Although we won’t know for sure for a few more years, we have still another instance of using real estate research to create a multi-million dollar opportunity. It is likely to be another story for my response to people who question the need to hire a research person or team to drive their real estate business.
The below linked article details how a developer worked for a year and one-half with the municipality to set up for a new, needed, and ground-up residential development in a Chicago suburb. It will take place at a convenient location which sat vacant for 20 years after long-time service as a manufacturing plant. Being vacant for that long shows how there has been opportunity even if people involved couldn’t agree on what to do for a very long time. The saying “It takes a village” takes on a different meaning when it comes to real estate development.
In this case, getting to the starting line is as much of an accomplishment as getting to the finish line. There is determining the demand for residential development in the area, identifying the housing build which best fits the area in terms of price and amenities, and planning an efficient build to allow for a profitable opportunity for the developer and the investors. But without a presentation strong enough to sway the municipality, none of this happens.
Without strong research to find the location, explore the feasibility, and learn what it takes to get a Proposal approved, the upcoming major development does not happen. I continue to hear investors, developers, and brokers tell me they “don’t see the need for research” and that they “are busy enough now”. It takes a project such as the one in the Chicago suburb of Highland Park to demonstrate how much doing your research can lead to. My team and I are here to help you to be “first in” on your next big opportunity!
