Wednesday, July 31, 2013

Enterprising Business Owners Are Commercial Real Estate Opportunities

line up of women
Look for commercial real estate opportunities in business.


The enterprising business owners in your town or city are property opportunities in waiting.  As part of their entrepreneurial activity they will require business relocation, expansion, or diversity.  For this very reason, it pays to keep in contact with all the local business proprietors in your region or sales territory.
 
Over a number of months or years, you will see the regular contact process with these groups give you greater opportunity with both fees and transactions.  There will be sales and leasing opportunity coming from the business community.

Many agents struggle with the fact that these business owners look at property in a different way.  In the first instance they may be tenants in occupancy.  Over time they can move to potential property ownership.

When you approach these business owners today, you should do so on the basis of their current business function and the way in which they need property for that.

It is also the case that some business owners will own the property in which they are located.  That can then evolve into a potential future sale, or sale and leaseback.  They may also require other properties in the same vicinity as part of an expansion strategy.  What you need to do here is ask the right questions and remain in contact with the right people.

So here are some strategies to help you work with the local business owners as part of a commercial and retail property service:


  1. Identify all of the larger businesses through the region.  Choose the quality businesses that are aligned to your property type.  If you work with office, industrial, or retail property, then get closer to the tenants within those categories.  Make direct contact with all of those businesses through a cold calling and direct mail process.  In each case you will need to be talking to the decision maker or the business owner.  Identifying that person can take some time, however the rewards are many when the research is correctly undertaken.
  2. Understand the franchise groups that will require space or property occupation within the region.  To get close to the franchise groups, you will need to make direct contact with their property managers or leasing strategists.  Understand the lease terms and conditions that they normally apply to property occupancy.  Look for the properties that may suit occupancy or any future franchise agreement for those groups.
  3. Get involved with the local business communities and commerce groups.  The networking process will help you find the successful people in the market today.
  4. When you connect with business owners, you will find that they quite likely understand more about the local area than you do.  On that basis they can be significant sources of opportunity and referral business.  Ask the right questions at the right time to seek those leads and local market place ideas.

So the message here is quite clear.  There will be the leads and opportunities evolving from the local business community.  Understand their property needs and or usage factors.  Get closer to the pressures of property change and relocation.  Help them understand that you are the top agent with the best contacts in the market today to help them take their business forward.  Stay in contact.

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