Itís a Great Time to Purchase Land
With the real estate industry struggling, and the cost of property falling, this is a great time to buy land to expand your branch network.
The market is ripe for you to sweep in and get a great bargain on a prime piece of real estate.
But if you are in the market to buy and build in the near future, make intelligent decisions about your site selection and acquisition. Here are three strategies to help you get a good deal:
1. Establish a target price. Developers and land investors are probably holding excess inventories and would like to sell some out lots or properties to reduce their inventories. A good offer would probably get a favorable response.
2. Research storefront opportunities. Look for companies that are cutting back on storefront opportunities (e.g. Starbucks) and see if you can get the names of the lessors or developers to possibly buy the end caps that they were going after. Most Starbucks or fast-food franchises look for end caps on strip centers that would be perfect for a drive-up lane. Also, storefronts make great spoke branches and get you into the market quicker with a good visibility and coverage.
3. Inspect the market. Look at larger financial institutions and their portfolios and see if they are cutting back in certain regions or areas of the states where they might be selling or leasing branches. This is a great opportunity to get into the market quickly with a building that is already designed for financial services.
Bear in mind the crucial factor in getting a good deal on land is finding a good commercial broker that can dig into some of these potential sites or sales and bring them to you. In addition, don't just look for the best deal, but also take into consideration the future. How will your market grow and where will your customers be living? Think strategically for long-term success.
Bill Dean is vice president of business development for NewGround, a financial services consulting firm. Call 636-898-8418 for more information.
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