Randy Benderson Looks at Why Sarasota Is Such a Good Commercial Real Estate Market

Randy Benderson Looks at Why Sarasota Is Such a Good Commercial Real Estate Market

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Sarasota is found on Florida’s Gulf Coast. It is a beautiful part of the country and many people from places as close as Tampa Bay or as far as Phoenix have wanted to move here. However, Randy Benderson has recently picked up a significant news scoop that there has been a shift in the real estate market in Sarasota. Today, it seems investors are becoming more interested in commercial and retail properties.

Randy Benderson on Changes in the Sarasota Real Estate Market

The commercial real estate (CRE) market in Sarasota is very interesting. There are resorts and hotels, investment properties, retail units, industrial warehouses, office blocks, and more. It seems that, in the past five years or so, this market has boomed in the area. Sarasota is still like a little piece of heaven on earth as well, which means it is also very attractive for residential people.

Realtors are becoming increasingly interested in the CRE market, however. There are now also a lot of real estate developers, who are creating different strategies to make sure the area provides the functionality that is expected of a major 21st century city, while at the same time retaining its old town charm. To do this, Randy Benderson completed a study that demonstrated that what people look for in Sarasota is both a strong economy, and a fantastic view.

The market is becoming increasingly interesting, and there have been some significant offers available, whereby investors could purchase commercial properties here for as little as 80% of what their actual value is. And, since this raised interest so much, a lot of business shares also started to grow, bringing even more money into the economy as a whole. Within just a few years, some people were able to earn a significant amount of money, and they pumped this straight back into the Sarasota economy.

Benderson also noticed that there was a change in the labor market. A lot of CRE professionals, real estate professionals, financial experts, project managers, and accountants suddenly started to come to the area. The result of this is that the economic future of Sarasota started to increase as well. Unemployment rates have dropped significantly, and this has changed the face of the town. In the past, it was very much a retirement community, but it is now attracting young talent as well.

Although the economy is never 100% stable, it seems that making investments in the Sarasota market is a pretty safe thing to do. Additionally, starting a business in that area is also a very good idea. While, again, there are never any real guarantees, the economy is strong, the labor market is thriving, money is growing, investments are being made, and experts all over the country are keeping their eye on Sarasota. Whether you are thinking of starting a business, moving to somewhere nice for your retirement, or simply investing in property, it seems this once little Gulf town is the way forward.

What You Need to Know About Starting a Real Estate Business

What You Need to Know About Starting a Real Estate Business

If you enjoy selling real estate, then you already understand the types of profits you can make. Yet, it can be difficult to split your profits with several agents.

It can be such a disappointment when you hear you are receiving a $300,000 commission but splitting it with five other agents. Now, you are still getting a nice payment, but only a fifth of the full amount. Plus, you have to deal with the personalities of four other agents who probably think they know the best way to sell the house. It can be chaotic.

This is why successful real estate investors choose to own their own brokerage to help structure real estate investments in the best way they see fit.

Start with Saving

You will need money to open and run a business. Items to consider include:

  • Renting or buying a space
  • Website design
  • Logo design
  • Insurance
  • Office signs

Financing

Then, you need enough money set aside to cover operating costs. If you want your business to succeed, you need to keep the lights on and the Internet working. You also need your phones to work.

Moreover, if you plan on hiring anyone, you need to have enough one hand to pay their salaries for several months until the sales start coming in.

Legal Configuration

You want to ensure your business is a business. This all depends on what type of tax status you need. In general, many real estate brokerages are set up as LLCs. This means owners can legally separate themselves from liability and increase protection over personal property and finances if ever faced with a lawsuit.

It’s not difficult to create an LLC.

All you need to do is file articles of incorporation with state agencies and ensure your company maintains good standing. Nonetheless, it helps to seek out the advice of an attorney who specializes in real estate issues.

You may also want to discuss your plans with a financial advisor to ensure you are spending your money wisely.

Marketing

You also must decide how you will get leads. You need a plan that will keep your inbox filled and your phone ringing. If you don’t have leads, your business will dissipate rather quickly. So, you must have a marketing plan and a marketing budget.

Even if it’s a few reams of flyers, you must start advertising. Some strategies work better than others. The point is: you need to make money to stay in business.

Hiring

Now that you have a real estate business, you need to hire agents to bring in multiple streams of income. Who you hire depends on what type of business you can attract. The best agents will work for firms with the potential for many good leads. So, it is your job to provide that. Easier said than done, but it is necessary for getting the best agents available.

In Conclusion

Starting a real estate brokerage is a good idea for seasoned agents with a plan for success. Huge profits won’t come in overnight, but they will happen with the right strategy and implementation.