One of the biggest frustrations with real estate consulting is having to wait to find out whether you’re right or wrong. Because most development projects, especially multi-unit rental properties, take years to get approved, built, and leased, if you as a consultant give advice to a developer you won’t find out for 3 or 4 years whether your advice was good or bad. That’s a long time to not know whether the advice you’ve been giving to other developers during those 3 or 4 years is good or bad. The only way to reduce the likelihood of being proven wrong is to be careful with your research and analysis and to be conservative with your advice.
