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What can young people do to position themselves for success in real estate?
Focus on Location
When investing in a career in Commercial Real Estate, young people should think about working in the specific market that they want to work long-term. As much as real estate has become institutionalized and data more available, a big part of success in real estate is knowing the ins and outs of your local market better than anyone else., for example the history of properties you may be interested in. Executing successful deals requires understanding the needs of your target end users, being able to identify the growth areas within your market, and having a diverse network of relationships. These are aspects you can only grasp by living and breathing your market day in and day out.
Connect with Owners
Those particular operators know every property and owner in the market, get first crack at deals, know all potential tenants and lenders, understand how that product operates, and have a reputation of executing.
Understand the Market
Despite having calls with the regional and onsite management team while undertaking your property search, reviewing financials, and drafting investor reporting, it is difficult to understand the asset until spending significant time in the market. Even then, it’s hard to fully grasp things like the leasing challenges in a deal. It could be the side of the street it’s on, evening noise from a nearby bar, or lack of lighting that causes leasing issues. Though if you are not in these locations, having a search tool like Reonomy with specific and detailed map search results, can make or break a deal. It could be any number of things, but without having intimate knowledge of the micro-market, there’s no way to tell.
The goal for CRE professionals is to have a relationship with a best in class operator for each product type in each market where they operate. With a very specialized product and geographic focus, operators have distinct competitive advantages over other real estate firms in terms of property lead generation and specific property knowledge.
So when you looking for a job in real estate think, where do I want to work long-term and start searching for free with Reonomy today!