Does anyone know anybody that went off own their own offering owner rep services? Providing services to individuals and organizations that want to develop but don’t know how to navigate the waters? Permitting, design, financing, construction?
I was wondering if there is an industry out there for this and how big it is. Any idea if there is any money in it. Basically consulting I would imagine.
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it is an industry for sure, not sure how big it is. i think these guys are kind of overpaid for what they do (it's kind of an awkward role) so if you did it on your own you could probably undercut heavily and still make a living. trick is gonna be hustling for clients, your ideal client is kind of a needle in a haystack and it's word of mouth. this is why a lot of the guys that do it are just a segment of a much larger brokerage company.
i know a guy who seems to make a living doing this completely on his own and he caters to a VERY specific product type/user and is kind of .... always talking it up, posting about it, seems to know every little player in that niche. i don't know HOW the hell he fell into it because he came from a condo developer background (and i think IBK before that!), but he seems to be having fun and i'm sure he's making money. i say go for it, i mean look around, who else is doing this stuff??
I think the real market for this lies in catering to a specific asset class and targeting developers who are looking to pivot. Providing valuable expertise on an asset class the client doesn't fully understand helps you earn your keep and an established, well capitalized developer will pay well for those services.
It's definitely a real service, but I think the value lies in expertise rather than pure project management (although farming out project management is certainly popular as well).
CBRE has a construction management arm, I believe. Most places/people who want to develop something, but don't have the expertise will just partner with an established developer and contribute a larger share of the equity etc. This makes more sense for them than hiring a consultant to do the job. You want someone else with skin in the game as well.
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