Welcoming the World

Do Your Homework

“I was like a deer in the headlights at my first MIPIM,” says Bill Caton, CIPS, of Caton Commercial Real Estate Group in Naperville, Ill. “I wasn’t prepared for what was coming at me, but I walked away with a sense of the value that could come from MIPIM.”  Caton notes the lack of local competitors. “I might be one of a handful of Illinois brokers at MIPIM.” Caton’s business associate, Andy Velkme, CIPS, agrees. “Given the small percentage of U.S. participants compared to the rest of the world, Americans really stand out,” Velkme says.

“MIPIM was transformational to my business,” says Caton, but he stresses the need to do your homework and come prepared—including researching registered investors and developers and setting up appointments in advance. “Getting appointments is not easy, but they produce results,” says Caton, who recommends creating a robust profile for the online attendee database.

“Based on my profile, a German investor reached out to request a meeting. We spent 30 minutes discussing his interest in importing a European co-living concept into the U.S. The company owner flew to Chicago, where I had arranged appointments to view multifamily housing properties,” says Caton. The visit resulted in the lease of a Chicago building and the sale of a D.C. building.

Caton’s firm soon became the preferred brokerage for the company’s central U.S. expansion. While the co-living concept is no longer in operation (partly due to COVID-19), the original connection continues to pay off. “We have business relationships with developers all around the U.S. and clients in the U.K., Germany, France, and elsewhere,” says Caton. “That first deal elevated our business from a small boutique company to a national and international firm in four years.”

Velkme acknowledges that his firm’s success following one meeting is atypical. “MIPIM is a great place to create relationships, but business is more likely to come from repeated follow-up and subsequent opportunities over multiple years to reconnect and build on the relationship.” Velkme recommends making as many contacts as possible while at MIPIM and being open to unexpected opportunities. “Some of my best contacts came from talking to someone while waiting in a line for a sandwich,” says Velkme.

Domestic Ripple Effect

The domestic ripple effect of MIPIM is a common theme among its attendees. Jennifer Wollmann, e-PRO®, c2ex, a Coral Gables, Fla., REALTOR® affiliated with the commercial division of Berkshire Hathaway, connected with a New York–based investment group at MIPIM, where she learned of the group’s interest in the South Florida market. Wollmann now reaches out periodically about projects that may be of interest.

Alex Ruggieri, CCIM, CRE, senior investment advisor with North Star Equities in Champaign County, Ill., says he beat out local and Chicago competitors to secure a $6 million hotel listing by promoting his MIPIM network. “Ultimately, the buyer was local, but it was my international connections that got me that listing.” Caton reports similar experiences. “We get listings that have absolutely no global play but come to us because they know us from the global side of our business.”

Tony Harrington, CIPS, C2EX, a residential broker with The Property Shop in Wilmington, N.C., added international branding to his company’s profile after attending MIPIM.“Almost immediately, I got a lead from a French company looking to relocate to the region that included a residential component.” Harrington partners with local commercial brokers on commercial transactions and uses information from the region’s economic development agency to educate potential investors about the Wilmington market.

@Jason Dailey Photo

Partner With Economic Development Groups

Ties to area economic development agencies are an often-cited benefit of attending MIPIM. Nate Johnson relies on Missouri Partnership — a public-private economic development organization — as a source for market statistics to provide to potential investors. Dennis Pruitt, vice president of business development for Missouri Partnership, attends MIPIM as part of the Missouri REALTORS® delegation. “Dennis is instrumental in putting together economic information that showcases Missouri as an investment destination,” says Johnson, adding that “Dennis helps people understand what ‘a Missouri’ is.”

“All of our projects involve real estate,” says Pruitt. “If we don’t have a product, we can’t win the project.” Pruitt describes the group’s relationship with the commercial real estate community as symbiotic. “We’re all interested in promoting the economic viability of our market and attracting companies to our state.”

Ties to area economic development groups deliver value locally as well. Cynthia Shelton, CCIM, CRE, with Land-Qwest Commercial in Orlando, says she made many great contacts with the Florida economic development agency while at MIPIM. “I got an education on opportunities available back home that I didn’t know about.” Shelton says MIPIM is also a great forum to meet other U.S. commercial practitioners. “You learn their niche. I specialize in retail but have met investors looking for office or industrial opportunities. I’ve made several referrals to U.S. contacts at MIPIM.”

A Showcase For Innovation

Aside from being an arena for developing a business network, MIPIM is a showcase for cutting-edge property technology. “I saw my first multistory warehouse at MIPIM some years back,” says Jose Maria “Chepe” Serrano, CCIM, C2EX, of New Miami Realty in Florida. “You see the trends and where things are headed.”

“It’s great for anyone working in development,” says Wollmann. “In addition to the networking, your business will benefit from understanding how creative uses of new construction technology can bring down the cost of development. MIPIM helps you think outside the box.”