Generalist Vs. Specialist - What Fits Your Needs?
Commercial real estate Advisors are often referred to in one of two ways and it’s important to be aware of the key differentiators. Some Advisors are generalists while others focus on a specific commercial sector.
This is an important consideration of yours and here’s why. Generalists have a broad level of experience in a wide range of commercial transactions, development and geography. They work best with investors and clients who have a variety of project or investment needs.
When an Advisor reaches Top of Mind status within the profession, they are considered commercial real estate specialists who have relevant and demonstrated experience and expertise. Fellow real estate professionals, tenant reps, building owners and investors will recognize this professional as a specialist. We refer to our commercial real estate team as Advisors because it denotes a higher level of professionalism.
Selecting an Advisor? Here are the basic characteristics of each:
Commercial Real Estate Generalists:
- Will often call upon their vast experience with small to mid-sized units and property owners/investors who own different types of properties
- Leverage a broad array of experience serving as the Advisor for large multi-property transactions, office and retail projects with owner-operators, and investors with a variable scope of project needs and assets
- Has the skill, patience and longevity to serve a variety of clients
- Typically focuses their business in smaller markets and has cultivated relationships across industries, creating a recognized name in commercial real estate categories like retail, office, multi-family, industrial and others
- Has great flexibility and an understanding of a variety of economic hurdles and unique solutions, even in a volatile market
Commercial Real Estate Specialists:
- Typically focuses their efforts on one product type
- Expertise is focused on a property type, location and often times both variables utilizing relevant data and market trends
- Will possess a greater depth and breadth of knowledge relevant to the local market which is superior to that of a generalist
- They will demonstrate a significant market expertise and possess an impressive deal sheet
- A specialist will thrive in all market conditions - good economy or bad. They are sought out for their unique expertise and professional advisory services
Can the Advisor best serve your real estate needs?
It is best to work with a professional commercial real estate company who is known for their integrity, expertise and client-centric approach. They should have significant experience offering real estate solutions, professional advice and counsel that is relevant to your specific situation.
The Advisor you select to work with should be part of a trusted, diversified commercial real estate division an impressive mix of experience and superior level of professionalism. Their combined expertise will comprehensively serve real estate owners, developers, investors, tenants and lenders.
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