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COVID-19 and Commercial Real Estate: Why Tenant Reps Are More Valuable than Ever

Posted on October 1, 2020 by Mike Kushner in Blog, Office Leasing, Tenant Representative/Buyer Agent No Comments

Now more than ever, if you are looking to lease commercial real estate, you need a tenant rep on your side. All of the services they provide, which include negotiations, market expertise, coordination, and strategic advice, have not changed. However, given the complexity of the during- and post-COVID economy and all of the changes that keep coming, such services have become more valuable than ever. Here are six reasons why working with a commercial real estate professional who exclusively represents is more important now than ever before.

Your use of space has changed.

This spring, when basically all non-essentially businesses were forced to temporarily close or work remotely, how people used commercial spaces changed drastically. Even after people were able to slowly get back to business and reopen, there was a drastic shift in how much space was needed to accommodate needs. Some businesses decided to remain virtual and thus needed to get out of their commercial space entirely. Others needed more space or reconfiguration of space to accommodate for social distancing. Others still had to consider how they would replace communal spaces like conference rooms and kitchens.

Having a tenant rep on your side to help navigate all these changes is a huge benefit. First, they can help with lease negotiations if you need to break or change the terms of your lease. Next, they can also help you secure more or different space, if needed. Doing this on your own is a big undertaking and you don’t know what you don’t know. That’s where a tenant rep can step in to take this off your plate so you can focus on running your business.

And the market has changed.

COVID turned everything on its head, which includes the commercial real estate market. It’s a new world out there, and the person who can best help you understand the changes and how they could be used to your benefit is a commercial tenant rep. It’s their job to monitor the market and help their clients adjust accordingly. With a tenant rep to guide you, the many unknowns of this market can start to make a little more sense.

Getting to know a new market is challenging.

If your business needed to find a new space during the pandemic, particularly in a different city, this is where a tenant rep can really help you out. With travel restricted in so many ways, it’s virtually impossible to get to know a new market without living there or having visited it. It’s like real estate shopping with a blindfold. But when you can call upon a tenant rep who lives in your new desired market, you will benefit from all of their knowledge and expertise about that market. They can help you identify the right options for your commercial space, allow you to virtually tour it, and work on your behalf to negotiate a favorable lease.

Not everything is represented online.

Another important consideration is what you see online isn’t the full picture. Many commercial properties cannot be found through an online listing. And with so many places to look, how can you be sure you didn’t overlook something. A tenant rep who knows the market knows what spaces are available, even if they’re newly listed and not represented online. They may even know of space that will soon be opening up and is not publicly known. All of this will work to your advantage to help you see your blind spots, and without having to take on the headache of this alone.

Negotiation is at an all-time high.

Thanks to COVID, nothing is immune to change. This includes lease agreements. Many, many negotiations are taking place between tenants and landlords to adjust lease agreements because of the sudden change in how tenants are using (or not using) their space. A tenant rep is skilled in such negotiations and can step in on your behalf to arrive at a reasonable and favorable outcome for your lease agreement with the landlord. It also helps that they know the market and what other commercial spaces are charging per square foot and any COVID clauses that might exist.

You need to protect yourself in lease agreements.

And finally, a tenant rep will be sure you are protected in your lease agreement for any future changes that might take place with your business. For example, does it make more sense for you to have a long-term or short-term contract? What should happen is you need to break the lease agreement? And what options are available to you should you need more or different space from the landlord? All of these unknowns should be addressed before you put your signature on anything and a tenant rep will be sure that all ground is covered.

Have you previously worked with a tenant rep to lease or purchase commercial real estate? If you have, what has been your experience? Do you agree that the role they play is more valuable than ever? Join the conversation by leaving a comment below.

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Commercial Real Estate Appraisals in Central PA: Q&A with JSR Appraisal Group, Inc.

Posted on May 6, 2019 by Mike Kushner in Blog, Commercial Real Estate, Local Market No Comments

Appraising commercial real estate is a particularly unique process, and one that if not done carefully and correctly can have a profound impact on the value of a commercial property for many years to come. To dive deeper into the topic of commercial appraising, including the industry trends and challenges, Omni Realty Group enlisted the expertise of Judy Striewig and M. Shane Rorke, Certified General Appraisers and Co-Founders of JSR Appraisal Group, Inc.

