Commercial Real Estate Selection w/Adam Perel
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Episode Description
Welcome to the Freedom Point Real Estate podcast! Today, Drew McWilliams is joined by Adam Perel who offers insight on how to select and negotiate for the best commercial real estate options for you.
Adam, an expert in commercial real estate, resides in Hilton Head, South Carolina where he works as the vice president of Real Estate for Ivybrook Academy.
CONNECT WITH ADAM PEREL!
LinkedIn: https://www.linkedin.com/in/adam-perel-a743311/
CONNECT WITH DREW MCWILLIAMS!
Website: https://startingpointcapital.com/
LinkedIn: https://www.linkedin.com/in/drew-mcwilliams-cfe-3b041a5/
Summary
The podcast episode highlighted essential aspects of commercial real estate, focusing on relationship building, negotiation tactics, and maintaining a balanced perspective throughout the process.
Tip #1: Articulate Your Concept's Uniqueness
Adam emphasizes the importance of clearly defining what makes your concept distinct. Being able to passionately convey this uniqueness helps brokers understand and advocate for your story.
Tip #2: Build Relationships with Qualified Real Estate Brokers
Establishing connections with knowledgeable retail real estate brokers is crucial. They possess the hustle and local insights needed to identify suitable spaces for your concept.
Tip #3: Focus on Site Selection and Network Development
When searching for locations, leverage networks and foster relationships with brokers who understand your concept's specific needs. Train them to align with your vision and treat them as an extension of your team.
Tip #4: Understand the Commercial Real Estate Process
Recognize the significant differences between residential and commercial real estate processes. Be prepared to make your case and compete for space, emphasizing why your concept is the best fit.
Tip #5: Negotiate Thoughtfully in LOIs (Letters of Intent)
In negotiations, craft LOIs strategically, considering not only rent but also tenant improvement allowances and abated rent periods. Focus on creating an emotional connection with the landlord, highlighting the benefits your concept brings to the space.
Tip #6: Avoid Extreme Reactions in Wins or Losses
Stay grounded in negotiations and deals. Avoid getting overly elated in wins or disheartened in losses. Playing the long game and maintaining a balanced perspective is crucial for sustained success.
Tip #7: Don't Dwell on Wins or Losses
Learn from each deal but don't dwell on individual wins or losses. Focus on the overarching goal of finding suitable spaces for your concept without getting caught up in emotional highs or lows.
Tip #8: Focus on the Long Game and Stay Centered
Remain focused on the long-term objectives rather than fixating on immediate wins or losses. Finding the middle ground emotionally and strategically helps navigate the dynamic landscape of real estate.
Tip #9: Stay Committed to Your Ultimate Goals
Keep your eyes on the bigger picture, maintaining commitment to finding and securing great spaces for your concept. Don't let individual deals overshadow the overall mission.
Tip #10: Balancing Perspective and Long-Term Vision
Appreciate the highs and lows, but maintain perspective and keep moving forward. Balancing emotions and maintaining a long-term vision leads to success in real estate and beyond.