Location, location, location! That has been the mantra in real estate since the industry was in its infancy. However, when it comes to site selection, choosing the site is really the final step in the process. To find the best fit location for your commercial real estate clients, start with a clear understanding of their site selection criteria, then work the process backwards.
Unfortunately, clients are not always forthcoming about their success requirements – this is rarely deliberate and often a matter of something simple, such as focusing one important detail rather than the big picture. Asking good questions leads your clients to reveal the real criteria for site selection that guides you to the perfect site.
The Importance of Agreeing on Site Selection Criteria
When a commercial real estate agent takes on a new client, it is only natural that they want to please them by helping find the perfect space for their needs. This process is easiest when the agent and client spend some time mapping out exactly what the client's needs entail. Here are a few key questions about site selection criteria the client must answer before the search can actually begin. And here are some tools to help select properties.
In addition to these questions, the site selection criteria that the agent and the client agree on should include information about their plans for the future, access to necessary supplies and raw materials, as well as considerations of competition in the selected area.
The Most Important Site Selection Criteria to Discuss When a Client Seems Evasive
The client that seems dismissive of properties that seem to meet all other basic site selection criteria may be experiencing difficulties of a financial nature. Even when they have the necessary loan guarantees to purchase or lease a building, they may lacking or trying to secure funding for the actual operating expenses.
Commercial real estate agents should be sure that sufficient information is obtained to verify the overall financial status of the client during the initial conversation to determine site selection criteria. While these questions can be uncomfortable, helping the client to be forthcoming with this information will provide the best possible option for the agent to offer helpful advice.