Exploring specialization in Commercial Real Estate. Ready to dive into new areas?

You know, retail real estate is like trying to find the perfect pair of shoes. You want something that fits just right, looks good, and gets you noticed! At Recruit Card, I’ve seen clients who thought they could set up shop anywhere—like that time my friend tried to sell hot dogs on a quiet street. Spoiler alert: it didn’t go well! It’s all about location, folks! Just like you wouldn’t wear flip-flops in the snow, you need a spot with foot traffic and visibility for your business to thrive. So whether it’s a cozy boutique or a sprawling shopping center, let’s make sure we find that perfect fit together!

In today’s market, technology plays a key role in evaluating retail spaces. Tools that use cell phone location data offer valuable insights into which retail centers attract the most foot traffic. When combined with local knowledge, this data helps pinpoint high-traffic areas while steering clear of low-traffic zones. Zoning is often straightforward. It involves reviewing local ordinances to determine whether your intended use is permitted, conditional, or requires special approval. Securing the best deal for your client depends on your agent’s experience to secure commencement dates, rent start dates, landlord improvement allowances, removing percentage rent clauses, and capping HVAC repairs, etc., to meet your clients objectives.

If you’re working with a new client, then your intake of questions should provide you with their basic parameters, i.e, space requirements, budget numbers, location, special conditions, etc. From that juncture, it’s a matter of finding a space that fits the needs and then negotiating the key terms of the lease.

What’s critical to your client: - Location/proximity to major interstates - Do they need a freespan building? - Power requirements? - Do they need a crane or several? - Ceiling height? - Floor/concrete thickness? - Parking? - Outdoor storage or staging areas, and what is their site area requirements? - Climate Control? - Office Space? - Do they need bays at semi height, if so how many? Do they require any others for smaller trucks? From that initial intake, it’s up to the agent to find an appropriate site that meets their requirements.

Learn about the rental market of your target area. Consider occupancy rates, average rent rates, and whether there are rent control ordinances. What is the demand like? Are there employment opportunities, population growth, etc.? Use your professional network to learn and gather research on the market and various properties. Also, consider how property management will factor into your decision-making process or that of your clients. What is the average cost of these services in your market, and/or are these services you will leverage yourself?

I believe 100% that specialization is the only way to excel in CRE. There are owners and brokers both that do very well as generalists. But it's difficult, and there aren't many of them. As an example - Say you're a broker, and you're trying to work on both retail and multifamily properties. You'll find, very quickly, that not many of those owners overlap. You'll spend half your time calling retail, and half your time calling multifamily - and make incredibly slow progress on both. Specialize, focus on one asset class, or even a sub-specialty, and the flywheel will begin to turn much, much faster. You want to be one of the greats? Greats are just people who do one thing exceptionally well.

Focusing on multifamily real estate allows you to build expertise in a resilient asset class with high demand, benefiting from stable income streams and long-term growth potential.

I specialize in education type assets, with a strong track record in early education (pre-schools). After starting off as a retail generalist, I can say that switching to a "swim lane" produces both better monetary results as well as true value for my clients. In a sector like net-lease, it is almost impossible to be an expert when you are trying to follow every tenant and industry.

Healthcare is a great niche, and having worked in that arena, you need to be familiar with the basic floor plan needs ; How many exam rooms are required , restroom needs(for guests and private rr for staff) offices located near the rear doors for physicians, restrooms for physicians, and basic life safety standards that meet the Joint Commission requirements. Other nuisances such as touch screens in rooms for reading digital images, wall charts, laptop stations, centralized nurses station to minimize walking distance b/t exam rooms, age of the HVAC, indoor air quality controls, and negative pressure rooms. However, if they’re planning to build-to-suite, the design professional will address everything above and beyond.

From my viewpoint, specialising in high-income dual key investment properties within super funds is a unique advantage. This niche allows my clients to capitalise on tax benefits that are unmatched in other investment strategies. By focusing on this area, I offer tailored expertise that not only maximises returns but also leverages the financial flexibility that super funds provide. Staying informed on tax laws and market trends ensures my clients receive the best advice. This targeted approach strengthens my value proposition and positions me as a specialist in a highly lucrative, tax-efficient investment strategy.