— Posted in Commercial Property
Do You Know Your Market Place …Be In The Know!
Find opportunities by being in the know. You have to know what is happening in your target marketplace. The better prepared you are the better you will be able to take advantage of the opportunities. You will be able to detect those opportunities before they are even available. You will see what is happening down the road and be able to take care of it. Take advantage of the appreciation that is naturally going to occur over the next few years. Have you ever said to yourself if only I had been there sooner If only I had known that I could be rich today. Well see you can be you just have to stay tuned into what is going on. The window of opportunity is always very small and goes to those who are prepared. The more you can anticipate things happening, the more prepared you are going to be to take quick advantage of it.
One of the places that I recommend to go is the paper. Read the local section of your paper religiously so that you are always finding out what is happening and translate it into how it is going to impact your business. One paper that I think is great is USA Today. It gives you a great synopsis of what is going on in the country. Now obviously some of the articles don’t pertain to your business at all, but many of them are going to pertain to what is happening in the country and what changes are occurring and how they are going to affect the real estate business. Speak to the city planners in your area and talk to them about there five, ten and 20 year plans. This will tell you where you want to be focusing your efforts. It’s possible that this area is dying and nothing is planned for the next twenty years. Look at another area. Are they planning to make changes in the roads, add certain types of buildings, allowing for expansion, develop some mixed use areas That’s where the growth is going to be. That is where the extra money is going to be and you want to anticipate that.
Another place to go is to join the Chamber of Commerce. Not just join, attend the meetings, get involved, be there and talk to other business owners. The chamber of commerce is made up of local business owners. There’s nothing that says only other real estate investors have the information that you need. Many times it is just talking to other people; the local insurance sales guy, the local guy that has any sort of business. They may even have a dry cleaner business but they know what is happening in the area. From a real estate perspective, you are talking to a restaurateur and maybe they have three restaurants and they are looking at this new area as where they want to open up their fourth restaurant. Why do you want to open up your fourth restaurant there They start to tell you about the growth in area. It’s probable that the area will start to see some appreciation so that area is where you want to be looking at.
Join other civic organizations. The Kiwanis Club, the Rotary Club, the Lion’s Club, any of those will get you exposed to other business people who know what is happening. They all have different experiences and are hearing different things. It is also a great time for you to share and help your community. I want you to network with community leaders. Not just the politicians, it’s the people that are the movers and the shakers that know what is going on. Don’t discard your local politicians, call them up and find out what their plans are for the city. What are their plans for the county What are they seeing as the hot issues What are you seeing as the hot issues that you need them to get involved in Remember you are their constituency and they are interested in what you have to say. Many of the politicians also join the civic organizations and it’s a much more informal atmosphere to be able to meet and talk to them.
Get involved in your local real estate investor’s association. Get involved in the committees so you start to meet other people. It’s that meeting of other people where you are going to start to share ideas and get new perspectives, not steal what they are doing but rather find out what is happening and translate that to see how it affects your business. You also want to speak with realtors that are involved with their board and find out what they are predicting. Where do they see the challenges and opportunities coming up over the next couple of years Another place to go is real estate forums on the internet. I visit them regularly to find out what other people are asking about, answers to questions, and what their concerns are. I learn a lot on the forums because I get answers and opinions from people all over the world. For instance, I am in South Carolina and there may be a new trend happening in California that I didn’t know about. Maybe that is something that I should try here or get ready for because it is going to travel across the country. Understand how future events are going to be affecting your business because armed with this type of insider information you will be able to predict the trends and be able to see them coming and be fully be prepared to take advantage and profit from them.
Lou Castillo is a national real estate investing expert and mentor to thousands of successful investors.
Lou specializes in creating powerful systems that allow investors to work less and earn more using the power of the internet in the real estate investing business.