Opportunity Belief

I believe there is an opportunity to be successful in the real estate leasing sector because so many businesses had to vacate their office, retail, and industrial space due to issues concerning Covid-19. The unmet need is the space tenants are looking for to get back in the business and tenants such as mom and pop restaurants or logistics companies would have the need. The need came from these companies wanting to re open their stores at a reasonable price. Currently, such tenants are hiring real estate brokers to find them space so they can operate their business. 

As said before the pro typical customer would be anyone who lost their office space due to Covid-19 but today I want to focus on retail businesses and gyms in particular. Gym's have taken the biggest hit terms of retail and a lot of them are forced to close their doors to customers hence not coming up with revenue to pay rent to their property landlord.

Upon interviewing a local gym owner in my home town I came to find out that some gyms opened back up on May 18th but most are still being forced to close their doors until the dust settles in terms of Covid cases. This lady became aware that she was going to need retail space in the future because her gym had been shut down for 3 months and her landlord gave her no rent forgiveness. Currently, she is doing her own due diligence to find new space but has had trouble since she is not a broker and does not have access to the tools and resources and commercial real estate broker has. This is where the need for a broker comes into play. I explained to her that for just 4% of her annual yet, she could hire  specialized retail broker to find her space in an ideal location for a fair price. 

The most surprising thing I found after interviewing 3 gym owners was that upon being vacated they were trying to save money and find space themselves as opposed to hiring a broker. This does save money but they would be putting them self at risk of being taken advantage of in the market.