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The Art and Science of Great Decision Making: How to Dominate Site Selection
by: Scott Willenbrock, COO of RES
The Task
Choosing optimal real estate sites to support your company’s business operations can be a daunting task. Especially when trying to build an efficient network of locations that both support and quasi-compete with one another. At the end of the day, your company’s success, and your career, depend on choosing only the best locations. Here are some tips our team has learned over the years that will help you to dominate Site Selection.
The Art
Here’s what we often hear: “Site selection is easy! I know real estate and have great ‘gut instincts’ when it comes to these type decisions. I can do this on my own – I don’t need to engage a local broker.”
While selecting sites based on subjective, “gut” real estate knowledge can generate decent outcomes, we’ve seen many fall hard. Success is less about luck and more about uncovering market insight. This is where choosing the right local broker pays huge dividends. Brokers who have a deep understanding and relationships in the market are invaluable and greatly increase the chances of success, often uncovering off-market opportunities that would have otherwise remained unknown. We call this type of market advantage and insight the “Art”.
The Science
But are decisions relying on the “Art” alone optimal?
Enter the “Science” of site selection. Science uses data and analytics to evaluate a market, uncover hidden opportunities and trends, and predict future outcomes. The data comes from multiple sources: demographic, socioeconomic, psychographic, business or industry specific data sets that influence your business. Advanced analytics then knit this data into insights that drive optimal recommendations. This Scientific approach ultimately allows the development of a baseline, data-driven strategy that serves as the foundation of your strategic network plan – free from subjectivity or conflict of interest.
Optimal Results: Art + Science
Of course, the optimal approach begins with an objective, analytical “Science” baseline that is then tempered with market “Art” insight.
Once your strategy is ready for the spotlight, the results must be presented in a logical, clear and concise, “no-brainer” manner that builds confidence and consensus with key decision makers. This includes performance predictions such as customer traffic, revenue or profitability that also provides stakeholders a ranked list of opportunities, first to last.
If you present compelling strategies and recommendations based on both the Science and the Art, the result is a solid recommendation that translates effortlessly into a business case poised for stakeholder approval and ultimately, portfolio transformation.
ABOUT THE AUTHOR
As Chief Operating Officer of RES, Scott is focused on delivering outstanding results for clients from strategy creation through transaction execution across wide geographies. Scott also assists clients improve their internal approval and transaction service delivery models.
For more information, please contact: Scott.Willenbrock@REStrategies.com