Part of market research for real estate professionals and investors should be about reading the room. I'm still finding some agents and brokers that only look at the transaction and the numbers and ignore important intangibles that can make a huge difference in making a successful deal happen.
It's not always 'positive' research that can drive a deal. Take the below linked example of the recent decline in business licenses within the city of Chicago. I'm sure some brokers are asking themselves, "What does this have to do with real estate?". If they are asking that, my gut tells me they won't be getting as many deals done over the next year.
Fewer businesses means a much reduced demand for office, retail, industrial, and mixed use space. Even at a bargain rate, there may not be enough incentive for a potential buyer that knows it would be tough to fill the space.
This is where performing and updating market research comes in. The business license decline is in Chicago. Although Chicago is a big city, these statistics do not apply to the suburbs or distant communities where the cost of housing is significantly less as well.
"Don't go here" does NOT mean "Don't go anywhere"! Success in real estate is about creating and presenting good opportunities. An "Instead of Chicago, look at (name of community)!" presentation could work wonders.
Let's discuss the next opportunity I can help you to create!
https://www.illinoispolicy.org/chicago-business-licenses-hit-lowest-level-since-pandemic/
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