Recently I attended the CCIM/IREM national conference and fortunately made some amazing connections during the event. I found the breakout sessions to be right on target and the keynote and general sessions to be very informative as well. Surprisingly, it was during the general sessions in particular that I noticed how many networking opportunities were missed by several of my fellow attendees.
Trade shows are really an investment of your time and your money. More than ever before, a focus should be place on the ROI of each investment we make as a broker/business owner. Trade shows are not only an opportunity to be educated on the latest technology and strategies in the industry, but more than that they are the one opportunity that we should focus on initiating as many relationships as possible.
As my good friend Jim Tucker (CCIM, Richmond, Virginia) has told me again and again, “This is a belly to belly business”. And in fact it is. And although I naturally gravitate to Jim whenever we happen to attend the same meeting, I rarely spend time with him and anyone else I know for that matter, at these events. You see, these trade shows are our best opportunity to “get known” and build future relationships, such as I proudly have with Jim.
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Over the last 5 years, we have seen our economy on a great roller coaster ride from great highs to a new low and a recession. No part of the economy has been immune to the effect. The financial community has seen its share of the troubles from: the collapse of several large investment banks & community banks, the evaporation of the Commercial Mortgage Backed Securities (CMBS) market and increased regulation of the banking system.
The combination of these factors has lead to a shortage of capital to finance new and existing projects. Clifton E. Rodgers, Senior Vice President of Real Estate Roundtable in Washington, D.C. recently stated that borrowing has dropped during 2009 to levels not seen since 1952 and commercial real estate values dropped in the United States from $6.7 trillion in June to $4.7 trillion in November.
With many of the challenges behind us many people have been asking; how do I acquire financing for my project? What are the banks looking for? What are the secrets to acquiring a loan?
The answer to all these questions is very simple: back to the basics and plenty of information.
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A valuable source of untapped networking opportunities for commercial real estate brokers is trade associations. Becoming a member of a local trade association can prove to be a valuable resource and a viable part of your network as you establish yourself as the real estate expert for their specific needs. More than likely, existing members of the trade association are all members whose area of expertise is directly related to the industry. By becoming a member and establishing yourself as the real estate expert for their association, you will not only be able to provide valuable insight into the real estate issues relative to their industry, you will ultimately be looked upon as their real estate adviser, from which fee service and transactions can result.
For example: If you are a broker of retail space, it would naturally benefit you to participate in the local Restaurant Association. How? Simple: Food courts provide space for parasite locations such as fast food outlets in regional malls and strip centers. Parasite stores provide a guaranteed high traffic area with a small rental space. Local members of this useful trade association are usually the owners/franchisees that make the final decision in the site selection, and a working relationship with them could mean untapped sales from an unlikely source.
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