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Conversation: 10 Questions From The New Breed Of Commercial Real Estate.

guinness

A couple of beers is all it takes?

Well well well well well. I can be bought for a couple glasses of Guinness. Not exactly a revelation but shocking to me never the less. So I just got back from a little quality commercial real estate time in Atlanta touring around the Downtown Midtown and Buckhead areas. Along the way I had several conversations and met some very nice people (for some reason I keep thinking about bowling and the infantry.) One of those conversations involved a couple of lean mean and smart as hell future hitters in the Atlanta commercial market. Cornering me in a booth in an Irish pub the questions started flying.

Here comes the new breed!

Just a quick preface. If you are “seasoned” in the business and the gray is starting to shine through and your feeling a little heat. STOP READING!

Holy shit do these boys know the business upside sideways backwards and front. You say your not worried? You are lying out your ass!

The Questions.

1. I know this business is always about relationships but what value does that relationship really have after the market downfall we just and probably are still experiencing?

2. The “process” of creating the deal. What can we do to disrupt that process and therefore disrupt the business?

3. Technology is a given for our generation. We are struggling with companies and people who want to deny that because it is not there way. What happens when our generation becomes the real decision makers? Oh, and how do we eliminate the others?

4.I use LinkedIn and many other tech tools to get meetings and face time with potential clients. My biggest roadblock is an existing relationship. How do I break through?

5. Co-Star and Loopnet are worth total shit for me in this market. The real data I want is…Tenant Data. I want it online and stacked with the name and number of the decision maker. Where is it and why can’t I buy it?

6. I know that 30% of my market is “gray” and there is a ton of business to be had.  How do you think I can get that data?

7. So give me a couple of hints and tips you have found in other markets that I may not have heard of.

8. Suggestions for me to create a deal NOW and build my “book” 1-2-3 years out.

9. Is technology now such a given now that the business is reverting back to old school tactics?

10.Ok, I will tell you the best 3 ways to get to people online but you can’t post it up. Will you tell me yours?

What’s two pints worth?

This was just a nice conversation that happened over a couple of beers at lunch. There was a lot more that I did not post up. The thing I think about is that there are lean and mean young hitters in every market. HELL I was one and I would like to think that I am still one. Let’s be honest with each other here. You and I both know we better pay attention to these guys. The look on there faces and the tone in there voices was one of absolute confidence and domination. They not only don’t think they will not fail they know they won’t. Remember back in the day when you felt that way? Remember having it all in front of you with no rules or boundaries? So they bought me a couple of pints and picked my brain. I think they got there monies worth. One thing the boys did not get from me. ALL THE ANSWERS!  Hint: It is still and will always be about relationships!

 

Image Credit:http://www.flickr.com/photos/harrychen/

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  • Has technology really changed anything? Relationships are still what have you done for me lately. With this down turn in the market and the volume of deals down does technology level the playing field or further increase the divide. The big national brokers get the data at a price the small local brokers can’t compete with. The small local brokers can know the insides and outsides of their own local market but don’t neccesarily have the ability to large cross country assignements. My biggest tip is twitter seems to help me with #3. Hope all is well.

    John

  • thank you for this very valuable information. I can tell that you are very experienced in this field.

  • Tedwrd0526

    Answers to questions 5 and 8 would be greatly appriciated Duke…thanks for all your regular advice and input!

  • Thanks for a great article. Good insight to the business, beer, and budding relationships.

  • Dan Casey

    Good article.

  • thank you for this actual admired information. I can acquaint that you are actual accomplished in this field.

  • Rachel Rose

    I love Question #9. But I’ll return the ball to your court, Duke: I am under 30…..what exactly are the “old skool” tactics?!