tag:blogger.com,1999:blog-40693179415567948282024-02-20T16:27:34.552-06:00Commercial Real Estate Advice from a Landlord in Gulfport, MississippiThis blog is written by a landlord of commercial real estate in Gulfport, Mississippi. Seaway Business Park is a private company, and we watch over every aspect of our business park, which is a 29 acre commercial office and warehouse complex. We have family businesses in the area dating back to the 1940s. This gives us a unique perspective, and we are excited to share the tips and tricks we have learned over the years. Enjoy!Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.comBlogger25125tag:blogger.com,1999:blog-4069317941556794828.post-24061166964691746702016-07-07T13:07:00.000-05:002016-07-07T13:07:53.197-05:00Send Your Tenant Business<!--[if gte mso 9]><xml>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijX7lnJgiz-V3WGFNeNRsiiAP2X-BZXzNcFYfpGbH0C7BdE11BOP0nFUGY1RATevRVQtGkPxJz4EcFIHKA7fKXDKZsaf9-mGRrgR7H59wm9IqiwaH4I6VqiWFVGqAKF9hGXoV711pE1Pw/s1600/ID-100264786.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijX7lnJgiz-V3WGFNeNRsiiAP2X-BZXzNcFYfpGbH0C7BdE11BOP0nFUGY1RATevRVQtGkPxJz4EcFIHKA7fKXDKZsaf9-mGRrgR7H59wm9IqiwaH4I6VqiWFVGqAKF9hGXoV711pE1Pw/s320/ID-100264786.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of iosphere at FreeDigitalPhotos.net</td></tr>
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<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords, our goal is to seek out new tenants for
vacancies within our various properties.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But our job, as landlords, does not end there.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We need to keep our existing tenants happy and satisfied in
every way possible.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What could be more useful than sending our tenants
business?<span style="mso-spacerun: yes;"> </span>(After all, it helps pay the
rent!)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Take a look at the Instagram pages for the developers of <a href="https://www.instagram.com/atlanticstation/" target="_blank">Atlantic Station </a>and <a href="https://www.instagram.com/avaloninsider/" target="_blank">Avalon </a>(two mixed use
developments in Atlanta).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are pictures of food, events, sale signs, etc. from the
different businesses that operate at those establishments.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The landlord/developer is not paid any additional rent for
doing this <i style="mso-bidi-font-style: normal;">free</i> advertising for its
tenants.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But it’s a nice win-win situation:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Customer John Doe sees a picture of a fish special at one of
the restaurants.<span style="mso-spacerun: yes;"> </span>Customer John Doe goes
for dinner.<span style="mso-spacerun: yes;"> </span>Customer John Doe shops at
the various retail shops after dinner.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You see that?<span style="mso-spacerun: yes;"> </span>Several
businesses benefited from one single post.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And this is not limited to retail or mixed use developments.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our current portfolio consists of office and industrial/flex
buildings.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
While we can’t post pictures of food specials or sales from
our customers, we are still able to refer business to them.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For example, one of our tenants installs fire suppression
equipment and provides annual inspections of fire extinguishers.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How do we send them business?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When this tenant signed a lease with us, we let our
contractor and architect know about the new business in the area who could
install this type of equipment.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Also, any time a new tenant moves into a vacant space, they
are required to supply fire extinguishers.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Who do you think we tell them to call?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We also use a tenant who performs IT for all of our IT and
networking needs (and send them business for new tenants with similar needs).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Another tenant does signs and graphics so supplies all of
our marketing signs as well as blueprints for new projects.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One of the best ways to keep your tenants happy is to affect
their bottom line.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And sending them new business certainly helps!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This also builds loyalty with your tenants.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Best of all, it’s entirely free!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave questions and/or comments.<span style="mso-spacerun: yes;"> </span>We provide office space for rent and
warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>If you need commercial real estate space in our
area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-43050408744992501772016-06-07T12:58:00.001-05:002016-06-07T12:58:46.477-05:00The similarities between Shark Tank and commercial real estate<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl0XGcJGZXKUMsblVDE3tGSQqep6IHTHGfPfkOfs4Xg59fuUQofsROxA3wRkjfquVPwLs1YctuIQk6fpfq8GrYbPsFC4bibvDOarQm_S20xsotDvSBTU9OEc0NTxazjuo631Yn1N5E9ok/s1600/Shark+Tank+photo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl0XGcJGZXKUMsblVDE3tGSQqep6IHTHGfPfkOfs4Xg59fuUQofsROxA3wRkjfquVPwLs1YctuIQk6fpfq8GrYbPsFC4bibvDOarQm_S20xsotDvSBTU9OEc0NTxazjuo631Yn1N5E9ok/s320/Shark+Tank+photo.jpg" width="320" /></a></div>
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<div class="MsoNormal">
I’ll bet you didn’t think a TV show like <i style="mso-bidi-font-style: normal;">Shark Tank</i> had much in common with an
industry like commercial real estate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Below, we go into detail about the similarities between the
hit television show and commercial real estate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
(And <b style="mso-bidi-font-weight: normal;">we’ll even throw
in a</b> <b style="mso-bidi-font-weight: normal;">bonus section</b> about what we
can learn from each similarity!)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">The Pitch</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Every contestant on <i style="mso-bidi-font-style: normal;">Shark
Tank</i> gives a pitch to the sharks on their product/service.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Commercial real estate brokers, landlords and sellers all
make an initial pitch of their property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Typically, they have to give a short and sweet initial
“pitch” of the property’s price, location, amenities, etc. to get a prospective
buyer or tenant interested.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You know a good pitch on <i style="mso-bidi-font-style: normal;">Shark
Tank</i> when you see one.<span style="mso-spacerun: yes;"> </span>The best are
ones that are prepared and know the exact message they want to convey.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Tailor your pitch to your audience.<span style="mso-spacerun: yes;"> </span>If you’re selling a distribution center
that’s right off a major interchange, you should probably focus on the location.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Practice your pitch.<span style="mso-spacerun: yes;">
</span>Be able to explain exactly what is best about your property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Remember, first impressions really do count!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">The Details</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You have to know your numbers!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How often do we hear a shark quickly go out on a deal
because someone can’t recite their profit margins, net income, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This one is fairly obvious.<span style="mso-spacerun: yes;">
</span>You have to know your numbers!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When a person goes on a property tour, you need to be able
to recite building details and pricing.<span style="mso-spacerun: yes;">
</span>Be prepared to answer square footages of individual offices and/or
warehouse bays.<span style="mso-spacerun: yes;"> </span>Know ceiling heights,
applicable zoning, parking ratios, ingress/egress rights – the list goes on and
on.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You know how the sharks instantly go out on deals where the
entrepreneurs don’t know their numbers?</div>
<div class="MsoNormal">
<br />
It’s not necessarily because they don’t trust the entrepreneur’s character.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The problem is twofold:</div>
<ol>
<li>the sharks feel like the entrepreneur might not have
the right priorities– after all, they are investing in a business, not just an
idea, and</li>
<li>the sharks need to actually know the answers!</li>
</ol>
<div class="MsoNormal">
What we can learn as commercial real estate professionals is
when a buyer or tenant asks a question, they aren’t going to wait for you to go
look up the answer.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You don’t want to be fumbling around and answer every
question they ask with “I can find out for you.”<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Study your property ahead of time.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Be prepared to answer all of their questions.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Anticipate what they might ask and your property tour will
go much smoother.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Specialization</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After watching a few episodes of <i style="mso-bidi-font-style: normal;">Shark Tank</i>, you get a feel for each shark’s specialties.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Daymond is the fashion expert, Lori is the product queen,
Mark/Robert are the tech guys, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most commercial real estate brokers and professionals
specialize in one or two subsets of the market.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are obviously exceptions, but most brokers specialize
in one area, like office, retail, industrial or multi-family.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is a reason Mark Cuban is known as the tech guy on <i style="mso-bidi-font-style: normal;">Shark Tank</i>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Anyone with a technology product is always interested in
partnering with Mark because they know he can dominate that industry.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It’s the same reason an office occupier would not go to a
broker specializing in multi-family sales to find them a new office space to
lease.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Stay in your lane.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Find a specialty and stick to it.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Become the “go-to” broker or landlord in your market for a
certain sector just like Mark has done for himself on <i style="mso-bidi-font-style: normal;">Shark Tank</i>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Be Creative</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Whatever your thoughts are of Kevin O’Leary, you can’t
accuse him of not coming up with the most innovative offers on the show.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Typically, the entrepreneurs have a straight offer: Give me
$X dollars and I’ll give you Y%.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But it doesn’t have to always be black and white.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Commercial real estate listings are typically originally
offered in much the same manner as an offer on <i style="mso-bidi-font-style: normal;">Shark Tank</i>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I’ll give you $X/month to lease your space or I’ll pay you
$Y for your property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are so many other factors that enter the equation,
such as tenant improvement allowance, lease term, warranties and
representations of a property, security deposits, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t limit yourself to only discussing price.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are creative ways to solve different issues each party
has.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Do what Kevin O’Leary does – he figures out what the
entrepreneur actually <i style="mso-bidi-font-style: normal;">needs</i> and
structures a deal that fulfills that need.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Have a tenant will minimal credit?</div>
<div class="MsoNormal">
<br />
Require a larger security deposit that is returned over time if they make
timely payments.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Find a way to make your deal work.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">The Offer</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our favorite part of <i style="mso-bidi-font-style: normal;">Shark
Tank</i> is when the sharks ultimately make an offer.<span style="mso-spacerun: yes;"> </span>It’s even better when multiple sharks start
bidding.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The beginning of the <i style="mso-bidi-font-style: normal;">Shark
Tank</i> negotiation process is much like the initial proposal in commercial
real estate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One side knows what the other wants for the property and
makes an offer.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There can be multiple offers on a property or a prospective
tenant can solicit proposals from multiple landlords – just like when multiple
sharks bid against one another.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
On <i style="mso-bidi-font-style: normal;">Shark Tank</i>,
there is much more transparency than in commercial real estate.<span style="mso-spacerun: yes;"> </span>The 5 sharks are aware of what the different
sharks are offering (except when 2 sharks get together and start whispering a
plan of attack).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, in commercial real estate, you are not operating
with full information.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t assume you are the only party making a proposal or
bidding on a property.<span style="mso-spacerun: yes;"> </span>Modify your
proposals/offers accordingly depending on your needs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Last but not least:
The Negotiating</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sharks often negotiate back and forth with entrepreneurs
over the amount of equity (and sometimes over other items like debt servicing,
royalty percentages and line of credit amounts).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Similarity?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Obviously, buyers and sellers and tenants and landlords
negotiate back and forth as well.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;">Bonus Section: What
can we learn?</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Different sharks have different negotiation tactics.<span style="mso-spacerun: yes;"> </span>Mark infamously likes to put entrepreneurs on
the spot and make a quick decision.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, <i style="mso-bidi-font-style: normal;">Shark Tank</i>
is a show that takes place very quickly.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Commercial real estate deals can take weeks or months to put
together.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Negotiation tactics probably won’t work and certainly should
not be attempted if you can’t afford to live with the consequences.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One question sharks often ask is whether it’s really worth
not doing a deal over a couple of percentage points.<span style="mso-spacerun: yes;"> </span>(Side note: We always wish an entrepreneur
would turn the tables and ask the shark if that’s how they feel, why don’t <i style="mso-bidi-font-style: normal;">they</i> part with the extra couple of
percentage points.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In commercial real estate deals, everyone obviously has
their bottom dollar and top dollar they are willing to take or pay,
respectively.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If someone is within the range of what you <i style="mso-bidi-font-style: normal;">would</i> take but it’s not what you think
you <i style="mso-bidi-font-style: normal;">should</i> take, you need to weigh
the pros and cons of a vacant building or a building remaining on the market.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Figure in your ongoing costs and whether it really makes
sense to pass on the deal.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We wrote about this at length <a href="http://seawaybusinesspark.blogspot.com/2015/09/batna-cre-acronym-overload.html" target="_blank">here</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Conclusion</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We can learn a lot from <i style="mso-bidi-font-style: normal;">Shark
Tank</i>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You have very seasoned investors who are doling out free
business advice every Friday night.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t take it for granted – see how it can apply to your
commercial real estate business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
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<![endif]-->Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-49676744865698637392016-05-12T13:13:00.001-05:002016-05-12T13:14:45.742-05:00CRE is as easy as ABC (Always Be CONSUMING)<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_O-PG8TOjmPf_aPPMqVOW6JZaHU6P6bCGJm7q30JwBZJGuE7CViV3RIezKqVG6fA2Qz2iKg3u6J0uxb-0yWdXtHl_GAIPN84nwTEPfWHHeK68YSvaeSdwjrc5BSV-tEOATjMuNESCoFg/s1600/ABC+Chalkboard_edited-1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="281" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_O-PG8TOjmPf_aPPMqVOW6JZaHU6P6bCGJm7q30JwBZJGuE7CViV3RIezKqVG6fA2Qz2iKg3u6J0uxb-0yWdXtHl_GAIPN84nwTEPfWHHeK68YSvaeSdwjrc5BSV-tEOATjMuNESCoFg/s320/ABC+Chalkboard_edited-1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Always Be CONSUMING #CRE!</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This post is applicable to any business in any
industry. But, since we are CRE
professionals, the post is tailored towards (you guessed it!) CRE. We wrote this post as a Q & A. It’s a Frequently Asked Questions of
consuming CRE content, if you will.
Enjoy!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>What exactly should I
consume? <o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Consume content.</b> <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Okay, consume
content. Got it. What type of content should I consume (you
may ask…we hope)?<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This question is easier to answer in the negative, i.e., <b>what CRE content not to consume</b>.<br />
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
It will not serve you well to read every real estate blog
post you come across. You could
literally spend all day scouring the internet.
Anyone and everyone with an opinion (including us!) about any type of
industry can post content on the internet.
<b>Having a blog does not make
someone an expert</b> so choose what you read wisely.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If your practice is focused on a particular sector of the
market, it will not help to read about an entirely different sector. You might as well read about a different
industry altogether. If a real estate
broker specializes in high rise office leases, how helpful do you think it will
be for that broker to read about multifamily updates? Sure, you never know what assignment you are
going to receive, but there is no reason to constantly read about an unrelated
market sector.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The same goes for market updates specific to a geographic
region. As landlords in Gulfport,
Mississippi, we very rarely read about market updates outside the southeast
region. Why? There is just too much difference between our
market and theirs. It is a waste of time
when there is so much quality content that is beneficial to read.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Also, if you are a commercial real estate professional, do not read residential real estate blogs (except for marketing tips). The industries are completely different, and there is minimal overlap.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Alright, now I know
what to avoid consuming. Any tips for
finding content I should consume?<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are several ways to seek out relevant content. <b>It is
a time-consuming process but a rewarding one.</b> A good starting place is typing “Commercial
Real Estate Blogs” into Google. Join
LinkedIn groups that are relevant to CRE.
When you find a reliable blog, read the comments section and see if you
can find any content creators there.
Subscribe to newsletters. Listen
to podcasts. Search for people on
Twitter. When you find someone you like
on Twitter, see who they follow and who else follows them.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This process cannot be done overnight. You will find some
authors you enjoy reading and some you do not.
Some people will constantly have typos and some treat blogging more like
a job. Some people post inaccurate
information and some spend a great deal of time making sure the facts check
out.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And don’t think that once you find a dozen websites that
contain CRE content that <b>your search is
over.</b> You should always be on the
lookout for quality posts and authors.<i><o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>How often should I
consume content?<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Weekly. Daily. Hourly.
(Minutely? – Did we create a word?)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We <b>set aside some
time every morning</b> to see what’s going on in the world of CRE. Everyone is different though. You probably should not read every newsletter
you receive the second it hits your inbox or make a priority to listen to a CRE
podcast the minute it is released on iTunes.
That would be exhausting and could turn into a job in and of
itself. Having a set time every day
works for us. Discover what works best
for you and stick with it.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>When you say consume
content, are you just talking about news websites and CRE blogs?<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Absolutely not! <b>Talk to your CRE colleagues.</b> See what their take is on your local
market. Ask about their recent
transactions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Search for listings on Loopnet and CoStar. What properties are being sold/leased? What properties just hit the market? What prices are properties selling/leasing
for? How long are properties staying on
the market? Be knowledgeable about your
local market to give yourself an edge.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Be aware of your CRE surroundings when you are driving
around. Do you see a lot of “For Sale”
signs in specific areas? Is there new
construction on a specific road? You can
learn a lot about the local CRE market just by paying attention to what you see
– after all, <b>it’s right in front of you!<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Any last tips?<o:p></o:p></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Enjoy what you read.
Find articles and content creators that post items you find relevant and
are easy to read. If you have difficulty
reading posts, STOP! You are not getting
much benefit if you look at it as a chore.
