2016 was a great year for many real estate & commercial real estate brokers. The industry seems to have started recovering and many agents are gaining momentum from that. Predicting the future of commercial real estate may not be an easy task, but there are a few market trends that can help brokers plan ahead for the year to come, hoping this will lead to a successful 2017.
Bigger deals = More networking
Brokers looking to close big deals during the upcoming year need to be aware that establishing themselves as leaders of the industry at the top of their game is key. Building up their reputation and demonstrating their skills when it comes to cleverly handling deals and properly managing their relationships will make the difference when it comes to handling larger transactions.
Big deals usually imply there are more people involved, and the better your networking and your relationship management abilities, the bigger your chances of successfully closing a large deal in the market. Those who want to pursue the deal of the year need to start building and solidifying a network of experts and professionals that combined with their own knowledge and experience in the industry will lead to the successful closure of more substantial deals.
Trusting your gut without overlooking the data
Instinct plays a massive role in the commercial real estate industry. Developing such a skill is imperative but it can also be difficult to sharpen. Whether you can or cannot rely on your gut to spot opportunities, effectively manage transactions and successfully close a deal, you can always keep the industry data into account. In fact, it’s not just that you can, you should.
Having a hunch is not enough to make a business decision. Actually, decisions made on a whim end up being something to regret more often than not, at least when it comes to business.
Gathering data, analyzing it and developing strategies that contribute to making informed decisions is the best way to measure and guarantee that your instincts are reliable and that you’re capable of turning a “hunch” into actual profit.
Assessing off-market opportunities
Technology and social media are powerful tools for the real estate market, nowadays. From tools that help you predict who will sell their home and when to using social media to spot prospect buyers and sellers, being one step ahead has never been easier. However, most agents waste precious resources going after prospective buyers and miss the chance of landing juicy deals from prospective sellers.
Using your resources to analyze and predict who will sell next and when; you can make sure you place the right amount of effort in the right places to always add the best value to your clients.
Whether you’re looking for commercial space for rent in Westchester, NY or commercial properties for lease in Westchester, NY, you can contact one of our agents at The Rakow Group by calling at 914-422-0100.