JSR Appraisal Group, Inc. is a commercial appraisal firm located in Camp Hill, Pennsylvania, which serves the South Central Pennsylvania market. Together, Judy and Shane opened the firm on January 1, 2015. With 25 years of appraisal experience, Shane has appraised most all types of commercial real estate. In recent years he has focused on land subdivision appraisal work and has tracked many Central Pennsylvania markets for in-depth absorption analysis. Judy’s 15 years of appraisal experience began in 2004 when she entered the industry as an apprentice in the residential appraisal arena. In 2008 she made the move to appraise commercial real estate.

With Judy and Shane’s wealth of knowledge, Omni asked them to weigh in on the most essential questions surrounding the commercial appraisal industry. Here are their answers.

Omni: What do you view as the strengths of your commercial appraisal firm?

JSR: We track most all commercial sales in several markets in South Central Pennsylvania. This data is entered and tracked in our commercial sale database that provides both a detailed and summary picture of sale transactions. This enables us to analyze market transactions and keep an eye on what is happening in the market.

Second, while we are not a large firm, we have four staff members that work together sharing data and ideas on property types, trends, and other real estate issues. We regularly talk to brokers, developers and business owners to gain a pulse on market nuances and business trends.

Omni: How will automated valuation models impact the commercial appraisal process?

JSR: The commercial appraisal process has not been as impacted by automated valuation models as the residential appraisal process for several reasons. First, the quantity of data is much smaller than residential sales. Second, commercial properties are often bought based on the income they produce. This information is typically not available through public sources and is often confidential. And third, a valuation model may be appropriate for certain types of commercial properties like office buildings or warehouse facilities, assuming rental rates are ‘at market’. However the commercial real estate market has such a varied type of product with many specialized buildings, there may not be sufficient amount of data for a valuation model to be effective.

While my thoughts on using a packaged valuation model for commercial (and even residential) real estate are leery, I do believe analysis of large data sets would be helpful to the profession. The use of regression testing to provide rules of thumb to assist in making adjustments and decisions on comparing properties would be helpful. For example, we often consider making an adjustment for properties of different sizes (based on the economies of scale principle). I see a true benefit in models that use regression analysis to provide guidelines for different pricing based on size of a property and other similar property characteristics.

Omni: What are some of the recent regulatory changes on valuation rules and do you foresee this impacting your profession?

JSR: There have been two recent regulatory changes on valuation rules, but we don’t see either of these as having a significant impact. In June of 2018, Pennsylvania passed into legislation a law that allows State Real Estate Brokers, Associate Brokers and salespeople to provide Broker Price Opinions (BPO). Brokers are limited to performing BPO’s for financial institutions in conjunction with properties owned by the institutions that meet certain criteria. They remain prohibited from providing valuation services for mortgage financing, eminent domain, tax appeals and valuation scenarios. Additionally, the FDIC is contemplating raising the appraisal threshold from $250,000 to $500,000 for commercial real estate transactions, and $250,000 to $400,000 for residential real estate transactions.

Omni: What are some of the biggest challenges you face as a commercial appraiser?

JSR: Appraisals are often viewed as a necessary step or hurdle to obtain financing. (Yes, we know this.) And because of this the borrower often picks the ‘cheapest’ bid provided. The borrower has no idea how much experience the appraiser has with the specific property type or what due diligence will be performed in developing an opinion of value.

A second challenge is that the only part of the appraisal report that gets any attention from the borrower is typically the final value. The support and analysis that went into developing the value opinion are often not considered or read by the borrower. And, if a buyer really takes the time to review the report, there is a lot of pertinent information about the property within the report, other than the value opinion. In today’s busy times, I am not sure this will change anytime soon. However I would like to see the borrower use the document as a source of information about the property as well as an objective viewpoint in value.

Omni: What most often causes a disconnect between an appraiser’s and an owner’s opinion of value?

JSR: Often, a buyer’s business is interwoven with a commercial building. Take a well performing restaurant with good management and a well-known reputation. Most commonly when we appraise the property we are appraising the real estate only and not the business value. Our value opinion must isolate the real estate, and exclude any value attributed to the business which includes the reputation and operation. This sometimes results in a real estate value opinion lower than the opinion of the owner of the thriving business. We must look at a property as if that management and reputation were taken away, what would the real estate sell for on the open market.

There have been times when we are asked why we need leases or historical income and expenses to appraise a building. “Isn’t the value, the value?” we are asked. As mentioned earlier, commercial real estate is often valued by the income it produces and long-term leases have significant impact on value. Would you pay the same price for a building that produces leased income of $100,000 annually for the next 20 years or an identical building that produces leased income of $50,000 annually for the next 20 years?. While this may sound obvious, it often is not taken into consideration when a value differs from what an owner has in mind.

Omni: Is there anything else you wish to add that could offer insight into Central PA’s commercial real estate market right now?

JSR: While we do not have any earth shattering observations, we can share some of the trends we see, of which some are obvious.

Retail that can be purchased on-line is struggling, while retail that requires ‘hands on’ shopping is prospering.
The retail restaurant business has grown at a rapid pace in the last few years. Younger generations eat out much more frequently than previous generations, and this sector of retail is strong.
Because of our central location and access to highway systems, the South Central Pennsylvania Industrial Market is our strongest real estate market.
The apartment market in the City of Harrisburg continues to grow with new apartments being quickly absorbed as they come on-line. Rental rates for nicely renovated apartments are $700 to $800 for studios, $800 to $1,000 for 1-bedroom units and $950 to $1,250 for 2-bedroom units. Based on the rental rates and occupancy rates, these properties are yielding high values. However there has been no recent sales of these newly renovated apartments to truly gauge how investors look at renovated apartments in the City as pure investments.
There has been significant price appreciation in the professional office market for good quality, stabilized assets. Cap rates are below 8.00% with some recent transactions in the low 7.00% range that have long-term, credit rated tenants in place. Cap rates for single-tenant medical office buildings are sub 7.00%.

When working with a commercial real estate appraiser, there are several important things to keep in mind. Look for one who is experienced and reputable in your local market and who can demonstrate on-going, extensive research of market sales and lease activity. You also want to work with someone who encourages open dialogue and discussion to ensure the scope of work and appraisal assignment meets your expectations and needs. Omni Realty Group thanks Judy and Shane of JSR Appraisal Group, Inc. for sharing their insight and expertise in this blog. You can learn more about JSR Appraisal Group, Inc. at www.jsrappraisal.com.

Judy Striewig

M. Shane Rorke

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6 Lessons Learned from a Tenant Rep

Posted on July 18, 2016 by Mike Kushner in About Us, Blog, Tenant Representative/Buyer Agent No Comments

As the owner of Omni Realty Group, Mike Kushner has been exclusively practicing Tenant Rep/Buyer Agency since 1998, when he first established the company. Now, with almost 20 years of experience under his belt, Mike shares his top six most valuable lessons learned from his career as a tenant representative/buyer agent.

Everyone Deserves to be Treated with Respect

This lesson is so simple, yet so often overlooked. Any successful business owner, regardless of industry or size, should treat everyone they encounter with respect. The bottom line is that you never know how they may impact your business in the future. Employees, vendors, customers and anyone else can all serve as walking testimonials for your business – and you. Give them every reason to talk about how great you are to work with. Don’t risk having someone out there badmouthing their experience with you because of something that could have been prevented by treating them with a little more respect.

Never Take Your Reputation for Granted

Businesses balance on their reputation of service and the ethics and integrity of how they provide that service. I have always operated my business with an important rule in mind: We are the reputation we create. There’s really no way around it; you are the only one who can make or break your own reputation. Make every effort to protect it!

Do What You Say You Are Going to Do

Few things can destroy the integrity of the relationship that exists between service provider and customer as quickly as non-performance. Fail to deliver, and the customer will lose trust and become justifiably skeptical of future commitments. Furthermore, they will quickly move on to someone who will deliver

We Are Always Learning

Every day brings new experiences that broaden my understanding of this wonderful industry that is my livelihood. Keep your eyes and mind open to opportunities to learn. These can come in unconventional ways and at unexpected moments – don’t overlook them!

It’s Often Difficult for Tenants and Buyers to Spot “Double Dipping”

This lesson is very frustrating for an exclusive tenant representative and that is that tenants and buyers don’t easily see that a broker is taking advantage of them with a “double end” deal (i.e. collecting commission checks on both sides of their transactions). Also known as “double dipping” in commercial real estate circles, this practice is far more common that it should be.

Not only is it greedy and unfair, it’s insulting to the tenant or buyer to think that they aren’t smart enough to eventually realize what’s going on. The bottom line is that listing or selling brokers are salesmen. They get paid more if you lease in their listed building and are therefore incentivized to get you to do so. If you work with anyone who is not an exclusive tenant rep, you are not likely to see all the options truly available to you.

Business Should Review Their Lease Far More Often Than They Do

Most businesses only look at their leases every five years (or right before renewal). The truth of the matter is that real estate occupancy cost is a major expense for any business and should be reviewed on a regular basis, at least annually. Furthermore, the terms of your lease should provide for a lease audit to allow you to ensure that expenses being passed through to you, the tenant, are fair and accurate.

In short, working with a commercial real estate broker should be a pleasant and stress-free experience. If it’s not, you’re likely working with the wrong broker who isn’t putting your interests first. If nearly 20 years of experience has taught me anything, it’s that the people – not the property – are the priority.

Which of these lessons do you feel is the most important for running a successful and respected business? Share your opinion by commenting below!

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Top 10 Most Shared Commercial Real Estate Articles of 2015

Posted on May 1, 2016 by Mike Kushner in Blog, Commercial Real Estate No Comments

Commercial real estate is a hot topic, with authors from all across the globe sharing their expertise and insights in the form of online articles and blogs. Among the white noise of content being shared, there are a few articles that have risen to the top and earned their place on the list of “Top 10 Most Shared Commercial Real Estate Articles of 2015.

Among the thousands of most shared commercial real estate articles published in 2015 (according to www.buzzsumo.com), these are the topics that took social media by storm!

1. 5 Words Developers Dread (National Real Estate Investor)

This article dives into why we should expect real estate development to become less profitable and real estate development loans to become more expensive. One of the main catalysts? Regulated institutions are now required to set aside increased capital for High Volatility Commercial Real Estate (HVCRE) loans and as a result of these new rules, lenders are reporting increased related costs in the range of 40 to 150 basis points, depending on their specific situation. Read the original article here.

2. Foreign Money is Pouring into US Real Estate, and It’s Not Just Houses (Bloomberg)

Commercial real estate transactions jumped 45 percent by dollar volume in the first quarter of 2015, an increase driven by sales of multiple buildings or entire companies! This article goes on to explain why Blockbuster real estate deals are back and breaking records as cash from around the globe pours into U.S. office buildings, apartment complexes and other investment properties. Read the original article here.

3. The Mother of All Mega Projects (Crain’s)

The story of Hudson Yards epitomizes the trials, tribulations and triumphs of development in New York City, where grandiose ideas are often blown off course by the shifting winds of politics or economics, but sometimes come together in spectacular fashion. Read the original article here.

4. Four Trends that are Reshaping the Commercial Real Estate Industry (Forbes)

While much of the world has embraced technology innovations like the cloud, mobility and big data, commercial real estate (CRE) is still managed out of Excel spreadsheets and 20-year-old technology platforms. This article examines how the commercial real estate industry will be reshaped and redefined by four key trends. Read the original article here.

5. A Marketing Guide for Filling Vacant Income Properties (Entrepreneur)

Vacancies mean that you’re on your own to pay the mortgage, utilities and other expenses until you can find a new tenant. This article shares some sound advice on filling your vacant rental properties as soon as possible through strategic marketing! Read the original article here.

6. 44 Commercial Real Estate Experts You Need in Your Life

From data transparency and client relationships to new sources of commercial funding and content delivery, this article highlights a few of the most influential and forward thinking commercial real estate experts that are blazing their own trail. Read the original article here.

7. 5 Commercial Real Estate Marketing Trends You Can Bank On (National Real Estate Investor)

This article cuts right to the chase and outlines the five biggest commercial real estate marketing trends we can look forward to seeing in 2016 and beyond! Read the original article here.

8. 5 Lessons From Commercial-Real-Estate Financing for Entrepreneurs Seeking Funding (Entrepreneur) Raising capital in the commercial real estate (CRE) world is a different game than early-stage fundraising for startup businesses. However, there are some valuable takeaways that startup businesses can learn from how CRE projects raise their funding. Read the original article here.

9. Soaring Commercial Real Estate Market is Now Bigger than it was in 2006 (Yahoo! Finance)

This article examines how a thriving commercial real estate market may be decelerating as we move into 2016 and beyond. Learn what major markets made the greatest strides and how they will be impacted in the years to come. Read the original article here.

