I entered commercial real estate in an unusual manner, ending my lucrative career on the professional poker circuit to transition to a completely new industry. Here my law degree is immensely useful, as is my ability to quickly analyze both the cards on the table and the ones that have not yet been played.
Joining the industry with a completely different background has afforded me a unique perspective on commercial real estate. You may have read my colleague Andrew Prunty’s piece on Localized Expertise, where he outlines the drivers for developing relationships within a geographic area. That is a very helpfuI primer on the importance of geographic focus. I have cultivated my own specialization based on market insights that I would like to share. For me, being a GREAT broker means having the ability to translate external experience into salient, actionable market insight.
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- Geographic, demographic, and behavioral growth patterns directly impact real estate needs. While many developers and brokers are keenly aware of an area’s demographic growth indicators, it is only since the onset of COVID-19 that behavioral trends are taken into consideration. These patterns have an acute impact on a local real estate market. The old adage is that retail follows rooftops. During the pandemic, however, coupled with economic uncertainty, there is limited actualization of that concept. Rather, the more compelling indicators that drive decision-making in real estate today are centered around the life stage of the population, the industry allocation of the local work force, and commuting and work-from-home trends.
- Age is more than just a number. An increasing number of consumers and decision makers in business are more adept at navigating technology. As a “Xennial” – born in those years at the end Generation X and in the earliest years of the Millennial generation, I was conditioned at a young age to adopt technology. As soon as widespread technological advances emerged, my peers and I incorporated them into our lifestyle. Cultivating knowledge and growth (in real time) of social media platforms, I have observed the emergence of the macro market that exists online. On a micro level, I can see how it can be beneficial for specific businesses – attracting a larger audience and increasing overall production, regardless of industry. I innately understand the intrinsic value of online marketing and social media, which has become an important aspect of marketing a property.
- There is a niche for complexity. Not all transactions are simplistic. In fact, I have found my favorite kind of transaction to be one that employs the multiple aspects of my background – my law degree, negotiation skills, and real estate knowledge. This is typically an owner-occupier who is seeking space. Whether I have identified turnkey or adaptive re-use, they are able to benefit from my experience.
So what does this mean for the future? The time is now to develop processes, skills and perspectives that facilitate growth in a new world. By understanding the new growth patterns, by accepting and adopting new technology, and by identifying and expanding the unique skills we bring to the table, I am able to provide market knowledge to my clients that drives their businesses. This is the objective of a GREAT broker.
Learn more about Robert Edelstein.