I was curious how everyone is going about getting their market information, aside from the obvious driving/walking of neighborhoods and talking to a Realtor. I'm big into following market trends to stay on top of what's coming down the road and knowing the market from both a macro and micro perspective. There are a bunch of sources I use to cross reference each other (AxioMetrics, REIS, Real Capital Analytics, CB, etc.) but was curious to what else is out there to review. I think the previously mentioned sources are solid, but only give a sliver of what I'd like to know without paying an arm and a leg.
Brokers know the local market knowledge. We are in it day to day. We don't spend time with buyers with no money that just want info.
If you have money and are serious about investing a broker can give you the best info on local markets. Investors that are actively buying in that market and have owned for decades are also good source.
Appraisers know some of the market but the level isn't as deep as brokers in my opinion as they appraisers are not transacting.
Thanks @Joel Owens , definitely makes sense and I agree with the insight of brokers. I'm also referring to using market reports to follow the trends when looking into new markets and see how the current performance stacks up to other time periods and other areas of the country.
What I would say is the commercial brokers have much more real world knowledge of what is happening in micro markets than any reports you can buy.
Having said that you need to show you have money for them to spend time with you on the phone.
If there are only so many hours in the day for brokers to do business then they want to spend time on people who have the ability and balance sheets to purchase.
Same thing when talking to lenders. I had a call about a month ago from a guy who was interested in buying commercial property. He said he wanted to buy 100 million in property. My first question was, "How much money do you have to invest?" His response was that he had no money and he thought there were government programs to buy investment property like that. I spent 5 minutes talking to him and moved on, as he was not realistic.
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