Commercial Real Estate Is All About Building Relationships
Every commercial real estate transaction is different, but I use the same philosophy every time, which is that the transaction is actually just the beginning of my relationship with this client. Once a property is purchased or a lease signed, I continue to be both interested and aware of that company’s growth and next steps.
Business owners are busy people who are focused on what they do well. In the same way they hire an accountant to look after their financials, a commercial real estate agent like myself keeps an eye on their needs regarding space, and I can help advise and plan for a company’s growth.
For instance, when I first met Brian and Lisa Perry with Perry Productions, they were just moving their business from their home where they had operated for 20 years. They had plans to grow their team, so they needed an office, but weren’t sure how big or how soon they would need more space. They were also concerned about taking on a large chunk of overhead that they never had before in operating their business.
The key-man office spaces at Synergy Office Suites at the Old Creamery in Downtown Concord, NC seemed to be a perfect fit for them. With a flexible lease that was month-to-month, and 14 individual offices to choose from along with shared amenities like conference and break rooms, they could customize their office setup at a low risk.
This situation worked extremely well and as we stayed in touch, I continued to keep tabs on their business growth. I realized early on that they were going to need more space sooner rather than later. I often discussed with them where they saw themselves next and explored expanding into a dedicated space we were developing at the time on the same property, but I also asked them if they had ever considered owning a property for their business.
My main role as a commercial real estate professional is to give my clients good advice including presenting them with a number of options. In this case, they started to weigh the pros and cons of owning a property that would mean incurring more responsibilities as the landlord and tenant, but also the benefits of having an asset down the road.
When another business approached our firm about listing their property for sale because they wanted to downsize, I immediately thought of the Perrys and that this might be a perfect fit for them. The property was a charming 85-year-old historic home that I thought matched their brand as a marketing firm.
My client was able to sell the property at a good price and find a smaller space to operate their business while Perry Productions was able to take it over and start to make it into an environment that would accommodate their business growth plans.
"Quite honestly, Doug saw the growth of our business even before we did," said Lisa Perry. "As we started to realize our team had outgrown our space, the task felt daunting to figure out what would work best for us. We had asked Doug just to keep an ear out for anything that might fit our needs. By getting to know us and our business, he was able to see the 41 Edgewood property and realize it would work for us and it really is absolutely perfect! Doug has also been a great resource now that we have moved in by referring contractors to us for painting and floor restoration. He's hands on and truly cares about your success. We feel lucky to have him looking out for our business."
Another business that I was able to help find space was Positively Ballroom, an intimate dance studio that was looking for a new location. I connected them with a prime space in Downtown Concord directly across from the Cabarrus Arts Council that would give them more exposure with a high-traffic store front.
Related article: Positively Ballroom Dances Downtown