How to Investigate Current Commercial Real Estate Markets
If you have wanted to get started in commercial real estate, but haven’t known how to begin, remember that success usually comes down to locating the right information. While the world of commercial real estate can seem bewildering, if you know where to find the most accurate information, you will be well on your way to commercial real estate success.
Commercial real estate success stories are often written long before the agent shows the property to a potential buyer. The key is knowing your current market. So, get out your Sherlock Holmes hat, pick up your magnifying glass and start investigating the available properties today!
Before you start lecturing me about how much time that will take, remember there are fewer commercial properties than residential properties in most areas. That means, that you can do a reasonable amount of research and have a pretty good handle on what is available in your area. So what is the best approach?
Begin with looking at listing information. You can develop a pretty good handle on a market just by spending a bit of time at your keyboard, but don’t stop there. Unless you have chosen a particularly large geographic area to represent, you can probably visit all available commercial properties available in your target zone. Then, it really comes down to keeping track of what sells and what properties are added over time.
Visiting a property helps you get a handle on the intangibles that make or break a sale in a given market. If you notice that occupied properties sell faster than vacant properties, make a note of it. If you notice that apartment buildings seem to remain on the market for extended time periods, make it a point to be more selective about the apartment buildings you list.
Remember that even if a property you visited goes off the market, your time researching that listing was not in vain. Instead, look at the similarities between properties that sell and contrast that information with what you learned about properties that didn’t make the grade. In the end, whatever you can learn about each property will help you become a recognized expert in commercial real estate.
When it comes to commercial real estate, investigating the current market gives you an edge over less knowledgeable and aggressive agents. That creates client confidence and ultimately translates into a successful career!