Site To Do Business
Consulting Those in the Know
One prominent commercial real estate veteran aims to leverage Site To Do Business and other analytical tools to help the small investor make big gains.
With more than four decades spent in commercial real estate, Rocco V. Neri, CCIM, has had a front-row seat watching proptech grow from a relatively insignificant curiosity into a vital tool for any CRE professional in 2021. With experience in appraisal, investment, and development, Neri has seen the success of data-driven decision-making, leading to his founding of RESGCO, a Cleveland-based real estate consulting firm that provides clients with location intelligence. Largely powered by Site To Do Business's toolkit, RESGCO provides essential data and tools to support financial, market, spatial, and competitive analysis.
“Large corporations have all the resources to handle this kind of analysis themselves,” Neri says. “But the average entrepreneur doesn't have the same as, say, General Motors, Wendy's, Walgreens, and large shopping center groups. That's where we come in — to provide cutting-edge data and analysis to individuals and smaller businesses. And we couldn't do that without Site To Do Business.”
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RESGCO specializes in the retail sector, where clients are primarily concerned with demographics in the area around existing or potential sites. This data is readily available through Site To Do Business, with key factors including median household income, overall and daytime population, and segmented age information. Details about a specific area are also available in the form of activity and retail generators, hospitals, roadways, schools, restaurants, and business parks. These benchmark demographics provide Neri with supportive data that are the foundation for the analysis delivered to his clients.
“In the last year, we've seen plenty of closings,” Neri says. “Thousands of retail locations and restaurants are closing. But not all of this is due to the pandemic and e-commerce. We've seen dramatic changes in trade areas that created problems before COVID-19.”
For years, for example, large malls were a massive draw for other retailers, thinking these high trade areas would produce the traffic necessary to support a business. But, as Neri points out, it's not that simple. This one-dimensional view doesn't account for market segmentation. It doesn't include nuances that can be found in the deeper analysis of data.
“It's not just location, it's also localization” he says. “It's important to show clients how to best position themselves for success by delivering information on consumer profiles in the area to understand how a business will meet their needs.”
The available data from Site To Do Business allows commercial real estate professionals to deliver added value to clients by reaching this deeper understanding of a specific market. Retail might be the first sector to come to mind, but such analysis is key to other sectors, including office, multifamily, and industrial. For a potential warehouse location, as an example, the site profile will focus on demographics of the workforce, rather than retail-focused consumer data.
Another growing market that is in Neri's sights is adaptive reuse. With industrial and supply-chain properties in growing demand and hospitality and retail under increased pressure, repositioning existing properties could be another avenue for CRE professionals to leverage data from Site To Do Business to improve their clients' decision-making.
“How best can you serve your clients with data?” Neri asks. “Let's take a client who owns 10 properties. Wouldn't it be nice for them to know what's happening in the trade areas of those properties? The minute you purchase a property, it's the first day in the rest of that investment's life. Wouldn't it be nice to know what's going on in the marketplace? That's where Site To Do Business and Esri are so darn important. They keep us aware of what's going on.”
For more on this topic, check out Site to Do Business for commercial real estate professionals.