Why Use a CRE Mentor?

Commercial Real Estate, Real Estate

Mentoring Testimonial

 

Real estate is a complex business and it becomes even more complex once you add the variables of a commercial income property.  The rules are similar but applied differently than residential. The motivations of buyers, sellers, landlords and tenants are also different.

A tenant might ask for a location based on demographics, traffic counts, signage, foot traffic, required parking ratios and so on. For a retail center or an office building, a landlord will want to maximize their income with the right tenant mix and market rents. Multifamily residential landlords may want to maximize their income with tenants at market rates, reduce operating expenses that they pay to increase NOI and create a minimal vacancy loss factor. Multifamily landlords can’t choose where to put their tenants for the best mix per the requirements of fair housing. All these distinctions of the different product types in commercial real estate make it critical to have a mentor in your corner.

Find a mentor who can guide you in the product types you want wish to focus on.  They will help you grow in your focus from counting mailboxes on a multifamily building to get an idea of the number of units to understanding desirable parking ratios for a tenant going into a retail center. There is always something to learn in this business. Building your knowledge from an industry veteran’s experience is one of the fastest ways to get up to speed.

In the Chicago market, I would recommend the mentoring of Paul Martis of Newcastle Team, Coldwell Banker Residential/Commercial in Oak Brook, IL. He can mentor for an office as well as individuals. Paul is a 20 year industry veteran who is experienced and respected as a commercial broker, an instructor, a mentor and as someone who gets involved in the real estate community at large. Many Realtor brokerages do a mix of residential and commercial but their resources for commercial are limited to what the association provides.  Paul Martis provides knowledge through his programs that helps brokers understand how to get deals done.

Best of luck to all who venture into this industry and I hope to see you at a closing table someday.

John Guill

Advisor

Sperry Van Ness

25 N Third St.

Geneva, IL 60134

630-699-4914 Direct

630-938-4950 Office

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