The Advantages Of Michigan Cannabis Real Estate
Cannabis real estate is the commercial experience of operating property to cultivate and distribute marijuana. Or, more simply, a cannabis real estate agent helps landlords sell properties to cannabis businesses. The state of Michigan has legalized marijuana for recreational use. As such, there will soon be an abundance of licensed dispensaries and grow facilities in need of real estate. In fact, according to one report by Marijuana Business Daily (MBD). It expects to drive $3 billion in new investments into Michigan’s economy within the next five years. With so much new money flowing in.
It would not be surprising if a few such deals end up on this side of the border. Whether or not these numbers come about, cannabis real estate brings in a lot of new opportunities for the real estate industry. If you still have doubts about the viability of cannabis real estate, the following are five ways to improve your business.
(1) Increase seller willingness to negotiate
Many sellers would prefer to keep the selling price of their property. But with the right amount of persuasion and negotiation skills, you can convince them otherwise. A good cannabis real estate agent knows how to do this. They can walk through the property and suggest changes that would increase its value and inform you about various ways you can sell it off—all without changing its physical structure. As a result, you will achieve better results in your negotiations.
You may find yourself closing deals that were once impossible for other agents to close for various reasons (location, price, etc.).What does all this mean for you? It means many more opportunities for profit. Suppose you can sell just one property in a way that was never previously possible (perhaps due to the presence of a cannabis business). In that case, it could result in more future sales because more people will be willing to negotiate.
(2) More properties available at lower prices
If you have been trying to find the right deal on a particular property, you may have found it challenging. There are many reasons for this, but one of the main reasons is that many property owners do not want marijuana businesses growing or selling weed on their properties for fear of repercussions from the law or society. However, if cannabis real estate investors buy up most of these properties first, the number of available properties will decrease. As a result, you will have more properties to choose from at lower prices. This could be an opportunity to expand your investments and make much more money.
(3) Reach out to new clients outside of your area
While real estate agents usually focus on clients in their area, cannabis real estate dictates that you widen your horizons and explore other areas. For example, the owners of a property in Michigan or Ohio might have little use for a real estate agent in Colorado or Nevada (the states where recreational marijuana has been legalized). This person might be visiting their property and noticing how well it is being managed by the cannabis business there. They may reach out to a local real estate agent and invite them over to tour their property. If you can impress them, you can get a new client.
(4) Create more opportunities to expand your business
If you have been doing real estate in one area, you may be reluctant to venture into another. However, the opportunities presented by cannabis real estate in your area could encourage you to expand into new territories. Say, for example, that you are from Las Vegas and would like to try and find clients in Colorado. Suppose you can help a cannabis real estate investor buy up a property in Colorado and manage it for them, perhaps even turning a small profit along the way. In that case, there is no reason why that person cannot recommend you as an agent when someone has a property in Las Vegas they want to sell.
(5) Attract a new type of clientele
Traditional real estate agents tend to focus on customers looking to purchase a property. However, cannabis business owners are often looking for properties they can rent, and they have particular requirements in terms of size, location, and appearance. As a result, the clientele you serve could change. You may be served by people you would never have thought to reach before, such as cannabis business owners. This could introduce new profit opportunities and expand your customer service capabilities.
One of the biggest stereotypes associated with real estate is that it is a business primarily for the rich. However, if cannabis real estate becomes a profitable new venture. It could change this perception significantly. Because cannabis businesses are legally allowed to operate, they can purchase property and hire staff. Even people who could not afford a real estate license. Otherwise, you could, in turn, attract more employees to the real estate industry and make it less elitist.
With so many advantages for both agents and clients alike, it is not surprising that there is an increase in cannabis real estate activity around the nation in general. This trend is still very young and expanding. The only question remains whether it will expand enough to make waves over here (and, if so, how big the waves will be). You can be part of the expansion by contacting an expert in cannabis real estate from my website, who can help you get started in this exciting and profitable new way of making money. Click here to learn how Cannabis Real Estate could make you a fortune.