Over the years I have seen way too many real estate and business people with too great of an emphasis on geographic borders. There are times I get the answer (or, as I see it, excuse) of "I'm not going to take a chance in a market I don't know" before he, she, or they spend any time researching the market they "don't know".
It is true that they could find one or more solid reasons not to pursue that market and feel as though their time was wasted. It is also true that the same research could reveal a solid revenue opportunity, or perhaps open a path to still another market which would lead to success. That "success" would happen specifically because they took the time to perform the research, and it would not have happened otherwise.
There is the line in the song "New York New York" that says, "If you can make it there, you'll make it anywhere". Although "anywhere" does not apply to real estate, investors, developers, and brokers don't need "everywhere". They need to know how and where they can "make it".
More than 20 years ago, I was working on an opportunity for business expansion and found an ideal fit in another city. I was emailing, calling, and even sending snail mail to the executive in that city hundreds of miles away looking to get his attention and present the research I had for him to be able to expand to create a very profitable sale. After multiple attempts, he finally called me to rudely tell me that "I'm not looking to expand to (name of city) and stop calling me". He hung up. I will admit that, about four months later, I sent him a copy of the Press Release in the mail announcing the business similar to his in that city that had just sold for nearly $1 million dollars. Included was my note that he could have been the one receiving that six figure check and included my contact information. However, I never heard from him again.
Today, while doing my daily research, I came across the (below) story about a contractor starting on a $114 million contract for major work on two separate high schools in Austin TX. I wondered about how much research and preparation it took for that company to secure a bid of that magnitude, and how many more similar contracts it will likely lead to. A lot came from their ability to win that bid.
By the way, the company which won that bid in Austin is based in Minneapolis is more than 1,150 miles. Suppose Austin was a market they "didn't know".
https://www.constructiondive.com/news/austin-adolfson-peterson-texas-high-school/751820/
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