of these people offer.

I would suggest a few other points in selecting a commercial real estate coach:

1. Make sure that they have actual experience in commercial real es

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

tate investment, sales, or lending.

2. Hopefully they will provide you with access to experts in related fields to help you understand all aspects of the business.

3. They should allow you to access other investors so that you c

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

n network, share resources, and benefit from each other’s experience.

4. They should provide an archive of useful information, resources, and tools for your benefit, accessible at any time you need.

As I mentioned, having a coac

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

handy helped several players turn their matches around to advance to the next level at the Pacific Life Open. You should strongly consider your own coach to help you get to the next level in your commercial real estate game, too

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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