Jessica TNT guest - she's in commercial real estate
Commercial real estate market
How to hand off a commercial client to Jessica so it is successful
1. What is commercial real estate?
What is commercial real estate ? It encompasses many things. People like to buy and sell commercial buildings
It is not only buying or selling but also tenants, people you lease the spaces.
Fulfill both needs in one location, office and home
2. How is the Commercial market?
It is just as crazy as the residential market in some sections.
Retail is starting to come back. The Office is slow but is starting to grow again.
There's people that can't work from home or don't want to, so companies are looking for spaces after Covid.
Office market - there you will see multiple offers
Free rent is not as popular as it used to be. There is a lot of demand for leasing properties
Rates like this were seen back in the 80's.
1 month of free rent per year is not seen anymore.
Tenants are willing to take the space as it is, with no fixes.
3. What makes you successful in your profession?
There are similarities with residential real estate, relationships are essential as well as referrals .
You need to know the market and the area. Know rates, competitors and knowledge of what you are working at.
They go door to door to know who are their tenants and better understand their needs.
Off-market : you can go directly to landlords or owners to know if they want to sell their properties.
Where do they search for a property if there is not a MLS - There are online websites
Guide you through the lease and contracts - highlight items that maybe you are not aware of an in the long term can cost you money.
4. How to hand off a commercial client?
What type of businesses do they have?
What type of space do they need? do they need a warehouse?
When do they need the space?
Full service lease - office buildings, they encompass everything, The tenant will pay maintenance and will take care of repairs.
Triple net lease - taxes insurance. You will need to pay the expenses in addition to the rent
Industrial lease - expenses included in the rate
Real Estate the Day:
That's a wrap:
About Jessica and commercial real estate
How to hand off a commercial client
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