That’s the big question. There is no single answer and certainly not an answer that fits all situations.
Just as our remarkable Lake County has an amazing variety of investment and up-and-running commercial opportunities, the field of commercial buyers is also complex and diversified. As any Realtor and I know, it is a brand new ball game every time the phone, email, snail-mail or personal referral rolls in. Even if they know the client (with the exception of “repeat” customers), a Realtor must immediately begin the process of discovering what will be the right match for that client with which property.
Sometimes, when a prospect claims they know exactly what they want, that’s when the biggest red flag goes up the pole.
In many ways, the wonderful and wide variety of opportunities that our county offers can actually become the complicating factor. When a prospective commercial property buyer does know exactly what they are looking for, they can be thrown a curve ball when Lake County’s variety comes speeding toward them and the possibilities suddenly widen.
A skilled Realtor recognizes the dilemma. To move in the right direction in order to discover which menu of choices to bring to the particular client, a Realtor must be a good listener, a clever strategist and most of all, an expert real estate businessperson. Starting from the client’s assertions of what they are looking for, the Realtor will bring into the search other related available properties that may be specifically relevant — because our county inventory has much to offer.
Lake County encompasses hills, flats, lake sides, elevated lake views, downtown, fringe-town, historic, contemporary, high-maintenance established businesses, low-maintenance service businesses, large or small — and zoned lots waiting for a builder.
Finding out what is right for you means taking a hard look at who you are in the light of business. It means asking the tough questions concerning your desired degree of involvement. What do you like? Are you looking for a passive investment that wants to increase in value over 10 years or so, then turn over for profit? Do you want a hands-on operation — already running or a do you want to develop a start-up?
Age may be a driving factor. There is your personal financial structure to consider. Are you seeking cash down then loan funds? Are you looking for an investment partner or coalition?
Making the right match for the commercial buyer in a county like ours — with so much to offer and so much variety — is part savvy, part mind reader and part common sense.
Before you approach your Realtor with the request to help you make a good choice — and a good investment of your money — do a bit of preparatory homework about yourself. Think about your personal limits — not just financial, but also concerning the personal energy you want to add to the venture. Consider your age, health and how you value leisure time. Do you want an active or a passive role?
Over time your Realtor has gotten better and better at ferreting out the clues that help make the right match. It doesn’t happen automatically. So, expect a friendly investigation and thoughtful consideration on the way to finding what’s right for you in Lake County’s inventory. Your Realtor wants the right connection for you.
Jim Magliulo is a licensed Lake County commercial real estate professional who may be reached at Country Air Commercial (707) 263-5729.