We look forward to consuming content every day and you should too. <b>Make
it enjoyable.</b><span style="font-family: "symbol"; text-align: center; text-indent: -0.25in;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
Please feel free to leave questions and/or comments. We read all of them. We provide office space for rent and warehouse space for rent in Gulfport, Mississippi. If you need commercial real estate space in
our area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-21224357120010412042016-04-19T13:05:00.001-05:002016-04-19T13:05:49.188-05:00The Power of the Follow Up<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggCpTA6ygaTgJ4JDumVkrhp7KgQfeZK6_l3S7KgjIoOkM_QmLiKqWSvkhdU6S3d7WXzvaVMte1F1PP08gncfPfXKr3SSdT5I4ZhHM9jCQ2yxb_m-yIeEOnR2eUAvHBLg24AqJL0mHt0LA/s1600/Follow+Up.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggCpTA6ygaTgJ4JDumVkrhp7KgQfeZK6_l3S7KgjIoOkM_QmLiKqWSvkhdU6S3d7WXzvaVMte1F1PP08gncfPfXKr3SSdT5I4ZhHM9jCQ2yxb_m-yIeEOnR2eUAvHBLg24AqJL0mHt0LA/s320/Follow+Up.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of iosphere at FreeDigitalPhotos.net</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What’s
the most important action you should take after you receive a lead or take a
prospect on a tour?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Follow up.</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It’s
really that simple.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We
could stop writing this blog post, pack up and head home. But if we were going to do that, we could
have just kept our thought to 140 characters and put it on Twitter.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Something
like: <b>Most important action after a #CRE prospect lead or tour? Follow up!<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
See! We even have 60 characters to spare! And we probably found our title when we post
this on Twitter!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Okay,
so why is the follow up so important?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Because
without the follow up, you are playing the waiting game. And staring at the phone, waiting for it to
ring, is no fun. It’s also not
productive.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Following
up gives you all the information you need to know, both positive and negative.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Oftentimes,
a prospect says, “I’ll let you know either way.”<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Guess
what? People do not like to deliver bad
news. And if the prospect is not going
to lease or buy your property, they are not going to call back.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>So if
the prospect is going another direction, what’s the point of following up?<o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
Where
do we begin?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Maybe
the prospect checked with corporate and there’s another 3 years left on their existing lease. They loved your property but
won’t start looking again for 2 years.
Wouldn’t that be useful information?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Maybe
you quoted a higher rental rate than the company has budgeted. Wouldn’t you like to at least have a chance
to take another look at your numbers to see if you can come to terms on a price
that will work for both parties?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Maybe
you offered a 7 year lease term and the company will not sign more than 5
years. Wouldn’t you like to have a
chance to come up with another proposal?</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Maybe
the space you showed them was not configured the right way for their
needs. Wouldn’t you like to chance to
offer some sort of build-out/concessions to get the tenant/buyer into the
building?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The
list literally goes on and on.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sure,
there are some situations that even with a follow up, there is nothing that
could have been done.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But
that’s still useful information!<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Maybe
the parking ratio wasn’t right. Maybe
the location didn’t work. Maybe the
ceiling heights were too low.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Once
you know this, you can use it to your advantage for the next prospect and either
rule them out or qualify them earlier in the process.
This saves everyone time and allows you to focus on a more productive
deal.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Some
people will say that they don’t want to bother the prospect and that if they’re
going to lease/buy the building anyways, what’s the point of following up too
early.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our
answer: <b>No reasonable company will decide <i>not </i>to sign a lease just because of a
simple phone call.</b> If they were going to
lease/buy, they are still going to lease/buy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We are
not advocating becoming a pest and calling someone several times per day. That might turn a prospect off.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>But a
simple phone call is harmless.</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And these
days, there are numerous ways to follow up.
You can make a phone call, leave a voicemail, send a text, send an
email, send a message on LinkedIn, etc.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t
allow yourself to fall into the trap of assuming your prospect will call you
back.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Set a
reminder for yourself that if you haven’t heard from Prospect X by a certain
date, you will follow up to find out a status.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
More
often than not, you’ll come away with good information. Even if it’s a negative response for your
building, it’s still <i>good information</i>,
because you can then focus on the next prospect.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: rgb(249, 249, 249);">Please feel free to leave questions and/or
comments. <span class="apple-converted-space"> </span>We read all of
them. <span class="apple-converted-space"> </span>Feel free to email us
at<span class="apple-converted-space"> </span></span><a href="mailto:leasing@seawaybusinesspark.com" target="_blank"><span style="background: #f9f9f9; color: #888888;">leasing@seawaybusinesspark.com</span></a><span style="background: rgb(249, 249, 249);">. <span class="apple-converted-space"> </span>We provide office space for rent and
warehouse space for rent in Gulfport, Mississippi. <span class="apple-converted-space"> </span>If you need commercial real estate space
in our area, please give us a call at (228) 575-7731 or visit our website at </span><a href="http://www.seawaybusinesspark.com/" target="_blank"><span style="background: #f9f9f9; color: #888888;">www.seawaybusinesspark.com</span></a><span style="background: rgb(249, 249, 249);">.</span></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-72444797958398172902016-03-29T08:47:00.001-05:002016-04-07T05:06:22.875-05:00How to Find Office Space to Rent in Gulfport/Biloxi, Mississippi<!--[if gte mso 9]><xml>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbEksG59ta3V9aPuEmsF4kGd1XQY1-nao5xx9-ItkUQdysqfDdSOEBnv_54OcyjbxITLc8mNLFtF2EgChheuOVm2BtMynryBedHScuy4EpixkL_lbPvaht1IRapHx56WNGlQiMpP46zZM/s1600/Office+Space+in+Gulfport.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbEksG59ta3V9aPuEmsF4kGd1XQY1-nao5xx9-ItkUQdysqfDdSOEBnv_54OcyjbxITLc8mNLFtF2EgChheuOVm2BtMynryBedHScuy4EpixkL_lbPvaht1IRapHx56WNGlQiMpP46zZM/s320/Office+Space+in+Gulfport.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Office Building for Rent in Gulfport, Mississippi</td></tr>
</tbody></table>
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<br /></div>
How do you find office space to rent in the Gulfport/Biloxi
area in Mississippi?<br />
<br />
<div class="MsoNormal">
As landlords for commercial real estate, it is our business
to know how to find office space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After all, we need to make sure that our office space is <i style="mso-bidi-font-style: normal;">everywhere</i> people would potentially look for office space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>So, where can you find space?</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
First, there are the listing websites: <a href="http://www.loopnet.com/" target="_blank">LoopNet</a>, <a href="http://www.costar.com/" target="_blank">CoStar</a> and the MLS (multiple listing service). </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
LoopNet, CoStar and the MLS are the “go-to” commercial real
estate websites that most commercial real estate professionals will first do a
search on.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, LoopNet and CoStar typically only contain broker
listings and/or commercial real estate landlords who have more than 1 property.<span style="mso-spacerun: yes;"> </span>The downfall to some of these sites is the
brokers/landlords have to pay to have a “premium” listing on the site.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What this means is if you do not have a search subscription on
a website like LoopNet, you will only be able to see the premium listings and will miss out on
all the free listings.<span style="mso-spacerun: yes;"> </span>Most office
building owners who only own one building cannot afford to put a premium
listing on LoopNet because the pricing model does not make sense. (Please note that this is only the case for the Gulfport/Biloxi market - in a city like New Orleans where someone owns a high rise office building, this building will likely have a premium subscription on a website like LoopNet.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Besides the major listing websites, there are several
other websites that have commercial office space listings.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There’s <a href="http://www.officespace.com/" target="_blank">OfficeSpace.com</a>,
<a href="http://www.cityfeet.com/" target="_blank">Cityfeet.com</a> and <a href="http://www.rofo.com/" target="_blank">Rofo.com</a>.<span style="mso-spacerun: yes;"> </span>Cityfeet requires a paid subscription to list as does Rofo. One unique aspect of Rofo is it allows you to post a space need and allow the landlord/listing broker to contact you direct. Our personal favorite is OfficeSpace, as it allows the owner to publish a listing with no strings attached. In our experience,
these websites have much of the same listings because if a commercial real
estate professional knows to put their listing on one of these websites, they
will put them on <i style="mso-bidi-font-style: normal;">all</i> of these
websites.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You can also find office space on <a href="http://gulfport.craigslist.org/search/off" target="_blank">Craigslist</a>.<span style="mso-spacerun: yes;"> </span>Craigslist has a wide range of properties and
will often let you contact the listing owner directly.<span style="mso-spacerun: yes;"> </span>(As opposed to a website like LoopNet where
you will most likely be contacting a listing broker.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We are often surprised by how many of our leads for office
space come from people finding space the old fashioned way – driving around!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The Gulfport/Biloxi market is a fairly small market for
commercial real estate.<span style="mso-spacerun: yes;"> </span>Because of this,
if you have an idea of where you think you want your office space to be, you
can probably just drive around and write down phone numbers from signs for a
couple hours.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
First figure out a convenient place for your customers (like
locations just off or on major roads like Cowan/Lorraine, Highway 49, Pass Road)
and drive around.<span style="mso-spacerun: yes;"> </span>Easy enough, right?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
These days, we find more and more people are just typing in “office
space for rent” on Google and Bing to start their commercial office search.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Going to Google will bring up most of the websites mentioned
above, in addition to websites like ours (<a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>!) who
are independent landlords offering office space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you are having trouble finding exactly what you are
looking for, you can always contact one of the local commercial brokers, who
can aid in your search for commercial office space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Some of the more popular commercial brokers in the area,
whose signs you will likely see scattered around the city, include <a href="http://www.alfonso.com/" target="_blank">Coldwell Banker</a>, <a href="http://www.southeastcommercial.net/" target="_blank">Southeast Commercial </a>and <a href="http://www.naisawyer.com/" target="_blank">NAI Global</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Of course, our preference would be to just give Seaway
Business Park a call, and we will fix you up with one of our own office spaces!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That’s the comprehensive list of where to find office space
in the Gulfport/Biloxi area.<span style="mso-spacerun: yes;"> </span>We hope it
helps!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave questions and/or comments.<span style="mso-spacerun: yes;"> </span>We read all of them.<span style="mso-spacerun: yes;"> </span>Feel free to email us at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>We provide office space for rent and warehouse
space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;">
</span>If you need commercial real estate space in our area, please give us a
call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-41029553722186595752016-03-10T09:26:00.000-06:002016-03-11T08:31:43.483-06:00Give Everyone 5 Minutes of Your Time<!--[if gte mso 9]><xml>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8Hv_xvl41nZLYzqi058RYrXfxT3zx4gbXSh8UauYRmjVcsyB_4hv2A5EKOWjPHjE5mv2MTErjoI6cphmjcnh3plbTgPX7w6UCcFCuqGUDm6SN3B2MzJuUfvTm4SQPsKGH3odTyY7t0yw/s1600/phone-295402_960_720.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8Hv_xvl41nZLYzqi058RYrXfxT3zx4gbXSh8UauYRmjVcsyB_4hv2A5EKOWjPHjE5mv2MTErjoI6cphmjcnh3plbTgPX7w6UCcFCuqGUDm6SN3B2MzJuUfvTm4SQPsKGH3odTyY7t0yw/s320/phone-295402_960_720.png" width="320" /></a></div>
<div class="MsoNormal">
A local businessperson, we’ll call him Business Bob, once
told us over lunch that he will give anyone 5 minutes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Five minutes for what?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Five minutes for anything.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Business Bob said if someone wanted to come to him for an
investment opportunity, a business plan/idea, an interview, whatever, he would
make the time to either talk on the phone or sit down with that person.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Business Bob has had great success over the several decades
his company has been in business and continues to thrive and expand.</div>
<br />
<div class="MsoNormal">
A great deal of Business Bob's success is attributable to this mindset.</div>
<br />
<div class="MsoNormal">
So, how can we apply this to commercial real estate?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As commercial real estate professionals, we are always
searching the next deal. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We try to keep our pipeline full through prospecting and
networking but oftentimes, our next big project is just a phone call (or these days, an email) away.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company has made a habit of <i style="mso-bidi-font-style: normal;">always</i> talking to any prospective tenant who calls for office space
or warehouse space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sometimes, we know the call is highly unlikely, maybe even
impossible, to lead anywhere like the following:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We were recently notified about a prospect who wanted to
open a food processing plant within our business park. <span style="mso-spacerun: yes;"> </span>Their needs were several thousand square feet
of heated and cooled warehouse space and some very specific electrical
requirements for the commercial food processing equipment.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Did we have anything even close to this requirement that
would work?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Nope.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Did we take the call anyways?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Yep.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Was it a waste of time?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
No way.</div>
<br />
<div class="MsoNormal">
How can that be?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We took the time to listen to this prospect’s needs and get
an idea of their business plan/model moving forward in our region.<span style="mso-spacerun: yes;"> </span>We figured that at some point, this prospect
might have a different requirement. Maybe at that time, the prospect could utilize one of our spaces.<span style="mso-spacerun: yes;"> </span>Plus, this business might be a potential
referral source.</div>
<br />
<div class="MsoNormal">
If we had just said no from the start, we would be closing
the door on any future business and/or referrals.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Have we gotten any future business from that client or any
referrals?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Again, no.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So how can it be that it was not a waste of time?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Take the following example that did pay off:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A number of years ago, we got a call from a national credit
tenant (Fortune 100) who needed some space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Their requirements were 25,000 square feet of warehouse space with
a couple of private offices.<span style="mso-spacerun: yes;"> </span>The kicker
was the company only needed space for 1-2 months.<span style="mso-spacerun: yes;"> </span>We were told that they were renovating their
existing location and needed space while the construction was completed.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company typically shies away from leasing space
temporarily because we may pass up a long term deal.<span style="mso-spacerun: yes;"> </span>Plus, we didn’t have even half of that amount
of space vacant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Did we still take the call?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Yes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Did it lead to future business?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
At first, no.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We took the local people on a tour of what we did have
available, and they felt like they could make it work if absolutely necessary.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The next day, we received a call from the company’s regional
office and corporate office.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We told the regional manager that we were flattered to
receive the call but just did not think we could make the deal work.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company had minimal space left to lease.<span style="mso-spacerun: yes;"> </span>We had a few prospects for the remaining
vacant spaces and did not want to pass up those opportunities.<span style="mso-spacerun: yes;"> </span>Plus, we did not think it was a good fit for
the company either.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The regional manager said he understood.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So where’s the part about the big payoff?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The regional manager’s next question: Can you do a
build-to-suit?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our answer: Of course!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The corporate office was calling to ask the same question.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Apparently, the local office was having some issues at its
current location and was deciding to either fix it or relocate.<span style="mso-spacerun: yes;"> </span>The building was old and was not the typical
layout of their other locations around the country.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
They made the decision to either find an existing building
to retrofit (they couldn't find one) or do a build-to-suit.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Had we not taken the initial call, we might not have ever
been presented with this opportunity.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And before you ask the question, yes, we did perform a build
to suit and they are still a tenant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Not a bad return on investment for a 5 minute phone call,
right?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments. We promise to read
them all. You can also email us with any questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.
As a reminder, we provide office space for rent and office/warehouse space for
rent in Gulfport, Mississippi. For more information, visit our website at
<a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call us
at (228) 575-7731.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-89312161833815012862016-02-16T12:00:00.000-06:002016-04-18T12:45:41.247-05:00Why You Should Always Take Notes for CRE<!--[if gte mso 9]><xml>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi35-x2GFnp46YJhCYqZj_efTt0b-QMxhCAKL9ZdKm_JF-eL4b-k2qJnSIbNLpLyQTqrZ-t9lrp49Fh7BCHvFCtDPogRv1xrgEBu3ITPtZiTDgz_cdJBjSVbFH5ZnC-lwgrcdHsnlY0gZw/s1600/ID-10098727.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi35-x2GFnp46YJhCYqZj_efTt0b-QMxhCAKL9ZdKm_JF-eL4b-k2qJnSIbNLpLyQTqrZ-t9lrp49Fh7BCHvFCtDPogRv1xrgEBu3ITPtZiTDgz_cdJBjSVbFH5ZnC-lwgrcdHsnlY0gZw/s320/ID-10098727.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of adamr at FreeDigitalPhotos.net</td></tr>
</tbody></table>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Remember in college when you were required to scribble (or
type) as many notes as possible in a lecture?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You took notes so that you could prepare for an upcoming
test or final.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In commercial real estate (or any business for that matter),
<b>you <i style="mso-bidi-font-style: normal;">must</i> still take notes
religiously.</b><br />
<br /></div>
<b></b>After all, isn’t it just as important to ace your next
commercial real estate deal as it was to pass the exam you were preparing for
in college?<br />
<div class="MsoNormal">
<br /></div>
Commercial real estate transactions are inherently complex.<br />
<br />
It is virtually impossible to remember every aspect of a
negotiation, whether for lease or purchase.
