Who Should be on my Real Estate Team?

    Posted by R. Tim Lichtenstein on February 18, 2020
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    Buying, selling, & leasing commercial real estate can be a complex and overwhelming process.  Aligning yourself with professionals who can provide clear and accurate direction on the transaction will help you save time, avoid risks, and (hopefully) make more money. 

    No matter your relationship with real estate (e.g. seasoned investor, a new investor, a landlord, a tenant, etc.), the right team will help create a smoother transaction, by providing a more complete understanding of potential risks and enabling you to reach your goals and objectives. 

    Below, I have compiled a list of "positions" to consider adding to your real estate team! 

     


     

    ACCOUNTANT: Accountants are indispensable in helping sort out and quantify expenses. For example, they can help you categorize your properties expenses in terms of capital and reoccurring expenses. They can also help assess the long and short terms gains of your investment and how to maximize tax credits and incentives when possible.

    ARCHITECT: If you are building from scratch or if you are uplifting a space, architects are a great asset to your team. After understanding your needs, they can employ creative design solutions and provide recommendations for your property.

    ATTORNEY: A commercial real estate attorney who is familiar with the intricacies of a commercial transaction as related to acquisition, dispositions, leases, 1031 exchanges, or whatever your situation may be, is essential! As already mentioned, real estate transactions are complicated. Attorneys will help you protect yourself and avoid pitfalls of the process. 

    BROKER: There are a number of things a broker can help you with. If you are a tenant or a buyer looking for a space, a broker can help you by knowing what is available in the market. Your broker should have access to a wider array of available properties. Additionally, they can help you negotiate with the landlord or seller for the best purchase price or lease rate. If you are on the other side of the transaction as a seller or landlord, your broker can help showcase your property to key players in the market. When considering which broker to add to your team, look for someone who understands your needs and who is active in the market. 

    CIVIL ENGINEER: These team members can help you discover what lies below the surface of your property. This can help you avoid turning a potentially profitable project into a financial disaster.

    CONTRACTORS: A quality, experienced commercial contractor is indispensable in keeping projects moving forward and on budget!

    INTERIOR DESIGNER: An interior design company can be instrumental for property owners and tenants alike. They can improve the professional look and feel of a space and maximizing the WOW factor of your property or company. This can result in higher rental rates and greater appeal to the marketplace.

    SPACE PLANNER: Consider adding a space planner to your team! They can assess the best use of space, which can result in maximizing returns on your investment. These team members can also help you avoid dysfunctional space at your property.

     


     

    This list will vary based on the type and scope of the transaction and subsequent project. Having the right people on your team can pay dividends down the road. 

    Looking for recommendations for any team members? Give us a call and we would be happy to help you find the right fit for you! 

     

    R. Tim Lichtenstein

    Written by R. Tim Lichtenstein

    Tim's vast knowledge and desire to learn add value to any leasing or sales transaction. His background gives him great perspective and know-how when it comes to any retail, investment, or multifamily property.