What a wedding can teach us about commercial property

For those three of you – – thanks Rudy – that missed my column last week, I was on short hiatus as we celebrated the union of 2 souls.

Our son Michael and his new better half, Candice, stated I do in front of a bevy of pals, loved ones and a gorgeous background of Mother Nature.

You see, the event was officiated well off Ortega Highway at a place called Jewel of the Ortega. It's a little a haul to arrive, but it's quite worth the effort. The day dawned warm, clear blue and warm-- perfect for the exchange of vows.

Many years of happiness together is my wish for the couple.

What follows seemed quite fitting for the lessons learned from the event.

Offering an industrial real estate possession is akin to preparing a wedding event. Sure, you can do it yourself, however things go far more smoothly if you have a wedding coordinator-- or a commercial realty expert.

You can do a fast Loopnet search, develop a rate, acquire a For Sale indication at Home Depot and wait for the phone to ring. You understand, set the date, book the location, purchase some matches and order the cake. This is simple!

Vista Print will produce a glossy brochure of your structure, mail a few to the neighbors, and the questions will begin to flow. Wow! They do wedding event invitations, too? Cool! Invite Aunt Marjorie and a couple of lots friends and let's do this.

You just got your very first hit! They wish to see the building next week. Oh wait, you've got a day job and can just satisfy the buyers on evenings or weekends.

Hmmm, this does not work for the purchasers, so now what? I guess you could slip out throughout lunch, but what if the purchaser is late or never shows? Time lost-- and on an empty stomach.

A deal will be upcoming. I'll wager you're thankful you're saving that 6% you would have paid the broker.

Your potential buyers call. I observed the building doesn't have main air. Oh, and by the way, my spouse has her representative's license, so we will be subtracting 3% from our deal.

Next!

Three various representatives who comb the location call. Will you pay us a charge if we bring you a buyer? Our buyer is a trade school.

Hmmm. Feeling a bit overwhelmed?

Your best buyer appears dressed as Prince Charming. Let the wedding event bells sound! After all, a commercial realty deal is a union of sorts.

You celebrate a bit as your email buzzes with a full asking rate deal. No financing needed, quick close, as-is-- alright! Done.

Not so quickly. You see, this purchaser has made three, full-price deals to 3 different owners. His plan is to tie up all 3 and reject two of the 3. Will you be stating I do? Or "I wish I had hired that broker."

Allen C. Buchanan, SIOR, is a principal with Lee & & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.