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That is why it is absolutely crucial to take notes.<span style="mso-spacerun: yes;"> </span>This is true for both tenants and landlords
and buyers and sellers.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>How detailed should you make your notes?</b></div>
<br />
As detailed as possible.<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords, we deal with prospective tenants all the
time.<span style="mso-spacerun: yes;"> </span>It would be nice if a prospect
called and was ready to sign a lease on the first call.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>It would be nice but it would also be imaginary.<span style="mso-spacerun: yes;"> </span></b>This never happens.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You need to take notes because you won’t remember a
conversation/negotiation that took place 2 months ago (much less several months).<span style="mso-spacerun: yes;"> </span>Sure, you will remember the most important
pieces, like pricing and lease term.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But will you remember the actual back and forth negotiations
that happened to arrive at a price?<span style="mso-spacerun: yes;"> </span>Or
term?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Probably not.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Plus, not every transaction moves fluidly. Sometimes, sales/leases are delayed by months or even years.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You never know what tidbits that you write down today will
be important in the future. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Example:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Recently, our company negotiated a warehouse space with a new
tenant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A price was agreed upon and a lease was drafted.</div>
<br />
<div class="MsoNormal">
When the owner came to our office to execute the lease
agreement, he told us that <b>the price listed in the contract was incorrect</b>.</div>
<br />
<div class="MsoNormal">
Of course, this was a touchy situation.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Here we have a prospect, ready to sign on the dotted line,
and at the eleventh hour, he says he won’t sign our lease because he claims the
pricing is different than discussed the previous week.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now, we were not going to quibble over a few hundred
dollars/month because the deal was too lucrative.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, we knew that our pricing was correct.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How were we so sure?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We take detailed notes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The prospect welcomed us to do what we had to do but he was
not signing at the listed price.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So we opened our notes on the computer.<span style="mso-spacerun: yes;">
</span>(Side note: We typically jot notes in short form while meeting with a
client or on the phone and immediately take detailed notes after on the
computer.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We arrived at the section where pricing was discussed and
explained what we had in our notes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>“I’m so sorry.”</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That’s what the prospect told us.<span style="mso-spacerun: yes;"> </span>He had looked at so many properties that he
confused ours with another.</div>
<div class="MsoNormal">
<b><br /></b></div>
<b>“You are right.<span style="mso-spacerun: yes;"> </span>I’ll
sign it.”</b><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For a long term lease, this saved several thousand dollars.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All from jotting down a few notes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Not a bad return on investment, huh?</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
<br />Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com0tag:blogger.com,1999:blog-4069317941556794828.post-50178034576051603772016-01-21T16:24:00.003-06:002016-01-21T16:25:28.461-06:00You can’t get every #CRE deal<!--[if gte mso 9]><xml>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEvb0zXF9-RtbRucF-aH9atE_X2TCQmEtgRugqhidQKbooOmp-Nr8S0hyphenhyphenrYzU1hksYxb_GKwYP7Pd6qabrZtaHq38YVHKnwNvuidrX7sQG-O88tkFqur6diMYc8Mtjl6EMwkvB-ZrW8eI/s1600/ID-100333077.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEvb0zXF9-RtbRucF-aH9atE_X2TCQmEtgRugqhidQKbooOmp-Nr8S0hyphenhyphenrYzU1hksYxb_GKwYP7Pd6qabrZtaHq38YVHKnwNvuidrX7sQG-O88tkFqur6diMYc8Mtjl6EMwkvB-ZrW8eI/s320/ID-100333077.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="color: #0000ee;"><u>Image courtesy of steafpong at FreeDigitalPhotos.net</u></span></td></tr>
</tbody></table>
<br />
<div class="MsoNormal">
Our company works hard to get every commercial
real estate lease that comes along.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
These leases are a combination of new business, renewals,
expansions, downsizes, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
No matter the situation, we diligently work to “win” each
lease with an approved tenant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, you can’t get every commercial real estate deal.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We are all in business to make money. (Duh!)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Because we are in business to make money, some deals just
cannot be attained.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For example, we recently lost a long term national tenant
who chose to sign a new lease at another property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Was it anything we did wrong?<span style="mso-spacerun: yes;"> </span>Nope.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Could we have put them in a similar building or built a
similar building?<span style="mso-spacerun: yes;"> </span>Yep.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Would we have made any money on the deal, short term or long
term?<span style="mso-spacerun: yes;"> </span>Nope and possibly.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our tenant, let’s call them Widget Sales, was in a
multi-tenant building.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Widget Sales had a showroom, office and warehouse space and
was looking to expand.<span style="mso-spacerun: yes;"> </span>They needed a
showroom double the size, office 50% larger and warehouse space 150% larger
with high ceilings.<span style="mso-spacerun: yes;"> </span>Widget Sales also
wanted a standalone building.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company priced a new building for Widget Sales
competitively.<span style="mso-spacerun: yes;"> </span>Our contractor went back
to the drawing board a couple of times to get the price as low as possible.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, Widget Sales was not interested in signing a long
term lease.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company told Widget Sales that we could not sign a short
term lease for a brand new build-to-suit building. To make matters worse, there were some specific details that would have made this building hard to retrofit for another tenant without spending a substantial amount of money.</div>
<br />
<div class="MsoNormal">
The problem was that Widget Sales was not necessarily
looking for a brand new building.<span style="mso-spacerun: yes;"> </span>They
just wanted their wish list items met, whether this was in a new building or
not.<span style="mso-spacerun: yes;"> </span>And, Widget Sales had a budget
that was drastically lower than what we could offer for a build-to-suit.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company tried to make the numbers work every which way.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But, as mentioned above, we are in this business to make
money.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sure, we would have made money had Widget Sales stayed for a
few renewal terms but the return on our initial investment would have been far
lower than any deal we have ever signed. Plus, if Widget Sales left our property, we would have been in a bad situation with a building nobody could use.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company offered existing space in another multi-tenant
building at prices comparable to what their budget was.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Widget Sales insisted on a
standalone building.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Finally, a standalone building came on the market with nearly
identical specifications to what Widget Sales required.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company could not compete with the pricing offered on this new building.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Widget Sales gave us the opportunity to match the price of
this other commercial property, but there was no way we could even come close.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The owner of the building Widget Sales was interested in was
from out of town and was only interested in keeping the building leased.<span style="mso-spacerun: yes;"> </span>Thus, the owner was willing to accept a less
than market value price to keep the building occupied.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We admire the owner for pricing the building below market
value – he was able to sign a national tenant to a space with minimal
renovations for what could be an indefinite landlord-tenant relationship.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The main problem was our company did not have what our
client was seeking.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When that happens, it is awfully hard to reach an agreement
where both parties can benefit.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company could not benefit so we had to pass on this tenant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After all, our company can only stay in business by making
money.<span style="mso-spacerun: yes;"> </span>And sometimes, that means passing
on a commercial real estate deal.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-72381417533474992242015-12-29T12:59:00.000-06:002016-04-18T12:45:54.636-05:00BATNA + CRE (Acronym Overload!)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIu23DMFZpHIIfgJuU9qaBYEOMMiEpnG6NFMk1zCl-2HYFbrF8VaeMVL6a4P9P2um7LSiDv4f2-JCkgS2dOvnkDEFHBv73mScKV-Nhk1AeR1vN1RaLoLBwLshwpo0EV4DQyt3kdreMxOo/s1600/BATNA+%252B+CRE.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIu23DMFZpHIIfgJuU9qaBYEOMMiEpnG6NFMk1zCl-2HYFbrF8VaeMVL6a4P9P2um7LSiDv4f2-JCkgS2dOvnkDEFHBv73mScKV-Nhk1AeR1vN1RaLoLBwLshwpo0EV4DQyt3kdreMxOo/s200/BATNA+%252B+CRE.jpg" width="200" /></a></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
In case you were wondering, this is not an anagram contest! BAT CRANE is <i>not</i> an answer!</div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal">
First, some definitions:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>BATNA</b> = <b>B</b>est <b>A</b>lternative <b>T</b>o a <b>N</b>egotiated <b>A</b>greement<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>CRE</b> = <b>C</b>ommercial <b>R</b>eal <b>E</b>state<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>+</b> = <b>P</b>lus (Sorry, we couldn’t help
ourselves…)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
BATNA was introduced in <i>Getting
to Yes: Negotiating Without Giving In</i>, a book still used in business
schools and negotiation classes around the world.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, what exactly is BATNA?
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>BATNA is basically where you stand if you fail to reach an
agreement. </b>Each person's BATNA is unique and varies depending on the situation.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you are negotiating with a new supplier and fail to reach
an agreement, maybe you continue using your existing supplier or find a third
one.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you own stock in Company XYZ and wish to sell it for $30,000 in order to pay all cash for a new car, your BATNA could be any of the following if you fail to sell the stock for $30,000:<o:p></o:p><br />
<br />
<ol>
<li>You sell $30,000 of Company ABC, another stock you own.</li>
<li>You do not sell any stock and lease the car instead.</li>
<li>You dip into your retirement savings to pay for the car.</li>
<li>You decide to wait another 6 months before you purchase the car.</li>
<li>You buy a less expensive car.</li>
</ol>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords of commercial real estate, our most common
example of this principle is what happens if we cannot come to terms on a lease
agreement with a prospective tenant.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most of the time, this means our vacant space remains
vacant. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Pretty simple, right?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So the question often becomes: <b>Is a vacancy worthwhile?</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sometimes, the answer is easy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you are offering an office space for $5,000/month (and
let’s assume it is actually <i>worth</i>
$5,000/month), and an offer comes in at $2,000/month, you are better served to
keep the vacant space and hold out for a tenant who will pay you the true
market value.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
An example not involving a vacancy is if you have a tenant
in your space paying you $5,000/month with its lease term about to expire. Your existing tenant wants to renew at
$5,000/month and another prospect wants the exact same space. You would obviously want a premium for the
space to allow the new tenant to move in so if that tenant does not agree to,
say $5,100/month, your best alternative is your existing tenant at
$5,000/month.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In the previous example, you have a clear line for how to
negotiate. If the new tenant will not
pay anything over $5,000/month, you should walk away from the deal.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, as is usually the case, the real life scenarios are
often much more complicated.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are literally <b>dozens and dozens of factors in every
lease agreement</b> and many are intensely negotiated.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The <b>most important factor that is always negotiated, though,
is the price</b>. And we have heard stories
of miniscule amounts that are quibbled over that make the parties go their
separate ways.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This is rarely the best case scenario. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As a landlord, if your BATNA is a vacancy for an indefinite
amount of time, how is this good for your business (which involves, you know,
actually <i>collecting </i>rent!)?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And as a tenant, if your BATNA is to seek another space,
which may or may not fit your budget and which takes even more time away from
what you do best (actually running your company!), how is this good for your
business?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Before you draw your final line in the sand, take the
following into consideration:<br />
<br /></div>
<h4>
<b>Landlord Questions</b></h4>
<div class="MsoNormal">
</div>
<ul>
<li><span style="text-indent: -0.25in;">Do you have any other pending offers or interested
parties?</span></li>
<li>Have you received any offers since your space became vacant that you have already turned down (i.e., are you offering your
space for the market value)?</li>
<li>How much does you vacancy cost each month (utilities, janitorial, maintenance, taxes, insurance, marketing)?</li>
<li>How is your local commercial real estate market
performing?</li>
<li>Is your prospect agreeing to everything other than the
price? (If the prospect will use your lease form and will go along
with all other terms/conditions, the price might not be as big of a deal.)</li>
<li>Is this a credit tenant?</li>
<li>Is this tenant a good fit for your building or business
park?</li>
</ul>
<br />
<h4>
<b>Tenant Questions</b></h4>
<div class="MsoNormal">
</div>
<ul>
<li>Can you remain at your current location or will you be
forced out?</li>
<li>How much will you pay in holdover rent if you have to
remain in your existing location for a few months?</li>
<li>When does your current lease expire?</li>
<li>Are there any other vacant buildings in the market?</li>
<li>How much is the space worth to you? (Note, this is
different from the market value of the space – if the space is in your ideal
location, it should be worth more to you than the market might dictate.)</li>
<li>How long will it take you to find another alternative?</li>
<li>And if you find another alternative, what is the market
rate for it?</li>
</ul>
<br />
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All of these questions must be asked. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Sometimes, it is worthwhile to take less (or pay more) than
what is expected</b> to satisfy the other party. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords, we are pro-agreement. (Obviously!)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But sometimes, that means we must take less than what we
think a space is worth.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We always try to obtain the market value for our spaces.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It is important to remember though, that <b>the market value is what someone is willing
to pay.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That does not mean you should accept a ridiculous offer, but
it does mean you need to think twice about saying no.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments. We promise to read them all. You can also email us with any questions at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi. Please keep us in mind if you are looking for
a space in our area. If you want more
information about our available office space or warehouse space, visit our
website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>
or give us a call at (228) 575-7731.<o:p></o:p></div>
<br />
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com0tag:blogger.com,1999:blog-4069317941556794828.post-5774860036310593392015-12-29T12:54:00.002-06:002015-12-29T12:54:58.286-06:00Online Paid Ads or SEO?<!--[if gte mso 9]><xml>
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</xml><![endif]-->Okay, so this post is a little bit different from our previous
posts since we usually post about our experience with commercial real estate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">But running our
commercial real estate company involves running a small business.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And running a small business means we have non-commercial
real estate decisions to make on a daily basis.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">The question of using
online paid ads or SEO is a classic chicken or the egg question</b> that many small
businesses face today - you must decide which to use first.</div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKUQPU1pz98i3-LZleS4UH0hoQGQ6688dcydvA8trVHkASLWOEGxHirOtxCJFaheKbyPRcLK-RK6EwmCLP4siz7Cl8PWri1htJzolv80OQEtLuL-gkCkMZgcoBtUZKgoQQEGSLyIBxHv4/s1600/Which+Came+First.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKUQPU1pz98i3-LZleS4UH0hoQGQ6688dcydvA8trVHkASLWOEGxHirOtxCJFaheKbyPRcLK-RK6EwmCLP4siz7Cl8PWri1htJzolv80OQEtLuL-gkCkMZgcoBtUZKgoQQEGSLyIBxHv4/s320/Which+Came+First.jpg" width="320" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Not all businesses have the time, money and resources to invest
in both paid online ads and SEO.<span style="mso-spacerun: yes;"> </span>What
follows is how we made the decision for our company.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For starters, let’s define exactly what we are talking
about.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Paid Online Ads:</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Paid online ads encompass everything from the links you see
at the top of Google/Bing when performing a search to the sidebar display ads
showing you a pair of shoes you viewed a couple days ago on Amazon.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">SEO:</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
SEO, for non-tech savvy readers, is search engine
optimization, i.e., where you appear in Google/Bing searches when someone is
looking for your product or service.</div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; tab-stops: 59.5pt;">
<span style="mso-tab-count: 1;"><br /></span></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The argument for paid online ads vs. SEO is as follows: </div>
<br />
<ul>
<li>If we pay for online ads, we do not need to worry about
optimizing our website.<span style="mso-spacerun: yes;"> </span>We can pay for
people to go straight to our website.</li>
<li>If we pay for SEO, (or spend the time to find out how
to do it ourselves) the clicks to our website will come in for free. (the best
clicks!)<span style="mso-spacerun: yes;"> </span>If our website is at the top of
Google and Bing for our keywords, we will save on future online ad costs.</li>
</ul>
<br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">So, which route did
our company take? (Spoiler: SEO)</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The story below tells the story of why our company felt like
SEO was the best choice.<span style="mso-spacerun: yes;"> </span>In hindsight,
we feel that we made the correct decision.</div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0in 0in 1.0pt 0in;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0in 0in 1.0pt 0in; padding: 0in; tab-stops: 59.5pt;">
<span style="mso-tab-count: 1;"><br /></span></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A few years ago, our company website was very poorly
designed.<span style="mso-spacerun: yes;"> </span>Thus, our website did not
perform well.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our Google Analytics looked horrific.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We were excited when a user even found our site and 99% of
the time, it was direct traffic from someone we told to visit our website (or
spam).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our pictures were dated.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our content was poorly written.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our design looked boxy and dated.</div>
<div class="MsoNormal">
<br /></div>
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In a nutshell, the user experience was just bad.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;">You
know a bad website when you visit one, and our website was certainly a bad
website.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Around this same time, our company was looking to beef up
our marketing.<span style="mso-spacerun: yes;"> </span>Inbound calls were
slowing, and we wanted to explore other marketing avenues.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For years, the sole advertising we used was an ad in the
local newspaper, a paid listing in the Yellow Pages and signs outside our
complex.</div>
<div class="MsoNormal">
<br /></div>
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As you can imagine, we were getting no calls from either the
newspaper ad or the Yellow Pages ad.<span style="mso-spacerun: yes;"> </span>The
last year that we ran a newspaper ad in the classified section, out of all of
our inbound calls for office space or warehouse space, only <i style="mso-bidi-font-style: normal;">one</i> call came from the newspaper
ad.<span style="mso-spacerun: yes;"> </span>One!<span style="mso-spacerun: yes;">
</span>And that ad was not cheap!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And no, that one caller did not convert.<span style="mso-spacerun: yes;"> </span>So you can imagine what the cost of
conversion was from the newspaper ads. (Hint: HIGH!)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, our company was looking for a new way to market to
prospective tenants.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
At the time, we felt like everything was moving to online
search so we narrowed down the list to either SEO or Google ads.</div>
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<span style="mso-tab-count: 1;"><br /></span></div>
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<b style="mso-bidi-font-weight: normal;">Enter our dilemma – paid
online ads or SEO?</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Before we jumped into either paid online ads or SEO, we
researched each.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We originally thought SEO was some highly technical process
that only experts could perform.<span style="mso-spacerun: yes;"> </span>(Don’t
get us wrong – SEO can get <i style="mso-bidi-font-style: normal;">extremely </i>technical
but you can find free resources online everywhere to get a good knowledge
base).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, as we learned more and more about SEO, the answer
to a better performing website was a better user experience.<span style="mso-spacerun: yes;"> </span>You see, if you optimize your website, you
are really just creating a better user experience.<span style="mso-spacerun: yes;"> </span>Google and Bing recognize a good user
experience and reward you with higher search rankings as a result.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, once we made the decision to go the SEO route, we necessarily
had to redesign the website.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We needed more pictures, better text, resources to help the
reader, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, over the course of several weeks, we took pictures of
our office spaces and warehouse spaces.<span style="mso-spacerun: yes;">
</span>We researched good SEO practices.<span style="mso-spacerun: yes;">
</span>We learned about things like title tags, meta descriptions and keyword
density.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
At last, our website was redesigned and live.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Within a few weeks, we were receiving daily traffic.<span style="mso-spacerun: yes;"> </span>The days of non-existent clicks were gone.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Had we gone the paid online ads route, users who came to our website would have never converted because of the poor user experience. Using best practices for SEO ensured that however a user arrived at our site, whether from paid search or not, that user would understand exactly what we offered with better text and pictures.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So if you are trying to decide if you should use paid ads or
optimize your website, we think the answer is clear: <b style="mso-bidi-font-weight: normal;">Go with SEO first.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You can always use paid ads in the future.<span style="mso-spacerun: yes;"> </span>And if you decide to use paid ads, you can be
sure that the user will have a great experience and have a better chance of converting into a
customer.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-3542201649569018582015-12-03T15:31:00.000-06:002015-12-29T12:58:18.520-06:00Does it Always Pay to be Nice?<!--[if gte mso 9]><xml>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3DQOmlbRr2WoBM-9qrgdvIIA5SKu4jPVQZ5GcwVPtSYB7aLRwhaOmJpKnaEk8M6pZPb0XnbnVd6G4WGkAq1S1GJ9DvvPapVsedOuGo2b03-rDJn178eAqD9DafuTTH51yt_f3gnZnIts/s1600/ID-100197308.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3DQOmlbRr2WoBM-9qrgdvIIA5SKu4jPVQZ5GcwVPtSYB7aLRwhaOmJpKnaEk8M6pZPb0XnbnVd6G4WGkAq1S1GJ9DvvPapVsedOuGo2b03-rDJn178eAqD9DafuTTH51yt_f3gnZnIts/s320/ID-100197308.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of cooldesign at FreeDigitalPhotos.net</td></tr>
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<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Does it always pay to be nice?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Short answer: Yes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Long answer: <b style="mso-bidi-font-weight: normal;">Yes, it
always pays to be nice.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">You never know what
opportunities will come up in the future.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why would you burn any bridges?<span style="mso-spacerun: yes;"> </span>What are you accomplishing by doing this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Although this post could be geared towards business in
general, personal relationships, etc., we will highlight how this affects
commercial real estate.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords of commercial real estate, having “repeat
business” is not something very common.<span style="mso-spacerun: yes;">
</span>Sure, brokers routinely score repeat business as people’s business needs
constantly change and so to will their commercial real estate needs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In our experience, however, when a tenant leaves, they have
left for irreconcilable differences.<span style="mso-spacerun: yes;"> </span>The
price was too high, the location was not right, they closed the business, they
relocated to a new city, the space was too small, the space was too large, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We are never happy when a tenant chooses to leave our
property but we understand that <b style="mso-bidi-font-weight: normal;">these
are business decisions and are not personal</b>.<span style="mso-spacerun: yes;"> </span>Thus, we treat former tenants with the same
level of respect as prospective and current tenants.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Because we choose not to alienate our existing tenants, we
have been fortunate enough to secure repeat business on two occasions:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Occasion #1</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
About 15 years ago, a tenant was leasing an office space to
train door to door salesmen.<span style="mso-spacerun: yes;"> </span>They held
daily meetings in the morning and then hardly used the space.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
They would have 20-30 cars on a daily basis.<span style="mso-spacerun: yes;"> </span>This caused a parking issue.<br />
<br />
Several neighboring tenants complained, and we did our best to play referee.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After the initial lease term ended, both sides decided to
part ways amicably. This was the best decision for both parties.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
About 8 years ago, this tenant came back to us with a
different business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
They have been with us ever since.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Occasion #2</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Roughly 6 years ago, one of our tenants informed us they
would not be renewing their lease.<span style="mso-spacerun: yes;"> </span>They
had been with us for two lease terms, and we were shocked that they were planning to
leave.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
They told us that they needed a nicer space, new paint, new
carpet and a lease to purchase option.<span style="mso-spacerun: yes;">
</span>We were able to accommodate their first 3 requests but could not provide
them with a lease to purchase option.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A couple of years ago, we heard back from this same tenant.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Their new location was not working for them and they were
ready to come back in an even larger space than they were previously.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
They told us during lease negotiations that they enjoyed
being a tenant so much and were pleased that we did not try to take advantage
of their situation when they left our property before.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All signs point to this tenant being with us for a very long
time now, as we performed a custom build-out and they have invested into the
space heavily.</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Hopefully, these 2 examples illustrate why it always pays to
be nice.
