Keys to Finding Development Opportunities
If business is slow, it may be time to take matters into your own hands. Wherever you live, there are opportunities for development around every corner. All you need to do is find the corners of your city that are ripe for new construction and contact a developer who will make it happen.
This is what Michelle Hediger and James Marsden of SellBoston do, and they are currently top producers at Re/Max Leading Edge.
How They Do It
Michelle and James get to know their community. They drive around the different neighborhoods of Boston looking for properties that look ready to be developed–namely dilapidated, abandoned properties. According to them, the worse it looks on the outside, the more opportunity you’ll find within.
The owners of these properties are likely to take you up on an offer to sell. All you have to do is ask around to get a phone number to call, and this will set the wheels in motion. Now, here is their key to success: they also ask the neighbors on either side of the property if they would be interested in selling. If one or both says yes, there are now several lots that a developer can work with. Suddenly, an unappealing shack on the block yields the possibility of being transformed into a condominium for four families with a ground floor garage, for example.
Know Your Numbers
Before knocking on someone’s door asking them to move out, get your math straight. Add up the cost of buying the properties and figure out whether or not the investment would pay off. Then, present this organized information to the neighbors when introducing your pitch. You’ll also be readily able to get into specifics with interested parties.
Once people get on board, development starts. While sealing the deal is exciting, now begins the wait period. Six to eight months may pass before the new complex is ready for you to find prospective buyers. For this reason, Michelle and James juggle several projects at once. Though the returns take some time to manifest, once the some properties are built and more are on the way, you will have created a steady pipeline of properties to push.
Build, Sell and Manage Your Investment with New Vistas Corporation
New Vistas Corporation assists with every step in the process, offering construction services, brokerage services, and property management. We manage over 250 properties throughout New Jersey, Pennsylvania and New York consisting of over 4,000 residential units, one million square feet of commercial space and over 200 retail stores.
We also offer brokerage services—leasing stores and renting apartments as well as marketing and selling large commercial projects. Please visit our homepage to learn more!