Browsing the archives for the #NewcastleCRE tag.

Commercial Real Estate Mentoring Testimonial

Commercial Real Estate, Real Estate, Uncategorized

NewcastleCRE®
Commercial Mentoring Program in Wisconsin

In 2016 I was invited by my managing broker to be part of Paul Martis’ commercial real estate mentoring program.
Paul has an extensive background in commercial real estate and his class was thorough in every aspect.
There was a sizable amount of information to go through but Paul made it manageable and communicated it in real life examples.
It is invaluable to have someone with his experience and expertise at your fingertips.
Paul provided us with the necessary formulas and discussed every variable and how they can affect the bottom line.
I would not hesitate for a minute to recommend NewcastleCRE® 10 Point Commercial Mentoring Program in your training for commercial real estate.
Top notch!
Katie Hobbins-Broker
Coldwell Banker Residential Brokerage
Mequon, Wisconsin

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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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MultiFamily opportunities increase in 2013

Commercial Real Estate, Real Estate, Uncategorized
Multifamily tenant demand to exceed completions in 2013 | REJournals.com
www.rejournals.com
Investors in Chicago’s multifamily market expect tenant demand to increase in 2013 as the city adds new jobs and residents this
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Commercial LOI

Commercial Real Estate, Real Estate

The ABC’s of Real Estate: LOI (Letter of Intent)

Posted on October 18, 2011 by admin

The process for leasing or purchasing commercial real estate space usually starts with the interviewing of adequate representation (commercial real estate brokers), followed by drafting a list of requirements for the new space, and finally a search of available spaces. Once one or two properties are selected as possibilities, negotiations begin on a “non-binding” level through the use of a Letter of Intent (LOI). The LOI is a precursor to a lease or sales contract and is usually completed by the chosen commercial real estate broker.

The reasons for using a LOI are multiple, with the most important being that it serves as a guideline for the attorney to draft and finalize necessary leases or contracts. Unlike residential contracts for homes, commercial leases and contracts vary each transaction. There is no set template to follow. Therefore it is necessary for these documents to be orchestrated by a knowledgeable attorney, as it is out of the realm of a broker’s duty and is essentially illegal. However, a broker’s role is crucial in that they outline the negotiated points the attorney will draft the contract on. This action saves legal fees as the attorney has less to negotiate through the contract.
Items that brokers include in an LOI are:

1. Names of the parties in the transaction including the buyer/tenant and seller/landlord.
2. The address of the sought after space.
3. Size of the sought after space in both rentable and usable square feet (if necessary).
4. Offer terms.
5. Signature and date lines.

You may be thinking to yourself, what are the offer terms. Great question…as this is the most fluctuating part of LOIs and contracts alike. Our next blog will cover a variety of items that can be negotiated through an LOI.

This entry was posted in Tenant Representation and tagged Lease Negotiations, letter of intent, office negotiations, Purchase Negotiations, retail negotiations. Bookmark the permalink.

Authored by O’Donnell Commercial Real Estate

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