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And this does not just apply to former tenants, it also
applies to prospects who choose another property as well.<span style="mso-spacerun: yes;"> </span>We have had situations when a prospect chose
another property and called us after their initial lease term ended at another commercial property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">It’s not easy to be
told “no”</b> – whether this is when a prospect chooses another property or an
existing tenant tells you they won’t renew. <b>However, a "no" today is a potential "yes" in the future.</b><br />
<br />
<b style="mso-bidi-font-weight: normal;">Remember, all tenants
who do not lease from you are potential future tenants.<span style="mso-spacerun: yes;"> </span>And it always pays to be nice to them.</b></div>
<br />
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-72581811426720995362015-11-11T10:50:00.002-06:002015-12-29T12:58:39.993-06:00All Signs Point to Yes (But the Answer is Still No…)<!--[if gte mso 9]><xml>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIfTs5zI_ZxKt9pZ69JEVVlUtWFJAeVzx_Cu44vvjTQ1rmqSnxo89ROBMa7gyaQaCRi6MSm2k2gIlMHmPHcI_1mHwyHzmSpDv72evo66duuOFgWJrR28EHJx0k2DsW7InImfB1xVxy8Ww/s1600/ID-100264412.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIfTs5zI_ZxKt9pZ69JEVVlUtWFJAeVzx_Cu44vvjTQ1rmqSnxo89ROBMa7gyaQaCRi6MSm2k2gIlMHmPHcI_1mHwyHzmSpDv72evo66duuOFgWJrR28EHJx0k2DsW7InImfB1xVxy8Ww/s320/ID-100264412.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Stuart Miles at FreeDigitalPhotos.net</td></tr>
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<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We have all been there.<span style="mso-spacerun: yes;">
</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A deal that seemed prime for the taking.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Your property was clearly the best fit for the client.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After all, the location was great, your pricing was
competitive and the tour seemed to go perfect.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You started talking seriously with the other side and were
told by representatives that a deal would be made.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Bingo!</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Then, you hear back from the other party’s
representatives.<span style="mso-spacerun: yes;"> </span>Something changed and
your client opted for another property.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Hopefully, you did not hold the property or miss out on any
other potential prospects because you had a “live one.”</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you have been in commercial real estate for long enough
(or any business, for that matter), some variation of this scenario has
happened to you.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our story goes something like this: (Note that the details
have been changed slightly to avoid divulging company names.)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
AquaCompany does environmental
testing of the city’s water supply.<span style="mso-spacerun: yes;">
</span>AquaCompany is a national company that has 350 locations.<span style="mso-spacerun: yes;"> </span>The local office has a small staff and needs
about 6,000 square feet of industrial space, with about 10% office.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
AquaCompany enlists brokerage
company Brokers 4 Us to find a suitable office/warehouse space.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Brokers 4 Us contacts our office to
see if we have anything that will suit its clients specifications.<span style="mso-spacerun: yes;"> </span>We tell Brokers 4 Us that we have an as-built
space nearly identical to their client's requirements.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Brokers 4 Us sets up a time to view
the space with its client.<span style="mso-spacerun: yes;"> </span>The tour goes
very well.<span style="mso-spacerun: yes;"> </span>AquaCompany appears to like
the location and says the space works perfect for what their long term needs
are.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Our office meets with Brokers 4 Us
right after the tour to discuss a proposal.<span style="mso-spacerun: yes;">
</span>We price the space competitively.<span style="mso-spacerun: yes;">
</span>After all, this is a national company and we would be thrilled to
advertise AquaCompany as one of our tenants.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Brokers 4 Us tells us that there
are only 2 properties that AquaCompany is considering.<span style="mso-spacerun: yes;"> </span>The other location is a dilapidated building
that needs renovations and while it is in a retail area with high traffic
counts, AquaCompany does not need to market to the public, as they do
environmental testing for water.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Two weeks pass.<span style="mso-spacerun: yes;"> </span>We call Brokers 4 Us for an update.<br />
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<div class="MsoNormal" style="margin-left: .5in;">
We are told AquaCompany has not yet
made a final decision.<span style="mso-spacerun: yes;"> </span>There are still
only 2 properties (ours included) that AquaCompany is considering.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Our office asks Brokers 4 Us if we
should cut the price.<span style="mso-spacerun: yes;"> </span>This was during the
market crash and the space had been vacant for several months.<span style="mso-spacerun: yes;"> </span>We were thrilled to have the space occupied
by anyone, especially a national credit tenant.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
“No need,” we are told by Brokers 4
Us.<span style="mso-spacerun: yes;"> </span>The other property’s landlord has
refused to pay any sort of commission to Brokers 4 Us.<span style="mso-spacerun: yes;"> </span>AquaCompany must pay the brokerage fees,
making the monthly rental rate significantly higher than what our company was
quoting.<span style="mso-spacerun: yes;"> </span>“Just sit back and wait for
them to make a decision,” Brokers 4 Us says.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Another week passes with no phone
call.</div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Again, we reach out to Brokers 4
Us.<span style="mso-spacerun: yes;"> </span>AquaCompany went with the other
property.<span style="mso-spacerun: yes;"> </span>“It makes no sense!” Brokers 4
Us tells us.<span style="mso-spacerun: yes;"> </span>The rent is a good 20%
higher with the other property, the building is in bad shape and they have to
fight retail traffic for a business that has <i style="mso-bidi-font-style: normal;">zero</i> walk-in traffic.</div>
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<br /></div>
<div class="MsoNormal">
<b>All signs pointed to yes, but the answer was still no.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You can never bank on something until it is signed on the
dotted line.<span style="mso-spacerun: yes;"> </span>Thankfully, we did not pass
up on any prospects. <span style="mso-spacerun: yes;"> </span>As a general rule,
we never take a space off the market unless a letter of intent is signed.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Remember, it’s just
business and anything can happen.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments.<span style="mso-spacerun: yes;"> </span>We promise to read them all.<span style="mso-spacerun: yes;"> </span>You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-81214248665361863912015-10-21T08:57:00.001-05:002015-12-29T12:59:00.167-06:00Separating Wants from Needs in CRE<!--[if gte mso 9]><xml>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis8dCW0aCUEEUXg4RSAfNWus4YrsKgL9T8ho9OFRt3-p0jw3MZrK2Ntbsb8875v-rfJTCft3hRV7ZRC1QgaHq6EeQpcYf1H6fRv3L-NTwqJQbF2ClYSgyUaApMnhxKPRZmMN92Ej63yB8/s1600/ID-100284827.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis8dCW0aCUEEUXg4RSAfNWus4YrsKgL9T8ho9OFRt3-p0jw3MZrK2Ntbsb8875v-rfJTCft3hRV7ZRC1QgaHq6EeQpcYf1H6fRv3L-NTwqJQbF2ClYSgyUaApMnhxKPRZmMN92Ej63yB8/s320/ID-100284827.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Stuart Miles at FreeDigitalPhotos.net</td></tr>
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<div class="MsoNormal">
You <i style="mso-bidi-font-style: normal;">want</i> the
beautiful office in the new high rise building downtown.<span style="mso-spacerun: yes;"> </span>But does your business <i style="mso-bidi-font-style: normal;">need</i> this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>When you are leasing commercial real estate space, you need
to separate your wants from your needs.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let’s give an example to illustrate how to separate wants
from needs:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Your favorite music star is playing
a concert and tickets are about to go on sale.<span style="mso-spacerun: yes;">
</span>Tickets cost $150, which doesn’t include parking, concessions, etc.</div>
<br />
<div class="MsoNormal" style="margin-left: .5in;">
You obviously <i style="mso-bidi-font-style: normal;">want</i> to go to the concert.</div>
<br />
<div class="MsoNormal" style="margin-left: .5in;">
But do you really <i style="mso-bidi-font-style: normal;">need</i> to go?</div>
<div class="MsoNormal">
<br /></div>
In the above example, there are 2 ways to look at the wants
and needs of going to the concert:<br />
<ol>
<li>You <b><i>want</i></b> to go to the concert but the tickets are more than you can afford. You <i><b>need</b></i> to be able to pay your bills.</li>
<li>You <i><b>want</b></i> to go to the concert to get away for the night. You <i><b>need</b></i> a break with a night off. Because you can't afford the tickets, you could substitute dinner and a movie instead, which will give you the same break as going to the concert.</li>
</ol>
<div class="MsoNormal">
Some needs are easy to identify like food, clothing and
shelter.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Other needs are harder to identify because they might involve
your feelings or because you have a preconceived notion about how to satisfy
that basic need.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So what does this have to do with CRE?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>You <i style="mso-bidi-font-style: normal;">have</i> to make
sure you are fulfilling your business’s needs in a commercial real estate space
rather than your personal wants.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
How do you accomplish this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A good starting point is to sit down with your team and <b>make
a wish list</b>.<span style="mso-spacerun: yes;"> This </span>same analysis
applies for tenants and landlords and whether you are buying, selling,
expanding, downsizing, renewing, relocating, etc.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Once you make your wish list, analyze each item.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Wish List Item 1:</b>
Relocate to the high rise building downtown currently under construction.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Wish List Item 1 is obviously a want and not a need.<span style="mso-spacerun: yes;"> </span>You <i style="mso-bidi-font-style: normal;">want</i>
to move into this building but you don’t necessarily <i style="mso-bidi-font-style: normal;">need</i> to.<span style="mso-spacerun: yes;"> </span>Maybe you need to
expand, move to a new location, downsize, etc., but you don’t need to be in a
specific high rise building in downtown.<span style="mso-spacerun: yes;">
</span>Figure out what your business actually needs and go from there.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Wish List Item 2:</b>
Our office needs at least 10 private offices.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Wish List Item 2 is a bit more complicated.<span style="mso-spacerun: yes;"> </span>Do you need 10 offices or do you just have 10
employees who need work space?<span style="mso-spacerun: yes;"> </span>If you
find a space with a large open area where cubicles can be set up, would this
accomplish the same goal as 10 separate offices?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
These are the types of questions that need to be asked in
order to separate wants from needs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Wish List Item 3: </b>My
warehouse space needs to be zoned for industrial to accommodate my business.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Wish List Item 3 is certainly a <i style="mso-bidi-font-style: normal;">need</i>.<span style="mso-spacerun: yes;"> </span>Your business
obviously cannot operate if it is zoned improperly.</div>
<div class="MsoNormal">
<br /></div>
<a name='more'></a><br />
<div class="MsoNormal">
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<div class="MsoNormal">
<b>Once you separate wants from needs on your wish list, shift
your needs to the top of the list.</b><span style="mso-spacerun: yes;"> </span>You
will obviously need these items fulfilled before you get into your wants.</div>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Although this post is geared more towards tenants, since it
involves making a wish list when seeking a new space, landlords have much to
learn from this practice as well.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If a prospective tenant or buyer tours your property, you
should be listening to the requests and see if you can decide whether
the requests are wants or needs.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A prospect may say they must have highway frontage when a
slot on your sign would serve the same purpose.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
An industrial client may say they need 20’ ceilings in the
warehouse when 18’ ceilings with more square feet would suffice.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Separating wants from needs is important for all parties to a commercial real estate transaction. This practice takes extra time and effort but is definitely worthwhile. <b>Once you separate wants from needs, you will be in a better position to succeed.</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave questions and/or comments.<span style="mso-spacerun: yes;"> </span>We read all of them.<span style="mso-spacerun: yes;"> </span>Feel free to drop us a line at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>.<span style="mso-spacerun: yes;"> </span>We provide office space for rent and
office/warehouse space for rent in Gulfport, Mississippi.<span style="mso-spacerun: yes;"> </span>If you need commercial real estate space in
our area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.</div>
<br />Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Rd, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-16870708619457899112015-09-30T07:24:00.000-05:002015-12-29T12:59:17.582-06:00When Should I Move From My Home Office to a Commercial Space?<h2>
<b><span style="font-family: inherit;">When Should I Move From My Home
Office to a Commercial Space?</span></b></h2>
<div class="MsoNormal">
<o:p><span style="font-family: inherit;"> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOTQg63tvcBxIXiFvTCOcQsMfIbCBr8ILHWlxzAdyA7nwsCawNb2B8dzJTCVE2nrBbC_T-PICDsot3MQeDWGuwaouwWCzpSRhmhGvq03iJ6bA-sZZHdim9cLlQvLmkPgcRl0iVcRQOBnw/s1600/ID-10067211.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="" border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOTQg63tvcBxIXiFvTCOcQsMfIbCBr8ILHWlxzAdyA7nwsCawNb2B8dzJTCVE2nrBbC_T-PICDsot3MQeDWGuwaouwWCzpSRhmhGvq03iJ6bA-sZZHdim9cLlQvLmkPgcRl0iVcRQOBnw/s1600/ID-10067211.jpg" title="Home Office vs. Commercial Office" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Stuart Miles at FreeDigitalPhotos.net</td></tr>
</tbody></table>
</span></o:p></div>
<div class="MsoNormal">
<span style="font-family: inherit;">This blog post is geared towards small businesses that are
unsure as to whether they are ready to move from their home office space into a
commercial space. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Our company offers office spaces as small as 600 square feet
and warehouse spaces as small as 1,500 square feet.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Because of this, we often talk with prospects
who currently work out of their homes. More
often than not, these prospects have a difficult time deciding whether they are
actually ready to move into a commercial office space or warehouse space.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">This clouds their judgment and prevents prospects from </span><b style="font-family: inherit;">asking the right questions</b><span style="font-family: inherit;">
(like <a href="http://seawaybusinesspark.blogspot.com/2015/02/what-to-look-for-when-you-tour-office-space-for-rent.html" target="_blank">"What Should for When I Tour an Office Space for Rent"</a></span><span style="font-family: inherit;">).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">This post should <b>help businesses</b> <b>make a firm decision</b> as to whether they are ready to pull the
trigger and move into a commercial office space or warehouse space.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">As a landlord of office and warehouse space, we obviously
have every incentive to persuade you to <b>get
out of your home office ASAP</b>.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">However, we tell all of our tenants that <b>if a deal is not right for them in the long term, it is not right for us in the short term.</b></span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">We’d rather pass on a prospect who will move
right back to their home office after the initial lease term because we might
have leased that same space to a long term tenant.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">So, with that in mind, you will need to consider the
following:</span><br />
<span style="font-family: inherit;"><br /></span></div>
<h3>
<span style="font-family: inherit;"><b>Type of Business</b></span></h3>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">First of all, we cannot stress enough that your decision
will <b>depend greatly</b> on the type of
business you are running.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Take a look at
your target market and customer. If you
have a product that is designed for retail that cannot be accomplished solely online, you should <b>get out of your home office</b>, like right now (as in stop reading
this post and search for available retail space).</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">If you are a consultant who <i>always</i> travels to the client and will never have a need for a large staff, you can
probably <b>stay in your home office </b>indefinitely.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Once your business is starting to grow and you are taking on employees, you are
getting into that gray area in which case…keep reading.</span><br />
<span style="font-family: inherit;"><br /></span></div>
<h3>
<b><span style="font-family: inherit;">Space Constraints</span></b></h3>
<h4>
<span style="font-family: inherit;"><br /></span></h4>
<h4>
<span style="font-family: inherit;">Home Offices</span></h4>
<div class="MsoNormal">
<span style="font-family: inherit;">Home offices tend to be cramped.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You’ve taken a space that wasn’t designed to
be a commercial office, and you’ve converted that space to make it such.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">This works for a startup and is a great way
to explore whether your business plan will work and to test your local market.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">But you will eventually want more space
because a cramped workspace can (and will) <b>hinder
your productivity</b>. Once you talk
more about your limited space and less about your business, it’s time to move
out.</span></div>
<h4>
<span style="font-family: inherit;"><br /></span></h4>
<h4>
<span style="font-family: inherit;">Home Warehouses</span></h4>
<div class="MsoNormal">
<span style="font-family: inherit;">Home warehouses are typically sheds/garages.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You are storing household items alongside
your commercial inventory.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">As you grow,
you <i>will</i> run out of space.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You might be able to use mini-storage unit(s)
as an alternative to a commercial warehouse space. In time though, you will want everything
under one roof, including office and storage.
