|Always Be CONSUMING #CRE!|
Thursday, May 12, 2016
CRE is as easy as ABC (Always Be CONSUMING)
This post is applicable to any business in any industry. But, since we are CRE professionals, the post is tailored towards (you guessed it!) CRE. We wrote this post as a Q & A. It’s a Frequently Asked Questions of consuming CRE content, if you will. Enjoy!
What exactly should I consume?
Okay, consume content. Got it. What type of content should I consume (you may ask…we hope)?
This question is easier to answer in the negative, i.e., what CRE content not to consume.
It will not serve you well to read every real estate blog post you come across. You could literally spend all day scouring the internet. Anyone and everyone with an opinion (including us!) about any type of industry can post content on the internet. Having a blog does not make someone an expert so choose what you read wisely.
If your practice is focused on a particular sector of the market, it will not help to read about an entirely different sector. You might as well read about a different industry altogether. If a real estate broker specializes in high rise office leases, how helpful do you think it will be for that broker to read about multifamily updates? Sure, you never know what assignment you are going to receive, but there is no reason to constantly read about an unrelated market sector.
The same goes for market updates specific to a geographic region. As landlords in Gulfport, Mississippi, we very rarely read about market updates outside the southeast region. Why? There is just too much difference between our market and theirs. It is a waste of time when there is so much quality content that is beneficial to read.
Also, if you are a commercial real estate professional, do not read residential real estate blogs (except for marketing tips). The industries are completely different, and there is minimal overlap.
Alright, now I know what to avoid consuming. Any tips for finding content I should consume?
There are several ways to seek out relevant content. It is a time-consuming process but a rewarding one. A good starting place is typing “Commercial Real Estate Blogs” into Google. Join LinkedIn groups that are relevant to CRE. When you find a reliable blog, read the comments section and see if you can find any content creators there. Subscribe to newsletters. Listen to podcasts. Search for people on Twitter. When you find someone you like on Twitter, see who they follow and who else follows them.
This process cannot be done overnight. You will find some authors you enjoy reading and some you do not. Some people will constantly have typos and some treat blogging more like a job. Some people post inaccurate information and some spend a great deal of time making sure the facts check out.
And don’t think that once you find a dozen websites that contain CRE content that your search is over. You should always be on the lookout for quality posts and authors.
How often should I consume content?
Weekly. Daily. Hourly. (Minutely? – Did we create a word?)
We set aside some time every morning to see what’s going on in the world of CRE. Everyone is different though. You probably should not read every newsletter you receive the second it hits your inbox or make a priority to listen to a CRE podcast the minute it is released on iTunes. That would be exhausting and could turn into a job in and of itself. Having a set time every day works for us. Discover what works best for you and stick with it.
When you say consume content, are you just talking about news websites and CRE blogs?
Absolutely not! Talk to your CRE colleagues. See what their take is on your local market. Ask about their recent transactions.
Search for listings on Loopnet and CoStar. What properties are being sold/leased? What properties just hit the market? What prices are properties selling/leasing for? How long are properties staying on the market? Be knowledgeable about your local market to give yourself an edge.
Be aware of your CRE surroundings when you are driving around. Do you see a lot of “For Sale” signs in specific areas? Is there new construction on a specific road? You can learn a lot about the local CRE market just by paying attention to what you see – after all, it’s right in front of you!
Any last tips?
Enjoy what you read. Find articles and content creators that post items you find relevant and are easy to read. If you have difficulty reading posts, STOP! You are not getting much benefit if you look at it as a chore. We look forward to consuming content every day and you should too. Make it enjoyable.
Please feel free to leave questions and/or comments. We read all of them. We provide office space for rent and warehouse space for rent in Gulfport, Mississippi. If you need commercial real estate space in our area, please give us a call at (228) 575-7731 or visit our website at www.seawaybusinesspark.com.