A home-field advantage can make all the difference, even in the commercial real estate realm.
Understanding the intricacies of how your local CRE market works is a crucial ingredient in your success as a property manager. Having access to demographic data, local trends and a network of informed partners can give you the edge over competitors, empower you to make informed decisions, and keep a bit of extra cash in your pocket. And for that, you can’t beat teaming up with an expert broker.
Here are some important benefits of local market knowledge in commercial real estate brokerage.
Regional Market Demographics
Your area of business is a complex matrix of locations, history and laws that you’ll need to navigate while making deals and crunching numbers. Strong local market knowledge from a skilled broker will help you better understand the community you’ll be working in, along with current market trends, property values, plans for future developments and much more.
Is your property situated in the ideal location for your needs? What kinds of businesses and neighborhoods surround your property? Is there any competition nearby? Are there any regulations or restrictions you need to be aware of? A strong local market knowledge base will help you answer these questions with confidence.
Sometimes, it really is about who you know. Bringing a skilled CRE broker with plenty of local market knowledge onto your team is a great way to increase your network and tap into their connections. A broker will likely have an extensive list of helpful individuals and businesses they’ve worked with before, including fellow brokers, landlords, former tenants, building inspectors, contractors and more. Their knowledge of your area can be a huge benefit to the success of your venture.
Access and Availability
Retaining a brain-full of local market knowledge is a tall order, especially when your plate is already stacked with the day-to-day responsibilities of your job. Bringing a broker onto your team not only frees up your time and energy, but also gives you a reliable and accessible source for any questions about your market.
A good broker will be on hand to respond to your needs and address your concerns. They’re also a great resource for the buying process itself, and will support you through every step from initial discussions to contract negotiations.
Insights Into Trends
Being on top of current or developing CRE trends can give you a huge advantage. Strong local market knowledge is crucial for determining areas to invest in, and those that should be avoided. A broker will have information on areas that are trending upward and, as a result, will likely be prosperous investments. On the flipside, they can warn you if an area is trending downward, saving you time, money and any associated risk.
We all need support, especially in the stressful world of commercial real estate. One of the benefits of partnering with a local broker is the ability to meet with them in person. They can sit with you and go over paperwork, visit properties with you, and be a nearby resource if you find yourself concerned or overwhelmed. In a world where many big decisions and issues are discussed through computer screens, receiving guidance from an in-person partner is all the more important and impactful.
Are you on the hunt for a skilled CRE broker in the Columbus area? The experts at DRK can help. Our dedicated team will guide you, answer your questions and provide the local market knowledge that you’ve been looking for.
Take a look at the commercial real estate available in the Columbus, Ohio, area here.
Until next time,