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#294550 - 06/11/09 08:59 PM Need help from veterans
rogers6569 Offline
Junior Member

Registered: 06/09/09
Posts: 8
Loc: Kearney, Nebraska
Here's the situation...
I was a lowly receptionist that worked for a brand new development/property management firm in the middle of Nebraska. I no longer work there (I quit the owner was a thief) but have been working on getting my license. The original plan was to go all the way and get my brokers license. I've since decided that was a bad idea...books don't teach you everything you need to know. I know I need to attach to some sort of broker. Okay...with that said...I've kept in contact with a very influential gentelman who is in the process of entering the commercial real estate world. I do what I can for him (since I don't have my license yet) and we have a great business relationship.
My question is: I don't know if I should just attach to any old broker here in my town...or search elsewhere and attempt to attach to a commercial realtor like grubb & ellis or NAI, etc. (these brokers are two hours away from where I live). I know that the client I already have will be my bread and butter so naturally I want to do the best I can for him and be able to give great advice....so big commercial RE company or local century 21?

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#294553 - 06/11/09 09:15 PM Re: Need help from veterans [Re: rogers6569]
rogers6569 Offline
Junior Member

Registered: 06/09/09
Posts: 8
Loc: Kearney, Nebraska
I forgot to mention...I went from "lowly receptionist" to Property Manager in 4 months (this might tell you a bit about the company too). I got a great taste of commercial leasing and managing...but am more interested in buying/selling/developing.

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#294556 - 06/11/09 10:04 PM Re: Need help from veterans [Re: rogers6569]
Duncan Pollock Offline
Member

Registered: 06/28/04
Posts: 148
Loc: Ontario, Canada
The commercial market is very different from the residential one. Thus you should at the very least join a local brokerage that has clear evidence of commercial listings and sales.
On the other hand, although joining one of the Big Guys (such as Ellis) could help you locally if it enabled you to be a big frog in a small pond, it could also end up with your simply becoming a small frog in a large pond.
As in the residential field, one of the keys to success is that you can do and do do what no-one else is doing -- which includes doing it better, being more qualified to do so, and having the backing of an established presence/recognition in the market.

Duncan
_________________________
Acts as an Exclusive Buyer Broker for residential and non-residential properties in Canada's Niagara Peninsula.

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#294587 - 06/12/09 01:20 AM Re: Need help from veterans [Re: Duncan Pollock]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8391
Loc: georgia
"but am more interested in buying/selling/developing." I have worked on projects with after build values of 150 million dollars and over 600,000 sq ft of mixed use spsace.

Right now not many businesses are expanding period. Many development projects are in a holding pattern as they have cleared the land and cannot get financing or the 1st construction loan ran out and they can't line up more financing that's acceptable. Most are waiting for the credit market to thaw a little but so money flows again at reasonable lending rates where projects are still viable with the numbers involved.

Right now all the big commercial re companies are getting pounded with virtually no sales. Most are focusing on leases,helping commercial owners wring out more profit through cost analysis, and also going after defualted properties that are put into a recievership. If land owners don't have to sell they are just waiting for the market to turn. Corners are still selling at reasonable prices.

Otherwise the other action is cash venture funds looking for a steal which is 1 in 500 properties listed.

good luck

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#294650 - 06/12/09 03:16 PM Re: Need help from veterans [Re: super realtor]
rogers6569 Offline
Junior Member

Registered: 06/09/09
Posts: 8
Loc: Kearney, Nebraska
Thanks for the advice gentlemen! The client/customer that I am working with doesn't need to secure financing, already has one building built on a development site and we are looking at some properties going into foreclosure this next month.
Just need to know if I would get better training at an all commercial brokerage or if it really mattered where I went.

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#294668 - 06/12/09 05:34 PM Re: Need help from veterans [Re: rogers6569]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8391
Loc: georgia
Commercial is specialized so YES you would get better training at a firm that specializes in that.

One of the exceptions is if a local long standing commercial real estate company is in the area you could go with them.

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#294844 - 06/14/09 01:48 PM Re: Need help from veterans [Re: super realtor]
rogers6569 Offline
Junior Member

Registered: 06/09/09
Posts: 8
Loc: Kearney, Nebraska
Thank you super realtor. I appreciate your help...and I enjoy reading your other posts. Your knowledge is so helpful to us "newbies".

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