Each filed of business has its specialists and experts who like to think of the business as some sort of a game that they play. This is not a notion to be dismissed; in fact, the game theory does actually have a place in the real estate market. All games have some kind of an objective, a concept to indicate what must be done to win, a set of rules and obviously participants, or players. So who are the real players of commercial real estate?
First of all, try to look at things from an investor’s point of view. All markets have investors, small and large, who are significantly interested in commercial properties. One set investors are looking for small to medium-sized commercial structures. The next set of investors in more interested in large building exclusively.
The grandest player of all is the investor who is responsible for investing in the development of new properties.
Some investors are best at finding properties while others are better at focusing on the development of new properties. Some or all of these investors may be supporting their investments financially by collaborating with others; however, you would greatly benefit from becoming acquainted with other investors in your area, which is essential to building your business. These players of the game often have amazing deals to provide and some may be interested in collaborating with you; therefore, it is vital to establish such essential contacts.
You must not overlook the professional players of the game such as appraisers, bankers, bird dogs, commercial realtors, contractors and more. These players from a supportive role are important if you plan to get anything accomplished in the commercial real estate world.
Also important are the players that you find behind the scenes such as architects, code enforcement reps, county or city officials, engineers as well as zoning and planning specialists. These players are of no less importance when it comes to playing the real estate game.
Property Options Australia
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Hi Sean,
This is great advice. If you want to win at any game, you have to know who’s who and what their strengths and weaknesses are. You have to know how to work with someone else for a win and you have to know where it’s easier to score points.
When you reduce investing in real estate to a game analogy it’s a lot easier to see how to win.
You can’t play the game on your own, you really do need a great team behind you. The better the team the better your chance of suceeding . I don’t know alot about investing in the commercial real estate game but I am sure the same will apply to residential. Would Mc’Donalds be considered a major player in the commercial real estate field?
Just so you know there is a typo in the first paragraph.