Once you get there, it’s time to move into a commercial
space.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b><span style="font-family: inherit;">Distractions</span></b></h3>
<div>
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">It takes dedication to work out of a home office.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You have all the comforts of home (literally)
combined with a home office.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You have <b>countless distractions</b>, some that
cannot be avoided (like if your doorbell rings) and some that can be avoided
(like wanting to see highlights of last night's game on ESPN).</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Either way, some
people are just not wired to work out of a home office.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Be honest with yourself.
If you can’t handle the distractions, convert your home office back to
the bedroom or sitting room that it was and move into a commercial space.</span><br />
<span style="font-family: inherit;"><br /></span></div>
<h3>
<b><span style="font-family: inherit;">Perception</span></b></h3>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Having an address at a commercial location <b>legitimizes your business</b>.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">If you think people aren’t Googling your
office’s address to see where you are located, you’re fooling yourself.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">A commercial office or warehouse also tells
your customers that your business has stability.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Plus, there’s nothing worse than making a phone
call to a client or prospective client and your baby starts yelling in the
background or your dog starts barking uncontrollably (has happened several times when a prospect calls our office).</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">And a commercial space will tell your clients that you are here to stay because you have spent the time and
resources to open a commercial location.
And speaking of spending resources…</span></div>
<h3>
<b><span style="font-family: inherit;"><br /></span></b></h3>
<h3>
<b><span style="font-family: inherit;">Finances</span></b></h3>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Okay, so we know this is the largest factor. But it’s definitely not the <i>only</i> factor.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">If you work out of your home office, you might be able to
expense some items (like phone and internet) that could end up saving you some
money that you’d be paying for anyways in your house.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">You’re also saving on the rental fees
that you’ll have to pay a landlord. You
might even save on some items that you never dreamed of paying (pro-rata share
of landscaping services).<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">However, your move into a commercial office or warehouse
might make your business even <b>more
profitable</b> (cha-ching!).</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">If you
stock inventory, you will have more merchandise to sell (and receive bulk discounts
when you purchase), and if you sell products or services, you will have greater
visibility to the public. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Even if you don’t think it’s time to move into a commercial
office, you should still check prices in your local market on an annual basis (at a minimum). Prices fluctuate from year to year and you
might find a landlord who is looking to lease a space at whatever price is
necessary (particularly in a down market).</span></div>
<h3>
<b><span style="font-family: inherit;"><br /></span></b></h3>
<h3>
<b><span style="font-family: inherit;">Summary</span></b></h3>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">There are several benefits (too many to include in this
post) to working out of a commercial office or warehouse.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">However, <b>your
business must be ready</b>. Your
business has to grow at its natural pace.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Moving into a commercial space is not going to magically increase your
revenues, and you don’t want to bankrupt your business by leasing a commercial
space too quickly.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Whether this means
having revenues above X dollars, a customer base of at least X people or a geographic
reach of X miles is for you to determine.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">We hope this list provides you with some factors other than the bottom
dollar to consider.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and warehouse space for rent in Gulfport, Mississippi. Please keep us in mind if you are looking for
a space in our area. If you want more
information about our available office space or warehouse space, visit our
website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>
or give us a call at (228) 575-7731.</span><o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.07578530.432688 -89.075785 30.432688 -89.075785tag:blogger.com,1999:blog-4069317941556794828.post-17676341791945700942015-08-18T12:47:00.000-05:002015-12-29T13:00:04.124-06:00NO Deal Until the Contract is Signed<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkJWp2rz0d8c4OfxedzxDtZN85oeJMDMhXx757BZeBqeWW8Wg5PX-SBQ8KjB40PcJZhY5s3E-ColZp7QhHG3w8Y4HEfoqckp1O4VJljm0zA1bauviM8eaCCjiKWEiGxBigsfbb7GKmhE8/s1600/ID-10044619.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkJWp2rz0d8c4OfxedzxDtZN85oeJMDMhXx757BZeBqeWW8Wg5PX-SBQ8KjB40PcJZhY5s3E-ColZp7QhHG3w8Y4HEfoqckp1O4VJljm0zA1bauviM8eaCCjiKWEiGxBigsfbb7GKmhE8/s320/ID-10044619.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Jeroen van Oostrom at FreeDigitalPhotos.net</td></tr>
</tbody></table>
<div class="MsoNormal">
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<br /></div>
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You have probably heard this old adage before.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>You do not have a
deal until the contract is signed.<o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal">
And let us confirm this, once again for you.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Save this blog post and read it periodically. Print it out and frame it. Keep it fresh in your memory.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Take a look at the picture we used at the top of this
post. Do you notice how the hand is
hovering just above the signature line? Do
you know what that means?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>NO DEAL!<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company was reminded of this very scenario several years
ago with a company that has a global presence.
Let’s call this company XYZ, Inc.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
XYZ, Inc. had leased with our company for nearly 2
decades. They had gone through 2
expansions, one of which was a custom build-out.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
About 9 months before their lease was set to expire, we
heard from their in-house real estate manager.
They went through some internal analyses and determined that their
location within our business park was perfect.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We were told XYZ, Inc. was either going to move into a
larger space with a substantial remodel or they were going to let us construct
a custom-designed standalone building for them.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Back and forth we went with XYZ, Inc. over the specific size
of each option, the floor plans within each, the length of the lease term, etc.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>The 9 months until
lease expiration came and went very quickly.
Still, no deal was in place.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We had a very good relationship with the local manager and
regional manager. Both managers and the
real estate manager assured us that they were only looking at our
property. So we extended the lease
month-to-month to allow XYZ, Inc. some additional time to make their decision.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After all, we were told, XYZ, Inc. was so busy at the
corporate level, a decision could not be made whether to go with one of our two
options. <b>How could they possibly pursue another property with a new landlord?<o:p></o:p></b></div>
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<br /></div>
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A few more months passed and we were very close to a deal.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Then, the phone
stopped ringing and our phone calls were no longer being answered.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The local manager was clueless. He was being left in the dark too. <b>Probably
just the “corporate dance,” he assumed.<o:p></o:p></b></div>
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<br /></div>
<div class="MsoNormal">
At last, the real estate manager took one of our phone
calls.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
He engaged in a lot of small talk, which was a little out of
the ordinary. (At this point, we knew
something was going on…)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>As you can probably
tell from our not so subtle foreshadowing, they had found another building that had recently become vacant. And it was right down the street from our property.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We called the local manager, and he was shocked. Nobody had told him.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The regional manager told us that this new building hit
every box of their wish list. He had
previously looked us right in the eye and assured us that they would be staying
at our property. He shook our hands and
told us he was excited to begin a new, long term lease. He liked the idea of remaining with the same
landlord because he knew there would be no surprises.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What was his response when we asked him about these promises?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>It’s just a business
decision.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This regional manager had every intention of leasing from
our company. They were excited about a
build-to-suit and got far along in the discussions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Then, XYZ, Inc. put a stop to all new construction and
started cutting expenses. That meant the
regional manager’s hands were tied.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our company pulled out every trick we could to try to keep
XYZ, Inc. at our property. All of our
efforts, however, were to no avail.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
XYZ, Inc. moved right down the street, and we pass by them
several times a day.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal">
Remember how we said to read this blog post periodically or
print it out and frame it?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our reminder of this lesson is driving by XYZ, Inc. every single day.<o:p></o:p></div>
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<br /></div>
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Although our story did not have a happy ending, it did come
with a great lesson: <b>You have NO deal
until the contract is signed.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
Please feel free to leave questions and/or comments. We read all of them. You can also email our company at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. We provide office space for rent and
office/warehouse space for rent in Gulfport, Mississippi. If you need commercial real estate space in
our area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-90645834502793042912015-07-28T14:20:00.001-05:002015-12-29T13:00:21.876-06:00What’s the Price to Lease Commercial Real Estate?<div align="center" class="MsoNormal" style="text-align: center;">
<b>What’s the Price to Lease Commercial Real Estate?<o:p></o:p></b></div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZfRIRFnRHO_TYpoxeJ_gsFkFiYPvS2xaHkloCR_-fZn7s4GktKgZrC9PLcXf3PabH3DKZ3PWfNddPwl1Mh_p2C4luYBQj9FCDZqmFp1nBXh1i6fwj4ZLc69A65eFgf9S7lYEmoAWiros/s1600/price+tag.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZfRIRFnRHO_TYpoxeJ_gsFkFiYPvS2xaHkloCR_-fZn7s4GktKgZrC9PLcXf3PabH3DKZ3PWfNddPwl1Mh_p2C4luYBQj9FCDZqmFp1nBXh1i6fwj4ZLc69A65eFgf9S7lYEmoAWiros/s320/price+tag.jpg" width="320" /></a></div>
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<br /></div>
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<o:p><br /></o:p></div>
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What’s the most common question our company is asked?<o:p></o:p></div>
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<br /></div>
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Every single prospect call we get – we are always asked the
same question.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>What’s the price to
lease a space?<o:p></o:p></b></div>
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<br /></div>
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In this blog post, we will explain why this question is a
little more complex than it sounds and why we don’t publish our rental rates.<o:p></o:p></div>
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<br /></div>
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(Side note: A big thank you to Amy Porterfield for this blog
idea – it came direct from her podcast on <i><a href="http://www.amyporterfield.com/2015/04/56-how-to-create-content-to-attract-your-target-market/" target="_blank">How to Create Content to Attract Your Target Market</a></i>.)<o:p></o:p></div>
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<br /></div>
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Following is a typical prospect phone call that we receive:</div>
<div class="MsoNormal">
<b><br /></b></div>
<div class="MsoNormal">
</div>
<ul>
<li><b>Prospect: </b>I’m looking for around 4,000 square feet of office space. Could you give me some pricing information?</li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li><b>Landlord: </b>Sure, do you have an idea of
the layout?</li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li><b>Prospect: </b>Large open space for cubicles, reception, 3 restrooms,
break room, conference room and a few private offices. What is the price?</li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li><b>Landlord:
</b>Great, and what lease term are you seeking?</li>
</ul>
<br />
<div class="MsoListBulletCxSpMiddle">
</div>
<ul>
<li><b>Prospect:
</b>That likely depends on the price – what is the price?</li>
</ul>
<br />
<div class="MsoListBulletCxSpMiddle">
</div>
<ul>
<li><b>Landlord:
</b>What exactly is your timing:</li>
</ul>
<br />
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</div>
<div class="MsoListBulletCxSpLast">
</div>
<ul>
<li><b>Prospect:
</b>Next 6-12 months, maybe sooner if you will just <b>GIVE ME THE PRICE!!!</b></li>
</ul>
<br />
<o:p></o:p>
<div class="MsoNormal">
<b>Why do we ask all these questions before giving a quote to rent a space?</b><br />
<br />
Glad you asked.<br />
<br />
Assume that we have 3 vacant spaces for
the above scenario, with our prospect needing 4,000 square feet:</div>
<div class="MsoNormal">
<b style="text-indent: 0.5in;"><br /></b></div>
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: 0.5in;">Space 1</b><span style="text-indent: 0.5in;">: 3,600 square feet, similar layout to what is desired,
available in 9 months</span></li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: 0.5in;">Space 2</b><span style="text-indent: 0.5in;">: 4,200 square feet, completely different layout, available
now</span></li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li><b style="text-indent: 0.5in;">Space 3</b><span style="text-indent: 0.5in;">: 5,000 square feet, similar layout to what is desired, been
vacant for 12 months</span></li>
</ul>
<br />
<div class="MsoNormal">
If we had given pricing information solely from the space
requirement, we might have quoted on Space 2, which is the wrong layout. That phone call might have ended
quickly. But if we had known the
prospect was looking at a long term lease, we might be able to remodel the
space.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Space 3 is 25% larger than what is being requested, but we
would be motivated to lease it at a discount given the fact that it has been
vacant for so long.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If we had given pricing information solely on our current
availability, we would have only quoted on Space 2 or Space 3, not realizing
that the prospect could wait until Space 1 becomes available.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
With this specific scenario, all 3 spaces could potentially
work. <b>However, there are several factors
to consider, including budget/timing constraints, layout, proximity to
competitors, current lease expiration (both for tenant and landlord), etc.</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Also, the above example is a simplified version of what might
actually occur. Allow us to further complicate this hypothetical:</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
</div>
<ul>
<li>There is currently a tenant in Space 1, and they are unsure of
whether they will be renewing the lease.
They have an option to renew for 3 years that can be exercised with 3 months’
notice, and their lease expires in 9 months. We cannot sign a lease for this
space until another 6 months passes, and the space might be unavailable if the option to renew is exercised.</li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li>Another prospect is looking at
Space 3 and will be deciding within the next month whether to pursue this
space. This specific prospect needs at
least 4,500 square feet and can only lease Space 3. This prospect is also interested in signing a
7-10 year lease, so it is worth holding out another month to see what happens.</li>
</ul>
<br />
<div class="MsoNormal">
</div>
<ul>
<li>This leaves Space 2 as the only
currently available option for our prospect in need of 4,000 square feet. For a long term lease, we will remodel the
space and have time to negotiate the lease and perform the
renovations, since the tenant is looking 6-12 months in advance.</li>
</ul>
<br />
<div class="MsoNormal">
We hope this example was not too complicated. Trust us, what happens in practice is often
much more complex.<o:p></o:p><br />
<br />
And the above example only dealt with office space. We also lease warehouse space, which often varies even more from space to space than office. Say we have two 5,000 square foot warehouse spaces available. One has 500 square feet of office, and the other has 2,500 square feet of office. Do you think these two spaces will have the same rental rate? Of course not!</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Now do you see why we
cannot just publish a price without asking some qualifying questions?<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Commercial real estate is not a commodity, like the gas you
put in your car. If you are choosing
between filling your car up with gas from an Exxon or Shell station, you will likely not notice any difference in
how your car runs.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In contrast, <b>no 2
commercial real estate spaces are alike – even if they are in the same
building!</b> In addition to different
finishes and layouts, there are external factors, as described above, that can
sway tenant and landlord leasing decisions. <br />
<br />
Plus, a rental rate for a new business interested in a 1 year lease will differ from the rental rate for a national company signing a 10 year lease with substantial modifications.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We hope this post illustrates why many landlords (including
our company) choose to not publish any leasing rates until some qualifying
questions are asked.</div>
<br />
<div class="MsoNormal">
Please feel free to leave questions and/or comments. We read all of them. You can also email us at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. We provide office space for rent and
office/warehouse space for rent in Gulfport, Mississippi. If you need commercial real estate space in
our area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-19176664788703028752015-07-07T08:31:00.000-05:002015-12-29T13:00:42.651-06:00CRE and Carli Lloyd<h2 style="text-align: center;">
CRE and Carli Lloyd</h2>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5AzwIGmPrnjZnyGnihmYhh1kduRl-LNPiy-YE3aZXmfnYAR97xoZcNEF4l1mX85tSHJ73nzSNntzU3pGnxrKbo9YDeYeaR8aw3Ujak9WJA6mVC3duKdHVgvpjxw0LHsLQ2jxOJw_SKx8/s1600/quotes-729173_1280.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5AzwIGmPrnjZnyGnihmYhh1kduRl-LNPiy-YE3aZXmfnYAR97xoZcNEF4l1mX85tSHJ73nzSNntzU3pGnxrKbo9YDeYeaR8aw3Ujak9WJA6mVC3duKdHVgvpjxw0LHsLQ2jxOJw_SKx8/s320/quotes-729173_1280.jpg" width="320" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The Women’s World Cup final got us to thinking: <b>What does commercial real estate have in common
with the Carli Lloyd</b> (Women’s World Cup MVP)?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
An article was posted on Forbes with the headline “<a href="http://www.forbes.com/sites/prishe/2015/07/05/13-minutes-equals-millions-in-new-endorsement-potential-for-womens-world-cup-mvp-carli-lloyd/" target="_blank">13 Minutes Equals Millions in New Endorsement Potential for Women’s World Cup MVP Carli Lloyd</a>.”<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
For those of you who are unfamiliar with Carli Lloyd’s
achievement, here is a quick recap: Within the first 16 minutes of the Women’s World Cup final this past weekend, Carli Lloyd
scored 3 goals. She scored all 3 goals
within 13 minutes of one another.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Clearly, <b>Carli Lloyd
has a chance to cash in big.</b> Product
endorsements will likely flow her way in the coming days/weeks. And good for her – this was quite the triumph
and on the biggest possible stage.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now that you’re up to speed on Carli Lloyd, you may recall
that we posted a market update for South Mississippi last week (link found
<a href="http://seawaybusinesspark.blogspot.com/2015/06/south-mississippi-cre-market-update.html" target="_blank">here</a>). The gist of the update was that
2015 has been very promising for commercial real estate in South Mississippi, and we are hopeful/optimistic that this will
continue into 2016. (Apparently, last
week’s post could have been summarized in one sentence.)<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>So, we ask again:
What does CRE have in common with Carli Lloyd?<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
With the commercial real estate market on an incline, you
have to make sure to <b>seize the opportunity to capitalize</b>. Market booms don’t last indefinitely. Eventually, the market will taper off (and
thereafter, likely fall into a slump again).
When will this happen? Nobody
knows for sure.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Just like Carli Lloyd will have a better chance at landing
huge endorsements in the coming weeks, everyone involved in commercial real
estate will have a chance to land some monster deals in the coming months. <b>You must use the CRE boom to your advantage,
because it will not last forever.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And in a good market, you should not sit back and figure you
can reap the benefits by putting forth less effort. You might be thinking to yourself, "Well, the phone is ringing off the
hook. So I can do very little work and still have
increased success."<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Trust us…the phone will eventually stop ringing. <o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Make the most of the good times in commercial real
estate. Take advantage of the moment. Carpe diem.
Seize the day.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Congratulations to Carli Lloyd and the entire U.S. Women’s
World Cup team!<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi. For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-32465423178164773812015-06-30T08:20:00.001-05:002015-12-29T13:01:00.349-06:00South Mississippi Commercial Real Estate Market Update<h2 style="text-align: center;">
<b>South Mississippi Commercial Real Estate Market Update</b></h2>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf72d-kiEJdsEA16Q2eKtnKkQIt5DI6bQZo4mox8RJ0AQW9EFq5Zj9tJ5vTuQYHyd44cJKPQqZzGQHyFr-n_Ojgh3H9y7GNPFxuxtnV_mzT2tcxbM8vJrBb_FOtD2dmB33vpg1KZSLgcM/s1600/ID-100122517.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf72d-kiEJdsEA16Q2eKtnKkQIt5DI6bQZo4mox8RJ0AQW9EFq5Zj9tJ5vTuQYHyd44cJKPQqZzGQHyFr-n_Ojgh3H9y7GNPFxuxtnV_mzT2tcxbM8vJrBb_FOtD2dmB33vpg1KZSLgcM/s320/ID-100122517.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of renjith krishnan at FreeDigitalPhotos.net</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As you may or may not know from previous posts, our company serves
as a landlord in Gulfport, Mississippi.
We have a couple of properties that we manage that contain several
office buildings and office/warehouse buildings. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
From time to time we will post market updates of what we see
in our area in South Mississippi.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Like commercial real estate brokers, <b>our best gauge as to how the local economy is doing is by the types of
phone calls we are getting</b> (and whether phone calls turn into
transactions).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, unlike local brokers, we only operate on one side
of the equation. We do not offer any of
our properties for sale so we <b>only see the leasing side </b>of the local market.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Of course, we discuss our market with local brokers and get
a good feel from just being aware of what is going on. After all, when there are construction cranes
everywhere vs. a bunch of for sale signs in front of properties, it is easy to
tell what kind of market we are in.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The broad (national) market had a very good year in 2014. By contrast, 2014 was a bit of a slow year for our company and local economy. We heard rumblings of expansion from some of our larger tenants (the types of tenants who have a national presence). We even completed an expansion with one tenant. <o:p></o:p>Overall though, <b>businesses were still struggling and several businesses were closing</b> (not just in our business parks – throughout the local economy).</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As we read reports of the national market doing so well, we wondered, <b>"Was the commercial real estate boom going to miss South Mississippi?"</b></div>
<div>
<br /></div>
<div class="MsoNormal">
To shed some light on this question, let us relay what our local banker told us when meeting with our company a few years ago. The bank this representative works for is a large, regional bank that has
locations that span from Texas to Florida. He
told us that in their experience, the South Mississippi market lags behind the
rest of the country (no real surprise there). </div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Further, once the bank starts noticing activity on the
Florida Panhandle, it slowly makes its way west, first hitting Alabama and ultimately, <b>increased</b> (or decreased) <b>activity
hits Mississippi</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Since we heard this, we have seen this concept in
action. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Last year, the articles we read around the country talked about <b>commercial real estate’s resurgence</b> and
how times were really picking up. Would
our banker’s advice hold true for 2015?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Halfway through 2015...so far, so good!</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In 2014, we were getting calls from people not
quite ready to pull the trigger. <b>Since the beginning of 2015, we have had
new businesses looking to open locations in our area, some in our business
parks.</b> We have had existing tenants
either talk or go through expansions already.
There have also been phone calls discussing expansion for new clients.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>The signs are all
here for an improving local economy.</b>
Our business park is not unique in having lots of new business. Strip centers are filling up again. For sale signs are being removed from the
fronts of buildings. New signs are going
up. Things are exciting once again in
the commercial real estate market on the Mississippi Gulf Coast.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We can only hope that if our market lags behind the broad
national market, and 2015 has been a better year than 2014 nationally, <b>2016 will be even better for
those of us in South Mississippi!<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi. For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-72746973818516242082015-06-02T15:00:00.000-05:002015-12-29T13:01:17.792-06:00The Most IMPORTANT Part of Being a Landlord is...<h2 style="text-align: center;">
<b><span style="font-size: 14.0pt; mso-bidi-font-size: 12.0pt;">The Most
Important Part of Being a Landlord Is…</span></b></h2>
<div class="MsoNormal">
<o:p> <table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqCQKa4N3_xP-F3UnSUvN-lESJtfm9zLRMUyorjs3NJiUnexOCM97XyTaEanf9PWMqExZI4ITdIYsvFt-bkQf2V_fSbNde4iK-zCjUqpLtEZIAcQQbLwXKE74Yse-o_bWACwR1jjnH8X0/s1600/Happy+Customers.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqCQKa4N3_xP-F3UnSUvN-lESJtfm9zLRMUyorjs3NJiUnexOCM97XyTaEanf9PWMqExZI4ITdIYsvFt-bkQf2V_fSbNde4iK-zCjUqpLtEZIAcQQbLwXKE74Yse-o_bWACwR1jjnH8X0/s320/Happy+Customers.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Ambro at FreeDigitalPhotos.net</td></tr>
</tbody></table>
</o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords, we are always searching for our next tenant.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After all, we must seek new deals in order to expand our business and to
fill our vacant spaces.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We look for good buys on raw land and buildings. We market our existing office spaces and
warehouse spaces. And we solicit to
prospects that we think would be a good fit for our business parks.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, the <b>most
important part</b> <b>of our jobs as
landlords is really quite simple</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It even sounds a little too simple. Without this single action, we would not be
able to stay in business.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
That one thing is: <b>KEEP
YOUR CUSTOMERS HAPPY!</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sounds easy, right?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There have been numerous studies that find that signing up a
new customer is <b>5x-10x more expensive</b>
than keeping an existing customer. Some
studies find that it costs even more.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In our business, we strive to keep tenant turnover as low as
possible. We lose cash flow for every
month an office space or warehouse space is vacant.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Plus, vacant spaces in commercial real estate cost money
(utilities, taxes, insurance, overhead, etc.).
Not to mention, you have additional expenses in marketing vacant
spaces. Wouldn’t it be better to just
keep your current customers happy so that there is no need for a vacant space?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Of course, sometimes, vacancies are inevitable.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Businesses expand, downsize and occasionally close. If you can’t accommodate a tenant’s needs at
lease expiration, a vacancy will happen.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But we have had countless prospects come to our business
parks because, quite simply, <b>they are unhappy
with their current landlord</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, the main question is: <b>How do you keep your customers happy</b>?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
To illustrate some of the things we do, allow us to tell you
a story of a transaction that took place.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Recently, we completed an expansion
with one of our existing tenants.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
The regional manager in charge of
the real estate transaction was repeatedly thanking us for being so helpful
throughout the entire process and kept complimenting us on how smooth of a
transition we made their expansion (which included quite a bit of construction
in a different building).<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br />
What did we do that was so exemplary?<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
We constantly followed up to give
status updates. Whenever a question came
up in construction, we promptly asked our customer for guidance so as not to
delay their move-in. We asked if they
were happy with the progress and the work being done.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
We answered any questions our
customer had as quickly as we could. We
offered to have our janitorial service clean up after the construction crews
were out of the office and warehouse.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
In other words, there was no single
thing that we did that made someone say “Wow!”<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
We treated our customer the right
way and tried to go the extra mile.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Did the lease say we had to have a
janitorial service clean up after the construction? No. But
that was a minimal expense and our customer will definitely remember it.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
In fact, the regional manager asked
us if we had any property in our neighboring state, as they have a store relocation
coming up in that area.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Not only did we secure repeat
business from one of our existing tenants, but we might have secured a future
deal.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
And all of that came from keeping
our customer happy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This expansion story is just one example of how we strive to
keep our tenants happy.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We also make a point to address maintenance issues
promptly. After all, summers in
Gulfport, Mississippi get quite hot, and nobody wants to sit in their office
when the A/C is not working.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Meet with your customers and ask them for suggestions.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Be proactive.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Make sure everything is okay with your tenant’s space needs.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Thank your customers for their business (maybe even a
holiday card or gift basket).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Conclusion:<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Keeping your customers happy is an ongoing process. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Don’t think that you can send a gift basket when a new
tenant first moves in and forget about them until the lease renewal.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Being a good landlord means focusing on your existing
clientele throughout the lease term and not just looking for the next deal
after you sign a lease.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Use common sense.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Welcome feedback.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Be proactive.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Put yourself in your customer’s shoes.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Keep your customers
happy! </b><b><span style="font-family: Wingdings; mso-ascii-font-family: "Times New Roman"; mso-char-type: symbol; mso-hansi-font-family: "Times New Roman"; mso-symbol-font-family: Wingdings;">J</span></b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi. For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.<o:p></o:p></div>
<br />
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-75350626127083108122015-05-12T08:58:00.000-05:002015-12-29T13:07:30.568-06:00How To Avoid SURPRISES At Your New Commercial Real Estate Space<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaiV3DK0Gu6PGq8LILbLb_0QSJ-g6hvg0mYu9qEZxJy8wBb9iKXRK5MWXYYhn3AdDbw4SQFLnQpXC-0pqyaXy63hzpTIBDNWNLhDuoP6GYj0iJ8KvwSSYE0O7sJr9F_fL5zbJ_bxJ_Erc/s1600/ID-10069656.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaiV3DK0Gu6PGq8LILbLb_0QSJ-g6hvg0mYu9qEZxJy8wBb9iKXRK5MWXYYhn3AdDbw4SQFLnQpXC-0pqyaXy63hzpTIBDNWNLhDuoP6GYj0iJ8KvwSSYE0O7sJr9F_fL5zbJ_bxJ_Erc/s1600/ID-10069656.jpg" width="212" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net.</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Picture this:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You just went through the entire relocation process for you
new commercial real estate space and did everything you were supposed to do.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Start the process one year in advance of your lease
expiration? Check.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Do your market research?
Check.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Tour several different spaces within your target market? Check.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Submit offers on a couple of your top choices? Check.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Once you got the best possible deal for pricing and lease
term, you negotiated your lease agreement. <b>At
last, you just moved into your new space.<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Fast forward one month.
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It just rained every single day for one straight week. You operate a retail business in a strip
center, and <b>the parking lot is flooded</b>. People do not want to use half the parking
lot because it is under a couple inches of water. Frustrated by this inconvenience, several of
your customers never enter your store.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You may not have any rights under your lease agreement
either. While parking in 2 inches of
water is certainly an inconvenience that might drive customers away (no pun
intended), it does not prohibit someone from parking and entering your
store. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Sounds like a bad
situation, right?<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What can be even more frustrating is that you could have
avoided this by performing some unconventional due diligence. And no, we are not suggesting that you analyze engineering plans or site elevations to determine whether the parking lot is
going to flood.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All you needed to do to avoid flooding fiasco would have
been to <b>drive by your new commercial
real estate space several times</b>!
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Drive to the space and surrounding area in the morning
during rush hour. Go there during
people’s lunch breaks. Check it out
during the evening when everyone is on the way home. And make sure you go during inclement
weather.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All tenants should drive by their future space – not just
those involved in retail.<br />
<br />
Flooding can
be just as big of a deal for office and industrial tenants as well. Employees, just like customers, do not want
to walk through giant puddles to get into their space. Shoes/clothes get ruined, it makes the floor
slippery which is a slip hazard and liability, trucks may be prevented from
making deliveries/pickups, etc.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And flooding is just one example of a problem that could arise
if you only visit your commercial real estate once or twice before signing a
lease. <b>Other</b> <b>problems include
traffic congestion, noise levels, smog (in certain areas), neighboring tenants
taking up lots of parking at certain times of the day</b>, the list literally
goes on and on.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Also, mix it up on the actual days that you visit. Make sure you do not always go on a
Wednesday, for example. Here’s why:<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
We heard a story of a tenant in a
downtown retail shopping area in a small town.
