One of the toughest challenges for commercial real estate investors is finding the right deal. Because information flows more freely than ever, other investors likely have access to much of the same information as you do. Frustrating, right?!
Here are a handful of tangible tips that can give you the slight edge needed to find the right deals, faster.
Define your criteria: Clearly define your investment criteria and target market segments. Are you interested in office buildings, retail centers, industrial warehouses, or multifamily properties? Knowing what you're looking for will help you focus your search and identify the most suitable opportunities.
Network! Listing sites are great, but they're over-run with investors searching for the same properties. In-person networking has stood the test-of-time and is still one of the best methods of finding that next, near-perfect deal. Try some of these events for starters:
a) Chamber of Commerce meetings
b) Business Network International (BNI)
c) 1-on-1 meetings: coffee, breakfast, lunch, or even dinner
d) Local real estate networking groups
e) Commercial Real Estate Conferences and Expos
f) Real Estate investment seminars and workshops
g) Open Houses and Property Tours
3. Leverage the power of technology: Online platforms, databases, and software tools can help you identify potential properties, analyze market data, and track investment opportunities more efficiently. Some of our favorite tools include:
a) Crexi
c) Google Alerts
d) Loopnet
e) BizBuySell
4. Tap your team of experts. Many times we forget that we don't have to look far to tap the expertise of those around us. Make sure your attorney, accountant, and insurance professionals know that you're searching for property. There's a high likelihood that one of these professionals will come across a deal that's right for you in the next 12-18 months.
5. Reach out to Commercial Brokers and Agents. Find a broker or agent whose listings represent the type of property you're looking for. Then, introduce yourself and let them know what you're looking for. This personal introduction can work wonders and keep you top-of-mind.
Best of luck finding your next, great deal!
Jason Huett
Collaborative Commercial, LLC
PS: Need some help finding your next deal? Get in touch with us here.
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