Wherever community exists there is bound to be commercial enterprise. The numerous businesses and industries throughout the nation, along with the REALTORS® who live and work in those locales, form the backbone of the U.S. economy. One of the ways NAR supports these efforts is through the Commercial Innovation Grant Program.
Read more: NAR: 2017 Will Be Strong Year for Commercial
The Commercial Innovation Grant Program (CIG) provides funding to local REALTOR® associations to enhance or launch what 2017 NAR President William E. Brown would call revolutionary commercial practitioner services. Commercial practitioners create communities block by block, through retail properties and multiunit high-rises. CIG funding is designed to jumpstart those projects, to forge strong connections with civic leaders, and to enhance community-building in innovative ways.
Three REALTOR® associations shared their CIG success stories:
Project Spotlight: Winston-Salem Regional Association of REALTORS®
- A service opportunity emerged when WSRAR’s market faced a two-year construction project to a major highway connecting outlying areas to the downtown. There was an expected negative impact on traffic to the commercial district, which could cripple local businesses. CIG funding allowed members to tackle this issue head-on.
- WSRAR conducted outreach to the North Carolina Department of Transportation to get information about the anticipated impact on commercial real estate. Data was housed on branded thumb drives and members distributed them to businesses in attractive bags containing an informative magnet and a foam stress-relief construction cone. The information enabled owners and property managers to create their own branded flyers, helping customers navigate construction to continue shopping and conducting business.
Central Oklahoma Commercial Association of REALTORS®
- COCAR used CIG funding to found an annual networking event called “The COCAR Fall Forum.” COCAR designed its first forum to focus on a topic of interest to the commercial real estate community and provide continuing education credit for commercial real estate licensees. With a clear emphasis on advocacy rather than economic forecasts, the forum will cover local and state issues, highlighting REALTOR® expertise and establishing members as a valuable resource.
- This year’s forum was devoted to the topic of earthquakes. Oklahoma has experienced a considerable increase in earthquake activity, a vital matter for REALTORS® and businesses alike. The COCAR Fall Forum received significant press coverage, and the Oklahoma educational television authority broadcast the first two hours. It also led to the creation of a relevant white paper about earthquakes.
Project Spotlight: Reading-Berks Association of REALTORS®
- RBAR’s commercial brokers did not have one central location to direct potential commercial property buyers to. The CIG grant led to the creation of a web tool providing a regional one-stop place to search through all available commercial properties in Berks County. RBAR stepped out as a leader, creating a single-source search capability helping companies looking to locate or expand in Berks County. The local economic development organization is even promoting the website.
- The grant pushed RBAR to fill a need in its market, fostering important community collaboration, along with creating referrals. And best of all, the project greatly enhanced the value of RBAR for commercial real estate practitioners, which the association expects will help grow membership.
Source: “Community Development: Strengthening Communities by Funding Imagination,” Commercial Connections (Feb. 3, 2017)
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