Closing commercial real estate transactions in today's market requires a close and consistent eye on the many elements throughout the process. The old saying "time kills all deals" has never been more true, given the state of the 2011 market. So, if you like to get paid on your deal (and who doesn't) here are some elements to consider:
* Pursue viable transactions. Try to fill your pipeline with smaller to mid-size deals. These have a higher likelihood of closing.
* Time is one of your best resources, protect your time and work your transactions wisely. Qualify the potential success of your seller, buyer or tenant. Non-productive time means no sale!
* Assume nothing and be proactive at every stage of the transaction. The downfall of many transactions is lack of proper follow up. Inefficiencies + extra time create opportunity for problems to surface.
* Keep-your-eye out for trouble developing. When problems arise use creativity to develop solutions that meet the needs and interests of the parties involved. Leave compromise as a last resort.
Few people really enjoy change - it's not in our nature. By focusing your attention, resources and efforts on dollar productive activities your income will grow. Given the uncertainties we face in this challenging market you can create success by concentrating on keeping the momentum moving forward toward a closing.
Yours in building commercial careers worth having.
Ron Fredette is managing director of KW Commercial NH & Mass., Bedford, NH.
New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary