Are you tracking commercial real estate fundamentals? As real estate professionals, we need to constantly stay current on where the market is today and where it's going tomorrow so that we can represent the best interest of our clients and investors.
As Wayne Gretzky was famously quoted as saying, “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” I love that quote because great commercial real estate professionals always seem to be one step ahead of the pack, making more money than others because they are playing where the puck is going to be.
One of the questions I like asking when interviewing top real estate value investors is, “Where do you see tomorrow's opportunities for value investors?”
Stop for a second and think about that question. Where do you see tomorrow's opportunities for value investors?
If I asked YOU that question, what would your answer be? It's a tough question IF you can't see where the puck is going to be 9, 12, or 24 months down the road. The top real estate pro's are making plans today on how they're going to be successful in 2013.
The secret to learning where the puck is going to be tomorrow is tracking commercial real estate fundamentals. Start getting more active learning what's going on.
Commercial Market Fundamentals
Here are a few things you should be tracking:
- Real estate industry
- Supply and demand through construction and absorption
- The Players
- Debt and equity capital markets
- Economy both local and national
- Governmental legislation
- World economic impact
- Investment opportunities
Commercial Market Websites
Here are a few websites to track the commercial real estate market and economy:
- Globest —-> www.globest.com/
- Costar —–> www.costar.com/
- Multi-Housing News —–> www.multihousingnews.com/
- CP Executive —–> www.cpexecutive.com/
- Multi Family Executive —–> www.multifamilyexecutive.com/
- NREI Online —–> www.nreionline.com/
- REIS Reports —–> www.reisreports.com/blog/
- Realty Rates —–> www.realtyrates.com/commentaryg.html
- Bloomberg —–> www.bloomberg.com/markets/rates-bonds/key-rates/
The first thing every morning during the week, I spend 1 to 2 hours researching and tracking the real estate market and economy by visiting these and other websites. Heck, there's tons of free information so why not consume as much as you can.
By constantly tracking the commercial real estate market you will become a more valuable asset to your clients and investors because you'll be able to better forecast and predict where the puck will be tomorrow.
I hope this tip serves you. I look forward to helping you reach for the stars!