How Do I Expand My Real Estate Business?
As a Commercial Real Estate Broker, and owner of a firm in Kansas, I get this question ALL the time! There isn’t a lot of training available to help understand the commercial side of real estate. Many licensed real estate agents have a focus on residential transactions, but they have built great relationships with clients who may own a business.
Here is a secret I’m going to share with you: Businesses exist in EVERY market – big or small. A common misconception is that you need to live in a community that has skyscrapers and a robust downtown area. Wrong! Commercial real estate includes everything from: small industrial warehouses, retail shops on main street, and any kind of office space. It’s anywhere that businesses exist.
Here is how you can plug into this side of real estate in the market you already work in:
- Identify who are the business owners in your market. Are there groups / associations / networking opportunities that you can get involved with to meet these people?
- Understand the real estate needs of businesses. Do businesses in your market have a desire to lease or own? What size, budget, and specific space needs do they have?
- Who owns the commercial real estate in your market? Using your local resources, find out who owns commercial buildings and connect with those owners to find out their goals. Do they have vacant spaces? Are they looking to sell? What is their exit strategy?
To learn more about the Commercial Real Estate industry, check out my new course: The Commercial Real Estate Toolbox.