During the warm weather months (and this was in Florida so pretty much every
month except December, January and February), there was a farmer’s market from
3:00-5:00.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
People were not allowed to park on
the street because it was sectioned off for people walking around the farmer’s
market. Customers would have to park in
a garage several blocks away in order to visit the store.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Guess what?<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
<b>Fridays afternoons were <i>never </i>busy.<o:p></o:p></b></div>
<div align="center" class="MsoNormal" style="margin-left: .5in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
And Friday was an important day for
this tenant and losing out on this business was devastating.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Unfortunately, there was nothing
they could do about it.<o:p></o:p></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in;">
Again, this situation could have been
avoided had the tenant driven around the potential space several times before
signing a lease (<i>especially</i> on a
Friday if that was a key day for their business).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
A quick ride to your future space will paint a picture of
what you can expect at any time of the day and from any situation. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>What do you have to
lose? <o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Worst case</i> – you
just confirmed that you selected a great space with no surprise issues. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Best case</i> – you
discovered a “hidden issue” with your new space. You can now either use this as leverage in
your negotiations or find a new location.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b>Conclusion</b></h3>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There are several items of due diligence you should perform
before signing a lease agreement for your new office space or warehouse
space. Most of the time, you can perform
the due diligence from the comfort of your own desk. You can make phone calls, read reports,
negotiate a lease, etc. However, some
items require you to <b>get in your car and
drive by your space</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You might be asking yourself, how likely is it that my
location will flood? And if it does
flood, what is the big deal if it is only once a year? <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Trust us, that <i>one day</i>
that it floods will be the worst possible day it could have been. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It will always fall on a day that you had your annual sale,
meeting with a big client, when you were in a huge hurry, etc.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
We sincerely hope you are enjoying our blog posts. We welcome any and all questions and
comments. If you are looking for
commercial real estate space in southern Mississippi, please give us a call at
(228) 575-7731, email us at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>
or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.<o:p></o:p></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-55335842490513375382015-04-23T12:33:00.001-05:002015-12-29T13:07:49.005-06:005 Questions You Should Ask Your Landlord Before You Sign a Lease<h2>
<b><span style="font-family: inherit; font-size: x-large;">5 Questions You Should Ask
Your Landlord <i>Before</i> You
Sign a Lease</span></b></h2>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqI9sk2XiaVJknAhft4xaVc6OSHohw5DLTmcstHoOtK6bzitswEG-U8VjW1nTaVF3nW5f1GgOjsj6Cx0LfzqDEKM3IpSn0UrgbgBJUG6KFiYfbL7hEJ2rAINLTH8THeQbCrkFSFu5qOJE/s1600/group-464644_1280.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqI9sk2XiaVJknAhft4xaVc6OSHohw5DLTmcstHoOtK6bzitswEG-U8VjW1nTaVF3nW5f1GgOjsj6Cx0LfzqDEKM3IpSn0UrgbgBJUG6KFiYfbL7hEJ2rAINLTH8THeQbCrkFSFu5qOJE/s1600/group-464644_1280.jpg" title="Questions to ask a landlord before you sign a lease" width="320" /></a></div>
<div>
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Touring office space and warehouse space is no easy task. You probably only search for space when your lease is about to expire, which might be anywhere from once a year to once every ten years. You are inherently at a disadvantage to your landlord, who does this for a living and might negotiate several lease agreements each month.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;"><b>Wouldn't it be nice to have a list of questions that you need to ask every landlord?</b></span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">As a landlord of commercial office space and
industrial space, we have heard every type of question from prospective
tenants. Some questions catch us by
surprise (“Can we paint the warehouse floor bright yellow?”) and some questions
are to be expected (“What is the average monthly power bill?”). <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="MsoNormal">
By no means could we provide an exhaustive list of <b>every question you should ask</b>. What
follows is a list of 5 questions you <i>must</i>
ask your prospective landlord to put yourself in a better position to make the
best decision for your office space or warehouse space needs. Just remember, there are no stupid
questions. If it is important for you to
know the answer as a tenant, it should be important for your landlord to give a
response.<o:p></o:p></div>
</div>
<div align="center" class="MsoListParagraph" style="mso-list: l2 level1 lfo3; text-align: center; text-indent: -.25in;">
<span style="font-family: inherit; font-size: x-large;"><b>·</b></span></div>
<h3 style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: inherit;"><b> 1. </b><b>Other than monthly rent, what <i>additional</i> <i>charges</i> can we expect?<o:p></o:p></b></span></h3>
<div class="MsoNormal">
<div class="MsoNormal">
<br />
You would be surprised with how many people do <i>not</i> ask this question. As responsible landlords, we always reveal
what additional charges there are before a lease is signed (even when not asked
and even though such charges are covered in our lease). However, before you can make an intelligent
decision about an office space or warehouse space to rent, you need to have an
accurate view of your additional expenses.</div>
<br />
<div class="MsoNormal">
For example, <i>Office Space
A</i> is advertised as <b>$2,000/month</b>
which is inclusive of all utilities and internet. <i>Office
Space B</i> is advertised as <b>$1,750/month</b>
but does not include anything other than the space itself. If you don’t ask what additional charges you can expect to incur, you
may be surprised by bills you have to pay for like internet, groundskeeping,
water/sewer, waste disposal, power, etc.
A space advertised for less <b>might
end up costing more</b> once you add in all the extra expenses. You should probably create some sort of
spreadsheet that itemizes the different charges so you know what your total
monthly expense will be.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
</div>
<h3 style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: inherit;"> <b>2. May we see a
copy of your standard lease agreement?</b></span></h3>
<div class="MsoNormal">
<div class="MsoNormal">
<br />
Before you get too far into discussions and spend too much
time negotiating back and forth, you should ask for a blank copy of a lease
agreement. <br />
<br />
Picture this scenario: You negotiate back and forth with your prospective landlord on the price and term of the lease. Other items are discussed, such as property taxes and insurance. The landlord tells you that the tenant is not responsible for property taxes or property insurance. Several months pass and at last, you have reached a verbal agreement with your landlord. And just in time, because your existing lease expires in 30 days. Then, you get the lease form for signature. <b>Surprise!</b> Property taxes and property insurance are passed through to the tenant in the form of additional rent. The landlord clarifies what was meant - the landlord pays the original bills in a lump sum and the tenant pays one-twelfth of the bills each month on top of the monthly base rent. The landlord "thought" the tenant meant whether the tenant paid the actual property tax bill and was responsible for finding an insurance policy. You formulated budgets based on a significantly lower monthly rent and cannot justify this additional expense for your business. Meanwhile, you now have 30 days to move out of your existing space <i>and</i> find a different space to lease. <b>What now?!</b><br />
<br /></div>
<div class="MsoNormal">
This situation is not all that uncommon. We have heard stories (more like nightmares) from our tenants about similar experiences with former landlords. Thus, you should always ask for a copy of the standard lease agreement <b>early in your negotiations</b>.<br />
<br />
And we think it is understood that you actually need to <b>read the lease agreement</b>. And we mean every word of every paragraph in every section. Landlords are sophisticated parties and each
word of each provision is in the lease for a reason. If you do not understand what something means,
<b>ASK</b>!
And if the landlord is of no help, you might need to retain representation, whether it be an attorney or real estate professional. Remember, your lease
agreement is what will govern the relationship between you, as the tenant, and
your landlord. So if the landlord told
you something that is not reflected in the lease, you need to address it before
you sign.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
</div>
<h3 style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: inherit;"><b> 3. M</b><b>ay we take pictures of the spaces we tour?<o:p></o:p></b></span></h3>
<div class="MsoNormal">
<div class="MsoNormal">
<br />
Ask if you can take pictures of the office spaces or
warehouse spaces you tour. Not all
landlords will allow you to take pictures (for various reasons). We typically allow our prospective tenants to
take as many pictures as they want (as long as we are not in the
picture!). Typically a prospective
tenant only sends a representative to tour the space. <b>Pictures allow everyone in the office to review
and brainstorm. </b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And you never know what you might spot when reviewing the
pictures. People often wear blinders
when they are touring a space that they have instantly fallen in love
with. Pictures allow you to take a step
back and review them a day later, week later, month later, etc. The pictures may show spots in the carpet you did not notice, stains
in the ceiling tiles indicating a leak of some sort, you name it. Not to mention, you will be able to do better
space planning if you have pictures that show where electrical outlets,
doors, windows, etc. are located.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
</div>
<h3 style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: inherit;"><b> 4. </b><b>How long has this space been vacant?<o:p></o:p></b></span></h3>
<div class="MsoNormal">
<div class="MsoNormal">
<br />
This question might give you some leverage in
negotiations. A landlord might be
unwilling to budge on the monthly rent if a property is fresh on the
market. However, an office space or warehouse space
that has been vacant for several months (or years for that matter) might go for
less than the asking price. Landlords
like to keep spaces occupied because vacancies cost them money. You might be able to <b>squeeze out a better deal</b> with this knowledge.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
</div>
<h3 style="mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: inherit;"><b> 5. </b><b>What is the process for repairs?<o:p></o:p></b></span></h3>
<div class="MsoNormal">
<div class="MsoNormal">
<br />
This is a bit of a loaded question. First, it depends on whether the tenant or
landlord is responsible for the cost of the repair. Second, even if the tenant is responsible for
the cost, the landlord might be responsible for performing the repair. For the purpose of this question, let’s
assume it is the landlord who is responsible for the cost and performing the
repair for the HVAC system. <b>Your A/C or heat
stopped working</b>, (and trust us, the HVAC issues always happen in the hottest or
coldest part of the year) and you call your landlord to notify them of the
issue.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Does a form need to be submitted? Does someone have to come take a look before
making a call to a repairman? How long
until a representative is able to look at the problem? How long until you, as the tenant, can call a repairman and
bill it back to the landlord? Basically,
these questions all boil down to <b>“How long until the HVAC is fixed!?”</b><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Find out about the <b>process
for repairs</b>. While the lease will
likely detail <i>who</i> is responsible for
a repair, it will probably only give you a timeframe for how soon a repair <i>must</i> be accomplished if the landlord is
responsible. And when it is 90 degrees
outside and your A/C stopped working, you want it fixed ASAP!<o:p></o:p></div>
</div>
<div align="center" class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-align: center; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: inherit; font-size: x-large;"><b>·</b></span></div>
<div class="MsoNormal">
<div class="MsoNormal">
This is by no means an exhaustive list of questions that
should be asked. <b>Every space in each location is different</b>. Different properties demand different
questions. One property by a railroad
track might spur (pardon the pun) a question as to how often the trains run. You might need to ask about noise levels near
a manufacturing facility, fumes near a chemical plant, traffic near a major
highway or flooding in a coastal area.
The list literally goes on and on.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As landlords, we would much rather a prospective tenant ask
us one hundred questions than zero. It
shows that you are serious as a prospect and that you have done your homework. We also like our tenants to know what to
expect so that there are no surprises after a lease has been signed. And like we mentioned in the beginning, there
are no stupid questions. If you think a
question is important, we want to answer it for you and your landlord should too.<o:p></o:p></div>
</div>
<div align="center" class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-align: center; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: inherit; font-size: x-large;"><b>·</b></span></div>
<div class="MsoNormal">
<div class="MsoNormal">
Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a> or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>. We provide office space for rent and
office/warehouse space for rent in Gulfport, Mississippi. Please keep us in mind if you are looking for
a space in our area.</div>
<div class="MsoNormal">
<o:p></o:p></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-58792019991250422142015-04-01T14:04:00.000-05:002015-12-29T13:08:04.161-06:00Think Outside the Box to Succeed in #CRE<h2 style="text-align: center;">
Think Outside the Box to Succeed in #CRE</h2>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP6RYNlmBK6ThEy_wXVosIeLoiTfanI8tHPhaC-7n0HS6rlwV0S22bWrIB0lZ2tUN9rZ0cAohjnPNvXdXUbx_ls6dja5KbULJQvSCUWu_MaQ6F3JbAqVjcdZTrHG7O2NUhGdBS-iP3Xzo/s1600/ID-10074081.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP6RYNlmBK6ThEy_wXVosIeLoiTfanI8tHPhaC-7n0HS6rlwV0S22bWrIB0lZ2tUN9rZ0cAohjnPNvXdXUbx_ls6dja5KbULJQvSCUWu_MaQ6F3JbAqVjcdZTrHG7O2NUhGdBS-iP3Xzo/s1600/ID-10074081.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Master isolated images at FreeDigitalPhotos.net</td></tr>
</tbody></table>
<div>
<br /></div>
<div class="MsoNormal">
Thinking outside the box is a crucial skill for any #CRE
professional. This holds true for
landlords, tenants and brokers alike.
There is not a playbook for every situation. Sometimes, it pays to attack a real estate
deal from a different angle. And at
times, all that is required is one crucial skill: <b>listening</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let us give an example.
In late 2013, our office received a call from a prospect looking for
office space. They had outgrown their
space and were looking to expand their footprint by about 20-30%.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The main problem (for us and other landlords alike) was their
existing landlord was giving them a pretty sweet deal. The landlord was allowing them to extend
their lease on an annual basis and was not increasing the rent. They were even allowed to cancel the lease at
any time, giving them no immediate incentive to move out because if they found
a new location in the middle of their term, they could give notice to vacate. Their rent had not increased since they moved
in several years before. Thus, the
tenant was anchored in their thinking that the rental rate was comparable to
the rest of the market (it was not).
They also felt that because they only needed 20-30% more space, their
rental rate should likewise increase by about 20-30%.<o:p></o:p></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
Like we said, this tenant was <b>getting a really sweet deal</b> and was not going to be rushed into signing
a new lease agreement.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
When this prospect first contacted us, we had an office
space that had just become available.
The space was a little bit larger than they required. However, trying to make the deal work to get
started with a new tenant, we priced the office space so that the rental rate
was comparable with some of our smaller spaces.
The prospect said, “<b>Thanks, but
no thanks</b>.” That price was way more
than they were willing to pay.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This was also not a small tenant. They had been in business in our local area
for about 20 years and had an established, reputable business. And they were not strapped for cash; in fact,
they had plenty of cash reserves to move to any office space that they wanted.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
After several months, we heard from this same prospect
again. The previous space we offered was
leased at the time, and we had a smaller space available.
We went through the same ordeal.
We priced it aggressively and were told, once again, “Thanks, but no
thanks.”<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Another six months passed by, and wouldn’t you know it, we
heard from the prospect a third time! At
this point, the business owner realized that their current rent was a good deal
but they were still unwilling to pay much more than their current rental rate. We told them our vacancy and
applicable rates. “Thanks, but no thanks.”<o:p></o:p></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
This was very frustrating for our company. We felt that we had done everything we could
to make the deal work. We had showed
them a few vacancies over a 12 month period and priced each office space very
aggressively. Again, we wanted to get
started with this new tenant because they were a good fit for our business
park. However, we could not come to an
agreement. We told ourselves: That’s
just business; not every deal is going to work.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Then, one of the
members of our team got creative</b>. We
went through their space requirements.
This was not a tenant that needed any kind of fancy office or any type
of storefront. In fact, this was part of
the reason that our office spaces were priced too high (our offices are in brick buildings and have a storefront look to them). Rarely did customers come to the tenant’s
office. And the occasional customer that
came by was not going to care what the outside (or inside for that matter) of
any office space looked like.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
We had an office/warehouse that pretty much met their office
requirements exactly. Sure, it was 50%
office and 50% warehouse, but we thought it might work well for them because
they could use the warehouse as storage and maximize use of the office
space. Our office called and proposed
this scenario. The business owner came
out and fell in love with the space.
This was a cost-effective manner to get them into our business park
because our office/warehouse space is commonly less per square foot than pure
office space. This was the ultimate
win-win scenario. <b>And it all came from
listening</b> to the space requirements, the business type and clientele.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One month later, a new long term lease was signed. The warehouse is being used as a break area
and for file storage. The
office is being fully utilized and gave the tenant some room for growth. <b>Win-win</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
You see, the tenant told us they wanted office space so we
only thought about our office buildings.
We had to<b> think outside to box</b>
and really listen to their space needs to come up with this solution. Sure, this will not work for every tenant
looking for office space (or even most tenants looking for office space). Most tenants for office space need a
presentable office for clients. They
want and need the brick and/or glass building.
But this tenant was able to go into an office/warehouse and solve all of
their space needs at a rental rate that suited their needs.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b>Conclusion</b></h3>
<div>
<b><br /></b></div>
<div class="MsoNormal">
Every situation does not have a script. Most leases are pretty straightforward:
Tenant needs office or warehouse space.
Landlord has office or warehouse space.
Tenant and landlord come to terms and sign a lease agreement.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, not all transactions are
cut and dry. Sometimes, you must get away from your normal line of thinking. We cannot provide a list of different items
to be mindful of when thinking outside the box (after all, then it would <i>not</i> be thinking outside the box). For the above example, it involved listening
to our tenant’s wish list for space requirements and coming up with a unique idea. If you get to a standstill or are unable to
come to terms with your tenant or landlord, take a step back. Try to attack the problem from different
angles. You might be surprised at what
will work for both parties involved.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">You
can email us with any questions or comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space and
office/warehouse space in Gulfport, Mississippi. For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</span>Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-21740073150201627642015-03-13T08:55:00.001-05:002015-12-29T13:08:20.194-06:00Stop Saying This To Prospective Landlords!<h2 style="clear: both; text-align: center;">
Stop Saying This To Prospective Landlords!</h2>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrvsVCTZ1ggF_OGno6-7Aeo25hWgEo8BKt31Gz_3l7mbtILz8QCf6eStrSDkmYWEU1TyMhIhlW-BO5jLH-brIisDSZsazUEz8mvnJMYxntg3MqaICywhDuWDAo7aBhdMTEghA1IIGGCiQ/s1600/stop+sign.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="301" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrvsVCTZ1ggF_OGno6-7Aeo25hWgEo8BKt31Gz_3l7mbtILz8QCf6eStrSDkmYWEU1TyMhIhlW-BO5jLH-brIisDSZsazUEz8mvnJMYxntg3MqaICywhDuWDAo7aBhdMTEghA1IIGGCiQ/s1600/stop+sign.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Idea go at FreeDigitalPhotos.net</td></tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal">
We receive a lot of prospective tenant phone calls. Most prospects ask the same basic
question (<b>“How much is the rent?!”</b>). Before we are able to quote a rate for an
office space or a warehouse space, we have to ask a series of questions; this
helps us determine which space will be appropriate for our client so that we
can give an intelligent quote.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
One question that we <b>always
ask</b> is what length of lease term a client is seeking. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>The worst response you can give</b> goes something like this: “I don’t want to sign anything longer than month-to-month
because I am going to outgrow my space in 3-6 months.”<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Let us explain <b>why
your prospective landlord is no longer interested</b>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
First, let’s assume that your business has a track record of
expansion. You are in a growth phase, and
you truly cannot commit to a space for longer than 3 months because you outgrew
your last couple of spaces in that same time frame. A landlord is not going to want to lease you a
space for 3 months! <br />
<br />
During that
span of time, several other long term tenants might have leased the space and
could not wait 3 months to start their lease term.
