Real Estate Investment Groups And Leasing Brokers

By Author: networth realtyusa
Total Articles: 2
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Before beginning your investment process as group leaders of realty investment projects, it’s important that you find out who the top leasing brokers are in the submarket that the property is located in. Call on the top two or three and ask to meet with them either in their offices or at the building, if possible. Find out what their impression is of the building; where it fits in the submarket against the competition; what the competitive set is; what they think the building needs for enhancement purposes; what their impression is of trying to do deals with current ownership.

Also, find what is going on in terms of transactions in the submarket; tenants looking for space; what the subject building can expect in lease terms. Finally, discover all rental rates, tenant improvements, concessions, lease term, parking rates, brokerage commissions and any other pertinent information that can be gathered to make sound decisions.

This is your big opportunity to gather as much information as possible on the subject building’s submarket from the people who help drive the market. Make sure you are optimizing your ...
... opportunity to get as much information as possible. Ask as many questions as you can in order to thoroughly familiarize yourself with the building and submarket you’re buying in. Ask if you can tour the competitive properties in the area with them so that they can point out the strengths and weaknesses of the subject property against the competition. This will give you an excellent perspective on how prospective tenants could view the building your real estate investment group is looking to purchase.

Spend Time at the Property

There is much to be experienced and found out by spending time in and around the building. You’ll discover what the tenants are like; how the parking works in terms of availabilities and peak hours; what the surrounding area looks like in terms of activity and people, at different times. It’s important to check the property out at different times of the day in order to get a better feel for how it operates; i.e. Is the HVAC running after normal business hours or on weekends when it’s not supposed to? Is the building locked after normal hours or is the security for the building adequate? Is the lighting for the parking structure and around the property adequate and does it stay on 24/7 or does it operate at minimum standards after a certain hour, i.e. after 11PM?

Conclusion

New buildings which are potentially purchasable with real estate investment group funding need proper vetting, well-spent time at the property and well-placed questions when buildings are being potentially brokered out to leasing agents. Remember to perform all realtor due diligence before investing.