561.500.ECHOECHO Commercial Properties: What We Do Part 1
What, Exactly, Do Ya Do Here?
I have always loved the movie “Office Space.” There is a scene at a dysfunctional engineering company where two guys, both named Bob, are brought in as management consultants. As we can remember from the 1990s (ok, some of us can remember) the consultants were usually brought in to cull the workforce. The funniest scene to me was when the Bobs were interviewing an employee that is very nervous and can’t explain exactly what they do. They have been exposed. One of the Bobs leans in and in a frustrated, sarcastic tone, tries to cut through the stumbling with “So, what would you say, on a daily basis, do ya do here?!?”
When I chose to go into Commercial Real Estate, there were a lot of questions from friends and relatives. Now, everyone gets questioned about their choices in life. Oftentimes these people are inquisitive because they are interested in what you do, and/or want to show concern for your well-being. Sometimes, there is even cynicism. What I have found is that real estate is one of the most mis-understood professions, and Commercial real estate is very confusing to many people.
Over the next few weeks, I will look to pull back the veil and show how we do our jobs properly. So many people have investment wants and have little to no knowledge on how to make them come to life. We help people make good decisions on their financial future.
What, Exactly, Do Ya Do Here?
During our time in real estate, we are asked from time to time what it is we do. Most of the time, it is out of curiosity, but sometimes it is because the impression that people have is based on what they see on television.
With the growth of HGTV, we get shows like “Love it or List it,” “The Property Brothers,” and of course, “House Hunters.” Yes, these shows are about residential real estate, but the pilot for our commercial sitcom is being “delayed” due to dry content. Point being, these shows are like sitcoms, painting a picture that agents can, in half an hours’ time, solve everyone’s needs. Whether you want to renovate for 10% of what it costs in the general market or find the perfect home in one day, this network makes it look easy. Unfortunately, it is oftentimes delusional.
We will explore our regular responsibilities as Commercial Real Estate Specialists in the next few vignettes so that you get an accurate depiction of what happens, and what doesn’t in today’s marketplace.
In part one, let’s examine what we do during the search phase. Since clients do not fall from the sky, oftentimes we scour the market for opportunities to both sell and buy. We remain active, meeting business owners and developers so that we can stay on top of what is on the market, and what COULD be for sale or lease if the right deal came together. This can include mapping out a geographic area and driving to see in person what is described online, or by making calls, emails, and texts to reach proprietors.
We are also active with our local Chamber of Commerce offices so that we get to know different leaders in the community. Those relationships can become one of the best sources for business prospects.
Our search includes research done on the specialized, subscription-based, search engine called CoStar. LoopNet is a tool available to the public but does not have nearly the details that CoStar does. CoStar is more current than any other website and provides detailed analysis of most every property, whether on the market or off.
Constant communication with clients is needed so we do not miss an opportunity. Ferris Buehler reminded us that life moves pretty fast, and if you do not stay in touch, you can miss the perfect space. We tell our clients to be ready for a 9-1-1 text message at any time if a property comes available. It is our job to make sure that the sense of urgency is maintained.
We must be creative on how we approach the job. If our client wants to open a bakery, not only do we do demographic studies to know where the current ones are, we look to talk to some of the active bakers in the area…you never know who is getting ready to retire and would welcome an offer. In times like these where supply of inventory is particularly low, we look for unique solutions daily, so we can create opportunities where there are none.
So, web and road search, communication, meetings, and creativity. These all go into our daily search routines so we can be as effective and efficient as possible for our clients.
In the next section, we will focus on what happens when you either find the right spot or land the right customer. Remember, it’s part of what we do here.
Howard Freedland is our Echo Commercial Properties Real Estate Specialist. As an independent wine broker, Howard has executed international deals with corporations and conglomerates. While working with Echo Fine Properties, Howard is a part of a team currently managing the interests of national and international companies wanting to secure land and property in South Florida. All of his prior business experience has brought him to this point as a professional, effective real estate leader. You can contact him on 561.889.2735 or Howard@EchoCommercialProperties.com.
