Some real estate investors, developers, and brokers continue to overlook the value of thorough research while in the planning stages. As someone who performs preliminary research on residential and commercial opportunities, I see it often. Some people are afraid to spend a few hundred dollars while I am afraid the decision could cost them thousands, if not millions, of dollars in the long run. The below linked article about a $14 million land grant is, admittedly, an extreme example. It gets the point across.
There are not many grants which run into millions of dollars. For some real estate projects, a $25,000 or $50,000 grant or incentive could be the difference between a “no” and a “go”. In the linked story, we see how an entire school may not have been able to happen if not for a large land grant awarded by the State of Virginia. If the new school does not happen, the architect, developer, general contractor, and numerous vendors do not get the work involved in making the school happen. Add in the number of jobs during the build and after completion, and you see some of the economic impact. Consider the impact having a new and fully equipped school facility would have on local property values, and the income it brings to local agents and brokers.
The important message is how someone completed the research to discover and apply successfully to receive a $14 million grant. Many elements of a grant application need to match the philosophy behind the grant itself. I have seen situations where there are multiple grants available but each has slightly different criteria, making it more challenging to submit a successful application.
A research person or team can help you or your team to uncover grants you may qualify for. Developers, investors, and brokers that know the benefits of cultivating deals might be able to find something which could help a client, leading directly to more work for them. Another example of how research can make you “first in” on major real estate opportunities!