All Forum Posts by: Beverly Meola

Hi @Michael Thompson , welcome to BP.

BP has a lot of resources and forms, and there's even a rental application in the Ultimate Tenant Screening Guide along with screening criteria.  

I am using my state REALTOR board's lease form, my own application form, and IREM's management agreement form.

Best of luck!

Or just residential in general.

Ah North Carolina!  

Don't forget to factor in the cost of sub-metering each unit. That could be a few thousand dollars.

Hi @Robert Murphy  welcome to BP.

Analyst is a good entry level position and some brokers might even offer you a junior associate position right off the bat for commercial real estate sales.

If you're not already involved, start checking out NAIOP and the International Council of Shopping Centers (ICSC).

Best of luck!

Hi guys -

Just signed a new PM contract and the owner wants to install a pellet stove.  Good timing for the next tenant because the unit has electric heat, but bad timing for installers.  I've had 3 companies tell me they're not taking new work.  I have one bid but need at least one more.

Any referrals would be greatly appreciated.

Oh...as far as selling commercial real estate.  Just make sure you find a really good mentor.   If you don't you'll have to study hard on your own. You don't necessarily need to land a job at Cushman & Wakefield to make decent money.  There are plenty of boutique brokerages that make bank.  Some brokerages focus on a particular type of property or a particular client base or region.  Shop around. 

Hi @Ian Lockwood !

It's true.  Buying and selling commercial real estate is Monday - Friday 9-5.  MANAGING commercial real estate is 24/7 - depending on how much you have.  The  more you have, the higher the likelihood of having to respond to a false fire alarm because someone forgot to put the system in test mode, or dealing with a stolen backflow preventer, or whatever the case may be.  So yes, there's work life balance there if you hire a property manager so you don't have to deal with the day to day issues.

It's also true that it's a little more difficult to get into commercial real estate (CRE), simply because the property values are higher than residential property and lending for commercial property is not as easy to obtain for 100% of the property value as it is in residential real estate. Lenders likes to see 75% or less LTV. I don't know what the CRE world looks like in Santa Fe, but around here there is a lot of "smaller" assets...$100k+ There are triple deckers with retail on the first floor and two apartments above and 3,000 sf retail buildings.

Residential is easier to break into, but there should be plenty of opportunity for small commercial real estate properties if you have enough money to put into it.

By the way - I cold called the broker I'm working for now.  She wasn't advertising for help.

Hi @Bill Morris ,

It really just depends on the broker.  As a licensed salesperson, I recently started working with a broker myself and I spoke with a variety of brokers.  

One broker didn't care if I ever showed up in the office, no minimum transaction requirements to remain affiliated, no desk fees with decent splits which were capped at $25k to the broker in a 12 month period. Another broker I spoke with required office time, plus monthly desk fees, they took a big cut of the commission, and they required minimum transactions to remain affiliated with the broker. All of that on top of a requirement to join the National Association of Realtors and paying the MLS fees.

She should shop around and find the best fit.

-B