10. A Millennial’s Perspective on Commercial Real Estate (National Real Estate Investor)

The not-so-new story is that Millennials are the next home buyers and we’ve all got to keep up with the technology in order to close those imminent sales. But how is Gen Y going to use technology to affect the industry’s brokerage side? Read the original article here.

Among these top 10 most shared commercial real estate articles, which one did you find to be most valuable? Share your thoughts by commenting below!

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5 Reasons You Should Work with a Real Estate Broker Who Is a CCIM

Posted on December 3, 2015 by Mike Kushner in About Us, Blog, CCIM No Comments

You may or may not be familiar with the term CCIM. This stands for Certified Commercial Investment Member, and simply put, is a designation that recognizes experts within the commercial and investment real estate industry.

This is a strong point of differentiation among real estate brokers. As you likely know, when you go to find a broker in your area, you are inundated with options. It can be hard to narrow them down and know who will offer you a superior level of service and expertise. Looking for a CCIM designation is a great place to start.

Just like you would carefully consider the various levels of education and certifications of your lawyer or doctor, you should also consider the education and certifications of your real estate broker. A CCIM is will bring to the table valuable qualities that can contribute to an overall more positive working relationship.

Let’s take a look at five reasons you should work with a real estate broker who is a CCIM.

It demonstrates commitment to the industry

You can be a real estate broker without being a CCIM; it’s not required. It takes extra drive and commitment to seek out this designation and successfully complete it. Just as someone pours a lot of time and resources into earning their graduate degree, a CCIM has also worked hard and invested a lot to earn such a title.

Don’t these sound like the same qualities you want to see in your real estate broker? Someone who is driven, committed, hardworking and not looking for “the easy way out” is a person who will also likely work tirelessly on your behalf to seek out all available options to deliver success.

It places them within an elite group of real estate professionals

There are more than 150,000 commercial real estate professionals in the United States alone, but only an estimated 6 percent hold the CCIM designation. Narrowing down your selection of potential brokers by their CCIM designation will quickly identify this elite group and help you to see who rises to the top.

It provides access to an impressive professional network

A CCIM designation provides independent brokers with access to a professional network of over 13,000 CCIM’s in 1,000 markets across the United States and in 30 other countries. It’s like an exclusive society of real estate professionals who all share the same level of education, experience and commitment and who stand ready to help their “brothers” out whenever needed. This is a powerful professional network that is not easily replicated. As a client, it’s also a network you want to have access to!

It ensures you are working with the latest tools and technology

CCIM brokers have access to an exclusive suite of online technology and tools. Such resources would be cost prohibitive or too much work for an independent broker to seek out on his or her own. But with the direction and connections of the CCIM Institute, all CCIMs are provided with access to tools that help them stay ahead of trends and find answers to solve unique problems on behalf of their clients.

It requires competency and experience

In order to become a CCIM, you have to do a lot more than fill out a form or pay dues. The designation is awarded to professionals who complete over 160 hours of graduate level courses and who pass a comprehensive exam covering financial analysis, market analysis, user decision analysis and investment analysis. Additionally, a CCIM must prepare a portfolio demonstrating practical real world experience. It’s truly a combination of competency and experience – one without the other is not enough to make you a CCIM.

Now that you know more about what it takes to become a CCIM, you’re likely wondering “How do I work with one?” Finding a real estate broker in your area who is a CCIM is simple. Go to www.ccim.com and click the “Networking tab” then click “Find a CCIM.”

…Or you can simply contact Omni Realty Group. Owner, Mike Kushner has earned his CCIM and exemplifies these five valuable assets of working with a CCIM with every client!

Do you have any other questions about the CCIM designation or how it differentiates real estate brokers? Join in the conversation by commenting below!

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5 Real Estate Myths that Could Cost You BIG!

Posted on September 3, 2015 by Mike Kushner in Blog, Commercial Real Estate, Tenant Representative/Buyer Agent No Comments

How much do you think you know about real estate? What are often considered to be “basic” concepts can be laced with false information and dangerous myths many people believe to be true.

Falling for such “real estate myths” can result in paying more than you should for a property or signing into unfavorable terms that will continue to hurt you in the long run. How can you prevent falling into these pitfalls? Arm yourself with knowledge and surround yourself with people you can trust to have your best interests in mind!

Let’s get started in the right direction by examining the truth behind some of the most common real estate myths and how you can protect yourself.

MYTH 1: One agent can fairly represent both parties in the same transaction.

