A market real estate site visit is based on three pre-plan assumptions:
1. Show the way site research both online and on the phone prior to your visit. This leads to meetings that are more focused on working towards production investments rather than just getting acquainted.
2. peruse inherent Team members in action.
3. Cover as much ground as quickly as possible. Time the visit to coincide with the monthly local real estate club's main meeting.
Research & Networking Prior to your visit
Online research should have produced at minimum the following results:
-Identified list of key inherent Team members
-Specific sub-markets where your chosen strategy will be most effective
-Examples of active or old deals that seem the type deals you want to do going forward.
-Market conditions, major local issues, and the key areas where you need more facts to make a decision.
Validate above data by telephone
Use remarkable questions often phrased with 'what else?' or 'why is that?'
Each conversation has a dual purpose: to gain facts and to value this someone for your Team.
Rely on your intuitive sense- if someone seems hard for you to work with, keep that call brief and move on to a better Team member for you.
Planning The Visit
Set your farranging objectives for the visit
-What are my key questions about this market & investment strategy?
-Who are the habitancy I need to meet to get solid answers to my questions?
-How many inherent Team members do I need to meet with in each key category?
-How many inherent properties do I want to see on this visit?
Prioritize the importance of each objective
Set appointments with habitancy based on your objectives and priorities.
Send a confirmation email to each appointment within 24 hours of scheduling it.
Use your favorite route planning tool to get the approximate time between meeting locations and allow some extra room for traffic and the occasional wrong turn.
Get the numbers on the deals you might visit in improve and screen each in or out based on your financial analysis.
There is value in looking on strategy deals that may not be ready (proof of concept)
Property visit appointments should be set in improve where necessary
Things to Pack for your Trip:
Laptop Computer - Current versions of All your research files for this market should be on this laptop. suggest doing a sync the night before you leave to make sure you don't have the 'missing file' surprise while in the field.
Digital Camera - take Lots of pictures. You'll need them to refresh your memory later and it's better to discard extras than miss something you need. Bring your cable to connect to laptop as well so you can unload photos as needed.
When visiting a lot of properties in a row, take a pic of the listing address page or just write the address on paper and capture it. Makes it easy to recognize which asset is which as the address shots break the string of pictures into verily identified groups in your editing software.
Extra batteries and/or a charger. All the extra shooting will drain the batteries faster than what you're used to seeing.
Shoot at high resolution and download to your laptop each night to originate space on camera.
Agenda briefcase - contains printed copy of your program & Team tabs, printed driving directions from place to place, and copies of your flight, hotel, & car Rsvp's.
Appropriate Shoes - you'll probably need shoes that are comfortable for walking, enterprise casual, and maybe for mud if doing development or preconstruction.
Sunglasses, reading glasses, eye glasses, etc. Even if you wear palpate lenses, have the backup glasses with you in case there's a question with the contacts. (I learned this one the hard way).
Your mobile phone charger, along with a car attachment if you have one.
Business Cards - If you don't have them, get some printed before you go. Key tool for networking and they help show you're serious about your investments. Avoid the temptation to hand them out to every single someone you meet. strike a equilibrium between quantity and quality in this aspect of networking.
When You Get Back
Make sure you've planned in improve for some salvage time from your trip.
Make sure you've planned in some hours for Fast Follow-Up from your trip (see below)
Executing The Visit
-Stay focused on your objectives and stick to your agenda
-Manage program changes based on your priorities
-Only squeeze in 'new opportunities' if they are in direct assistance of achieving your objectives (there's all the time another new opportunity advent soon).
-Do anyone you need to do to keep your power level high. You're better served with less items on your program than running yourself down and not being sharp for the last day(s).
Fast Follow-Up
Job #1 - Is it a Go, a No Go, or do you need more information?
Do a Post-Trip appraisal as soon as inherent after your trip.
Also make a cut off list of new questions and facts needs you have to deepen your insight of the market.
Every performance item created while your visit goes on the performance Plan tab of the template. You should enter them each night while your trip while they're fresh in your mind. This also keeps the corporeal task of entering them from becoming a major task by itself.
Send a Thank You email (and/or make a call) to each appointment palpate and anyone who you spent some time with from a networking perspective.
Clearly summarize the next steps from your meeting (what action, by who, by when)
If you're not curious in working with them going forward, let them know now rather than leaving them in the dark.
Finally, Take Action. We don't make any money just by choosing we like a market. either get into performance in this one or go find another one you like better.
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Why a industrial Real Estate Site Visit Plan Adds to your Return on speculation