This is a guest blog post written by Mac MacDermaid,
Marketing Specialist for Stokas-Bieri Real Estate.
Last week I was about 20 minutes into my morning commute when I realized I left my cell phone at home. (Gasp!) It happens so infrequently that panic immediately set in. I raced home to grab it and was on my way again.
I remember a time in 2003 when a similar scenario played out. But this time I kept driving. I didn’t even give it a second thought. When I arrived home later that evening I glanced at my flip phone. Not a single missed call. I literally missed nothing. Fast forward to lunch today. I’ve made a habit out of turning my phone on silent when I’m out with family, friends, or clients. This time the result was 2 new voicemails, 3 text messages, and a handful of e-mails.
Technology is everywhere and it’s providing the information and resources we need at our fingertips. It seems that if you’re not on the technology train you will quickly be left behind. In a lot of ways, all of the powerful tools that we have access to can be a game changer in the real estate world. We now know when new properties are available for our clients – complete with floor plans, pictures, and detailed information about the space in the blink of an eye.
Here at Stokas Bieri Real Estate, we’ve even added videos to show the commercial properties we have for lease; giving potential clients a better feel of the site’s layout, and saving them valuable time from going on one property showing after another to determine whether a space is right for them. We also use data available from traffic counts and area demographics to help narrow down the best locations.
Most of us have a love-hate relationship with technology. Email is critical in the business world, but it can be overwhelming when your inbox is filling up, or frustrating when you have to sort through all of the spam. Have you ever seen someone’s face when the project they’ve been working on for 2 hours suddenly disappears when their computer crashes? We love it, then we hate it. It’s a vicious cycle. But it has its limits in the commercial real estate world.
Let’s use one of the spaces we have available for lease as an example. If you were to look up the demographics for Downtown Detroit, you would be left scratching your head. Within a one mile radius of 415 Clifford there’s an estimated 12,033 people. Most business owners want to know what economic direction an area is headed in. When you look at the projected population for 2019, it’s at 12,039. So, in four years only six more people will be moving in? (Insert head scratching here.) Taken at face value, this area appears to be at a stalemate.
However, the space on Clifford just so happens to be a few blocks from Comerica Park and Ford Field. If you’ve been to this area recently, you know it’s evolving. The new hockey arena alone has developed quite a stir! New condos are being developed all over the city, but this area is especially a hot spot. Check out an article from the Detroit Free Press we came across this week: http://www.detroitnews.com/story/business/real-estate/2015/05/05/ilitch-st-johns-comerica-park/26957499/.
Three hundred new apartments just steps away from Comerica Park! That’s a lot of new residents – and my guess is it will be just in time for the opening of the new hockey arena. The new Briggs House Residence, just two blocks from there, is due for 118 apartments, with completion this fall. As you can see, the prediction of only six new residents is far from reality.
Someone commented to me recently, “With the internet your job must be really easy. People basically find their own property online and you get paid to show it to them.” Not only is the buying and selling process very complicated, but I had to laugh at their comment because commercial real estate is complex right from the beginning of the journey. Unless you live and breathe it every day you probably wouldn’t know the intricate details of the process, which are often overlooked on most property websites. A good Broker helps navigate you through all the details by educating you along the way.
The moral of this article is: you can’t always count on the internet for accurate information. Brokers who specialize in tenant representation have inside knowledge of the market and in-depth research available no matter what area you are interested in. We can help you make an informed decision on the best location for your business. Technology gives us a good start with some powerful tools, but Brokers have the complete system in place that can help you sky-rocket to success.
If you have any questions regarding commercial real estate, don’t make an uninformed decision. Contact us at 313-962-2800, we are happy to help! We feel that our personal experience and interaction with our clients adds knowledge to technology!