The Power of Local Insights
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Episode Transcript:
Today we're diving deep into the art of expanding your real estate portfolio and the critical role local insights play in making informed investment decisions.
In the fast-paced world of CRE, investors often turn to technology to navigate new markets. While data is crucial, there's something about the streets, the pulse of a city, that it can't capture. That's where partnering with a local CRE adviser becomes invaluable.
Ben Tapper, Director of National Investment Services Group at Lee & Associates, emphasizes the importance of having boots on the ground. In every Lee & Associates office across the U.S. and Canada, a team of brokers stands ready to offer on-the-ground insights, bridging the gap between data and the nuanced reality of a region.
Tapper highlights the unique advantage of Lee & Associates being a broker-owned firm. This, he explains, aligns their interests with the success of their clients. It's not about stock prices but about fostering long-term relationships and creating value.
“This entrepreneurial ethos allows us to put ourselves in the shoes of our clients as business owners. With our interoffice collaboration, we can pair our client with an expert who has local knowledge and national reach,” says Tapper.
So, what sets a local adviser apart? Tapper notes that understanding the "why" behind market dynamics is as crucial as knowing the "what." Local advisers bring the backstory, uncovering why a location faces certain challenges or why a property's performance might deviate from the norm.
“There’s a lot of information that may never hit the tax assessor data or public websites. Someone local in that market may know the backstory and can provide context into the property that you can’t see from using Google Maps. You can’t get it all from the internet,” Tapper adds.
He stresses the significance of networks. Local advisers open doors to a range of contacts, from lawyers to lenders, enriching the investor's experience in unfamiliar territories.
At Lee & Associates, Tapper reveals, they tailor their approach to investors' preferences, considering whether they want hands-on involvement or prefer a more passive investment strategy like a triple-net lease.
As Tapper aptly puts it, "It’s about knowing that no two investors are the same, having the resources available to the client, and making sure they are seeing the forest in addition to their one tree."
This is Tyler Cauble, Signing off