Tips for Taking Advantage of Lansing’s Real Estate Market
I am not afraid to take on difficult tasks. In fact, I often seek out new challenges when it comes to business. I look for strategic opportunities; I believe that figuring out someone’s problem or my own helps me learn.
I’m a publisher and advertising executive, but it seems that all I think about these days is real estate. In fairness, this is the GLBM real estate issue, so it’s relevant right now, but I’ve been trying to figure out the realities of real estate for months.
For 14 years, I’ve been building a business and adding an amazing team of people. These folks need an environment to do great work. So, as we are outgrowing our current location, I have been on the hunt for new office space. And, like most individuals, I have a few requirements or must-haves. Who knew it would be so difficult to find:
- 8,000 square feet
- 40+ parking spaces on site
- Ability to customize
- Perfect location
As difficult as that part is, understanding the ins and outs of the due diligence process is complicated. Keeping everything on track and gaining advice in areas that I didn’t even know to ask about, is daunting. Luckily, there are experts that can help navigate the process. I’ve put together a list of tips to help the novice figure things out:
- Know what you are looking for in a property, but be prepared to compromise (a little).
- I recommend starting with the Lansing Economic Area Partnership. They can give you advice and help with other resources.
- Find a professional to show you properties and let them help negotiate your deal. Give yourself some time to figure out if the property has environmental or other types of issues.
- Don’t purchase the property until you have gone through the due diligence phase. After you have all of the information, renegotiate if necessary or walk away if the deal doesn’t make sense.
- Determine a timeline of activities to ensure that incentives and inspections are completed and every “i” is dotted.
Obviously, there is a lot more to it. I would offer more tips, but I’m still navigating the process myself. The excitement is mounting at the prospect of a new building and I’m looking forward to learning a lot more about real estate development. My project is small, but our town is fortunate to have many cranes in the air at this time. Major developments are making a huge impact in the greater Lansing region.