Sure, you will find a landlord who will lease to you for a short term and <b>jack the price up</b> (and we mean WAY up!), but if your business is in a growth phase, you
probably cannot afford to be paying an above-market rental rate.<br />
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Signing a
month-to-month or short term lease is also bad for your business</b>. Let’s use the above example where your
business can only sign a 3 month lease because it has been growing
nonstop. After 3 months, your growth has
started to taper off and you wish to sign another 3 month term in your current
location. You reach out to your landlord
for renewal only to find out the landlord has no intention of renewing your
lease. The landlord signed a long term
lease and <b>you have 2 weeks to pack up
your things</b> and find a new space. Is
that the situation you want for your growing business?<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
More often than not, when we hear this response, it comes from a business without any sort of track record. These businesses are usually startups who think that business is going to boom right off the bat. Businesses take time to grow. Your projections might show sales increasing
by 50% every 3 months, but they are only projections. Capturing market share does not happen
overnight for most businesses.<br />
<br />
We understand that you may also be concerned about <b>whether you have a viable business</b>. And a month-to-month lease sounds like a great way to test the market. We certainly respect a prospective tenant for being honest about their situation. However, a month-to-month lease still ties up a space, and while it is a quick fix for a vacancy, it is not a good long term solution. Sure, we could give notice that the month-to-month tenant has to vacate after the next month like the example given above, but it is just not worth the headache.<br />
<br /></div>
<h3>
<b>Conclusion</b></h3>
<div>
<b><br /></b></div>
<div class="MsoNormal">
We do not take calls seriously when a prospect says they
can only sign a short term lease because more than likely, we know the business owner either (1) is wearing blinders about how great business will be, or (2) cannot commit beyond a couple of months because the business is a startup. Expansion takes <b>time and effort</b>, and you are not going to magically need double the
space in 3-6 months. And again, even if
your business does need to double in size after 3 months, you are probably not
a good fit for any of our properties (and we are not the only landlords who
think so).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Please feel free to leave questions and/or comments. We read all of them. Feel free to email us at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. We provide office space for rent and
office/warehouse space for rent in Gulfport, Mississippi. If you need commercial real estate space in
our area, please give us a call at (228) 575-7731 or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a>.<o:p></o:p></div>
<br />
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<br /></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191tag:blogger.com,1999:blog-4069317941556794828.post-19911763993326854992015-02-24T07:48:00.000-06:002015-12-29T13:08:34.695-06:00What Should I Look for When I Tour an Office Space for Rent?<h2 style="text-align: center;">
<b><span style="font-family: inherit;">What Should I Look
for When I Tour an Office Space for Rent?</span></b></h2>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: inherit;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7uoUavZZwIds8x8eZf8151qd2H8rRwOjRl8NbjttySec7k1RjmSRdSEbnWUJ_943enp1n5xSelSAZZGmpwQC3nyaqR_GQOG-4wZxCE_RDOMflusYlYUfOkFv3bkbg0wd2GYA-IOmNjW8/s1600/file000550361829.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7uoUavZZwIds8x8eZf8151qd2H8rRwOjRl8NbjttySec7k1RjmSRdSEbnWUJ_943enp1n5xSelSAZZGmpwQC3nyaqR_GQOG-4wZxCE_RDOMflusYlYUfOkFv3bkbg0wd2GYA-IOmNjW8/s1600/file000550361829.jpg" title="What to look for when touring an office space for rent" width="240" /></a></span></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: inherit;"><br /></span></div>
<br />
<div class="MsoNormal">
<span style="font-family: inherit;">When you tour an office space, don’t expect a landlord or
landlord representative to point out the office space’s faults/shortcomings. After all, they are trying to lease you that
space and would sooner convince you that the cracks in the walls give the space
character than tell you how many <b>thousands of dollars</b> it might cost to
repair.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Sure, if you are using a broker who has been given keys to
tour an office space, the broker will show you items of concern (after all, they work for you and want you to be pleased with your decision). However, you can use this post as a guide for
some “behind the scenes” items to look for that some people overlook.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div align="center" class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-align: center; text-indent: -.25in;">
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<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><br /></span></div>
<h3>
<b><span style="font-family: inherit;">Ceiling Tiles/Ceiling</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">When you walk into any office space, immediately look up. Do you see any <b>stained ceiling tiles</b>? Stained ceiling tiles are evidence of a roof leak, pipe leak or HVAC leak.
This is an immediate red flag for the following reasons:</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; text-indent: -0.25in;"><br /></span></div>
<div class="MsoNormal">
</div>
<ol>
<li><span style="font-family: inherit; text-indent: -0.25in;">It shows the landlord does not routinely inspect their
spaces, or</span></li>
<li><span style="font-family: inherit; text-indent: -0.25in;">If the landlord does inspect the spaces, it shows they
either:</span></li>
<ul>
<li><span style="font-family: inherit; text-indent: -0.25in;">Missed it and don’t do a good job inspecting, or (even worse possibly)</span></li>
<li><span style="font-family: inherit; text-indent: -0.25in;">Know about the leak and have chosen to do nothing about
it, hoping you won’t catch it (this potentially leads to an unhappy phone call
between you and your landlord arguing over who should fix the leak – but
hopefully you cover that in your lease).</span></li>
</ul>
</ol>
<br />
<h3>
<b><span style="font-family: inherit;">Walls</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Take a look at all of the walls in the office space. Was the space repainted after the last tenant
moved out? You should be able to tell if
someone just took some Spackle and applied a single coat of paint or whether a professional
painter was used. If you look closely,
you will be able to tell where nail holes were in the wall if a single coat of
paint was used. A hired professional
will make a space look brand new, as if nobody has ever leased the space
before. That is what you want.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b><span style="font-family: inherit;">Flooring</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">If your office space has carpet, are any of the edges
frayed? Take a look at high traffic
areas like the office space’s entrance or where people have their desk chairs;
does the carpet look extra worn in these areas and look like <b>it will need
replacement</b>? This is something you may
want to address with your landlord at the start. If the carpet is already 7 years old and will
need replacement in 3 years and you just signed a 5 year lease, you don’t want
to be the one responsible for changing the carpet since you will have only gotten 3
years of use out of it.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">The same logic should apply for tiled flooring. Make sure it’s not cracked, worn or stained.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b><span style="font-family: inherit;">Small Items That Tell
You A Lot</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">This is kind of a catch-all category (as if you couldn't tell from the subtitle). Look at interior door frames. If they are freshly painted, your landlord
goes the extra mile (often, only the walls will be repainted). Look at ceiling
tiles for small holes in the corners.
The previous tenant might have run wires through here for their IT equipment. A good landlord will change out any ceiling
tile with a hole. Look at the light
bulbs in overhead fixtures. We’ve
visited countless office spaces that have <b>different colored light bulbs</b> – the bulbs are all some variation of white but might be a mixture of different shades. These items show you that your landlord
doesn’t mind spending a few extra bucks to make the space look as good as
possible.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<h3>
<b><span style="font-family: inherit;">Exterior of the
Building (masonry/siding, roof, windows, doors)</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Make sure the exterior components of the building itself look <b>clean</b> </span>–<span style="font-family: inherit;"> we are talking about the windows, doors, siding, roof, etc. Visit a well-kept
office park and notice that the windows aren’t dirty, the roof isn't missing
shingles or rusting if it's metal, the masonry or siding doesn’t have dust and dirt all over
and the entrance doors are actually welcoming.
Then visit an office space that has been vacant for some time and isn’t
routinely inspected. You will see lots
of dirt, dust, pollen, mold (ugh), etc. Is this the message that you want to send to your
customers?</span></div>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal">
<o:p></o:p></div>
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<o:p><br /></o:p></div>
<h3>
<b><span style="font-family: inherit;">Conclusion</span></b></h3>
<div class="MsoNormal">
<b><span style="font-family: inherit;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Your office space is a reflection of your business. You <b>want
your customers thinking</b> about your product or service when they come to your
office. You <b>do not want your customers thinking</b> about how gross your office
space looks. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">No doubt, some of these items can and will be addressed in
your lease agreement. And some landlords
may be hesitant to make an office space tenant ready in case there are tenant
improvements to be made. Nobody wants to
put a fresh coat of blue paint on the walls only for the next tenant to request
beige walls.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">However, these items should be addressed from the very first
visit. Point out the items
discussed above and see if the landlord intends to fix them before you move in
(and who is responsible for them after).
More than anything, a vacant space gives you a taste of <b>what type of landlord you will have</b>. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">We hope that this short list of items aids you in your
search for an office space to rent.
There are dozens of components that you should be mindful of when looking for
office space. And, if you do spot
something that needs attention, <b>always
ask and never assume</b> you know who
will pay for the repair.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Please feel free to leave comments. We promise to read them all. You can also email us with any
questions/comments at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a>. As a reminder, we provide office space for
rent and office/warehouse space for rent in Gulfport, Mississippi. For more information, visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">www.seawaybusinesspark.com</a> or call
us at (228) 575-7731.</span></div>
Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.07578530.432688 -89.075785 30.432688 -89.075785tag:blogger.com,1999:blog-4069317941556794828.post-43373857362215124292015-02-09T15:59:00.000-06:002015-12-29T13:08:50.254-06:00A Blog By a Landlord in Gulfport, Mississippi<h2 style="clear: both; text-align: center;">
<span style="font-family: inherit; font-size: large;">Seaway Business Park Blog - A Blog By a Landlord in Gulfport, Mississippi</span></h2>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0eK99d-Exay8mlvX8Ync-h7bBixsdGPj94HawkhZro9nX2ScrqbM5Hq_naVdyj1khqSlnCshzYH_qOELHgcpeqopo5L8zDUdXQr3ALklwUXH13MSGdE75WOAwmF7GhB6cyaD4ht2uWLY/s1600/Blog+Logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0eK99d-Exay8mlvX8Ync-h7bBixsdGPj94HawkhZro9nX2ScrqbM5Hq_naVdyj1khqSlnCshzYH_qOELHgcpeqopo5L8zDUdXQr3ALklwUXH13MSGdE75WOAwmF7GhB6cyaD4ht2uWLY/s1600/Blog+Logo.jpg" title="Seaway Business Park Blog | Gulfport, Mississippi" width="320" /></a></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5KGu1kd1YsWdaTsHLhESDAAIHjzoMysDgXYillyswjCg5IXMSMg72YXmR95DGl3ht2Po9FD1u_uWJK3PGkOmDUcWsCfxDKpo2DJ_xDgrhu2Htmyk4kJqgMx5ob3od40KBde0Hco2bSpk/s1600/FB+Logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"></span></a></div>
<h3>
Welcome!</h3>
<div>
<div class="MsoNormal">
<span style="font-family: inherit;">Welcome to the Seaway Business Park blog, a commercial real
estate blog written by a landlord in Gulfport, Mississippi! We have considered publishing content for
quite some time now, and everything we read (in other blogs) says there is no
time like the present to dive right in.
This initial blog post will set the stage for the who, what, when, where
and why; later blog posts will actually deliver content you may (or may not)
find relevant. So, without further ado…<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">…we will start off with <b>what
to expect from our blog</b>, and, equally as important, what <i>not</i> to expect from our blog.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span></div>
<h3>
<span style="font-family: inherit;">Content/Perceived Audience</span></h3>
</div>
<div>
<div class="MsoNormal">
<span style="font-family: inherit;">In a nutshell, the content we produce will be…anything and
everything we find relevant! As
mentioned previously, this blog is written by a landlord. We will publish content we think tenants,
prospects and landlords alike might find relevant. Everything from hidden items a prospect might
want to look for when touring a space (hint: ceiling tiles for roof/HVAC leaks!)
to steps you need to go through when signing a new lease will be detailed.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">We are not brokers (but frequently work with them). As such, we do not have dozens (or hundreds)
of properties to manage. This allows us
to be meticulous about every detail of our properties. This blog will be no different. We have learned a lot over the years and are
excited to share some of it with you.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Most blogs that we read are written from the perspective of
a broker. As a landlord, we are the sole
decision makers for one half of the lease transaction.
While we are not the only landlords by a long shot, we do not typically
read content from the viewpoint of a landlord.
This blog will hopefully plug a small hole in this void. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;">Content will be about commercial real estate, as opposed to
residential. Some of the same analysis
and tips can be applied to either, but we are not residential real estate
professionals.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit;"><br /></span></div>
<h3>
<span style="font-family: inherit;">Tone</span></h3>
<span style="font-family: inherit;">This blog will be written in plain talk.
A working knowledge of commercial real estate terminology is not
required. The only acronym you need to
know for future blog posts is CRE (because typing out and reading commercial
real estate just takes too long). We sometimes
use parentheticals; it’s just our style of writing. In addition to helping break up the monotony
of a boring sentence (like so – see told ya!), it helps to add little tidbits
of information (and sarcasm).</span><br />
<div>
<span style="font-size: 12pt;"><span style="font-family: inherit;"><br /></span></span></div>
<h3>
<span style="font-family: inherit; font-size: small;">Frequency</span></h3>
<span style="font-family: inherit;">We will publish content 1-2 times a month. As mentioned before, we are a private company
and when we get busy, our normal job duties have to take priority. (After all, it’s what gives us our content!)</span><br />
<div>
<span style="font-size: 12pt;"><span style="font-family: inherit;"><br /></span></span></div>
<h3>
<span style="font-size: 12pt;"><span style="font-family: inherit;">Length</span></span></h3>
<span style="font-family: inherit;">It is hard to predict with certainty what to expect from each and every
blog post. Some posts like market
updates will be on the shorter side, because there is a wealth of information
on that topic, and we are by no means an expert on the broad market. Items like “questions to ask your prospective
landlord” will tend to be longer. And
yes, we realize that we did not give a clear answer or direction to our
self-chosen sub-topic. (It should come
as no surprise that one of the authors of this blog is an attorney!)</span><br />
<div>
<span style="font-size: 12pt;"><span style="font-family: inherit;"><br /></span></span></div>
<h3>
<span style="font-size: 12pt;"><span style="font-family: inherit;">Voice</span></span></h3>
<span style="font-family: inherit;">We will write this blog in the first person, as if the company itself is
doing the talking. This is a bit
unconventional; we know that a company cannot technically have a voice, and as
an inanimate object, should not use pronouns such as “we” and “our.” However, this blog is a product of more than
one single person, and as such, will be written in the first person voice. If it helps, imagine a group of people in a
conference room with a laptop typing this content (not that far from the truth).</span><br />
<div>
<span style="font-size: 12pt;"><span style="font-family: inherit;"><br /></span></span></div>
<h3>
<span style="font-size: 12pt;"><span style="font-family: inherit;">Influence</span></span></h3>
<div>
<span style="font-family: inherit;">As publishers of content (as of the publishing of this post,
officially), we must also <i>absorb</i> high quality content. We learn from
the best and try to read as much as possible.
Our two main influences are from different ends of the spectrum,
one being in CRE and the other being in sports.
One is <b>Bill Simmons</b> of
Grantland, and the other is <b>Duke Long</b>
of the Duke Long Agency. Maybe in a
later blog post, we will flesh out why and how these two people have been a
large influence on what we publish.</span></div>
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<span style="font-size: 12pt;"><span style="font-family: inherit;"><br /></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: inherit;">Conclusion</span></span></h3>
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<span style="font-family: inherit;">We sincerely hope you enjoy our blog and content. We will close all of our blog posts with a
reminder of what it is that we actually do.
It will always be at the end since we realize that the vast majority of
people are not in the market for CRE in Gulfport, Mississippi. So…if the need arises for office space or
office/warehouse space on the Mississippi Gulf Coast, please give us a call at
(228) 575-7731, email us at <a href="mailto:leasing@seawaybusinesspark.com" target="_blank">leasing@seawaybusinesspark.com</a> or visit our website at <a href="http://www.seawaybusinesspark.com/" target="_blank">http://www.seawaybusinesspark.com</a>.</span></div>
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Anonymoushttp://www.blogger.com/profile/17417655393802667675noreply@blogger.com014231 Seaway Road, Gulfport, MS 39503, USA30.432688 -89.0757854.9106534999999987 -130.384379 55.9547225 -47.767191