Facts: The operative word here is “fairly.” In a true arm’s-length transaction, the parties deal from equal bargaining positions. In addition, neither party is under the other’s control or dominant influence, nor do they rely upon the other’s fairness or integrity. At least that’s how the legal profession views it, which is why it is unethical for both parties to have the same representative in any legal matter.

The real estate industry sees it differently (to the detriment of millions of tenants and buyers), and permits a single agent, or multiple agents from the same firm, to represent both the tenant/buyer and the landlord/seller in the same transaction. This is called a “dual agency” (think “double agent” for the true meaning). Such an arrangement favors the property owner, who receives the highest amount possible, and the real estate agent, who retains the entire commission.

Strategies: Dual agency is the real estate industry’s dirty little secret and should never be tolerated. In practice, many tenants and buyers divulge confidential information to an agent they are led to believe is representing their interests alone, only to discover the agent has an undisclosed conflict of interest when a lease or purchase contract is presented. for them to sign. At that point, it is generally too late to renegotiate the terms of the transaction. Look for a real estate broker who only represents clients like you – either a tenant/buyer or a landlord/seller. Not both.

MYTH 2: Real estate services are free.

Facts: Real estate transactions typically include commissions that are shared by the agents representing each party. Even though it is the property owner who writes the commission check, it’s the tenant or buyer that ultimately funds the commission – in the form of rent payments (for leases) or purchase proceeds (for sales).

Strategy: Make certain that you are receiving full value from your “side” of the commission by having an unbiased, experienced, tenant rep/buyer agent assist you with the research for suitable spaces and in the negotiation of acceptable terms and conditions. The landlord/seller will most certainly have someone working on their side; you should too!

MYTH 3: Large real estate companies, and/or those with many listings, are the best sources of information for tenants or buyers.

Facts: Full service real estate companies employ dozens (even hundreds) of agents, brokers, property managers and support personnel, and are best suited for property owners who require property management and brokerage services. Regardless of their size, companies that list properties have inherent and unavoidable conflicts of interest when representing tenants and buyers, and tend to suppress competitive negotiations by steering them to the properties they control.

Strategies: Because tenants and buyers seek objective and rigorous representation, they should avoid agents and brokers from companies that list properties.. A real estate broker who does not exclusively represent the buyer/tenant may not be presenting all of the options available to you. For example, you are looking for office space and your broker represents several landlords who have office space available. You are likely going to be pushed toward choosing from these properties first before they show you outside properties with which they have no association. While this makes perfect business sense for your broker, it doesn’t benefit you in the same way. You deserve a broker who will exclusively represent your interests as a buyer/tenant and do all the research necessary to find your ideal property – beyond their own internal client book.

MYTH 4: Leases are less complex than purchases.

Facts: Even the most basic commercial leases contain several dozen interrelated variables (tax and operating expense escalations, work letters, electrical charges, sublease and assignments rights, alterations, and options to expand or renew) that are open to negotiation, and that affect the overall cost of occupancy. As a result, leases are generally more complex transactions than purchases.

Strategy: Recognize that, in order to make a fully-informed leasing decision, many terms and conditions need to be identified, addressed, and negotiated. Once the economic terms have been negotiated to your satisfaction, retain a competent real estate attorney to review and comment on the legal sufficiency of the lease agreement.

MYTH 5: Real estate agents are experts in real estate.

Facts: Expertise in any field is the result of much training and accumulated knowledge. Yet it takes the equivalent of attending just two weeks of classroom instruction, and then passing a very basic examination, to obtain a real estate license. This limited education is hardly sufficient to qualify anyone to help business people make some of life’s most significant financial decisions.

Strategies: Tenants and buyers have a legal right to hold real estate agents and advisors who imply or claim to have expertise in an area of specialization accountable for their actions and recommendations. Select your advisor with the same care as you would an attorney, accountant, or a senior member of your decision-making team, and make certain they have significant and verifiable experience in solving your specific problems.

The Bottom Line: Be aware that commercial real estate is a highly-competitive and adversarial business. While negotiations need not be combative or confrontational, the process, nevertheless, pits parties with opposing interests against each other. In the final analysis, a real estate transaction is only as good as the thoroughness of the research, the quality of the information, and the experience of the negotiator…and that’s a fact.

What other real estate topics have you wondering whether they are fact or fiction? Share your questions by commenting below and Mike will personally answer you!

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