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Lynn Drake 196
My Favorite Clients – Art Bashi, The Art of Custom Framing
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Art Bashi’s The Art of Custom Framing offers original artwork, sports memorabilia, framing supplies and installation. Art and I were a part of a […]
How to Start a New Business
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. What’s In A Name? Finding a name for your business can be tricky. I didn’t want to use my last name, so I went searching for […]
My Favorite Mentors – Brian Novak, Kelly Services
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Brian Novak, Kelly Services I was working at Kelly Services for about a year when Brian Novak suddenly entered the scene as my new boss. It […]
My Favorite Clients – Denise Dalrymple, Girl Scouts of Southeastern MI
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Denise Dalrymple is the CEO of Girl Scouts of Southeastern MI. She is responsible for the administration of over 100 staff who provide services […]
My Favorite Mentors – Mary Rossi, Thyssen
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Mary Rossi, Thyssen I graduated from Oakland University with a Bachelor of Science degree and a concentration in Accounting. My first real job was working as an accountant at Thyssen Steel in Oak […]
Due Diligence Phase
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Once the purchase agreement is finished, you have a lot of work ahead of you. If you put together the calendar as discussed above, […]
Requesting Information to Make that Purchase Decision
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Sometimes owners won’t provide much information about their tenants, etc. until they know you are serious about the building. Or, they might want you to […]
More Contingency Suggestions
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. As you can see, there can be a contingency for anything that matters to you, the buyer. Don’t be afraid to request information that […]
Preparing a Non-Binding Letter of Intent
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. A letter of intent is a document in which you spell out the terms according to which you would agree to buy a building. […]
How to Determine the Sales Price
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Commercial buildings are priced based on 3 criteria: replacement value with a deduction for depreciation (also called obsolescence), which is usually based on the […]
What do you Need to Know Before Making an Offer?
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Your commercial agent and your attorney should help you develop the list of things you need before making an offer, but here are just […]
What is a Contingency?
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. A contingency can be thought of as an exception in a real estate contract (a kind of, “I will do this, if you do […]
What Will the Seller Accept as a Fair Price?
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. I often get this question on leasing and buying buildings. No matter which side you are on, you will convince yourself you are right. […]
Offers to Purchase Any Building Must be in Writing
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. There are several options for putting forth an offer to purchase: a written purchase agreement an email or letter detailing the terms a letter […]
Locating Properties/Setting Up Building Tours
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. As a commercial real estate agent, I usually spend 5 to 10 hours just looking for potential sites for sale. Once a list of […]
What is a Multiple Listing Service?
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Most residential and commercial agents need a source to help them look for space for sale. A multiple listing service, also referred to as […]
Relationships with Bankers are Key
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Before you go out and start looking at buildings, contact your local bank and schedule an appointment with the branch manager. Ask them to […]
Mortgage Loans: They Aren’t all Created Equal
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Occasionally, someone will sell their building on a land contract. This mean the buyer puts down an agreed upon amount and then the […]
Meet the Landlords: Tom, Dick, Harry, and Pat
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Meet the Landlords: Tom, Dick, Harry, and Pat They are all commercial real estate landlords, and if you don’t learn anything about them […]
CRE Definition Series: Tenant Improvements
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Definitions Series: Tenant Improvements A list of improvements made to a leased space such as building walls, replacing flooring, ceiling tiles, fixtures etc. […]
Commercial Real Estate Mathematics: An Industrial Financial Summary
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. As promised the following is an example of a completed financial summary for an industrial property. Please note utilities are not included because the […]
CRE Mistake Series: Mistake – Holding over
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Mistake Series: Staying past the lease expiration date Every written lease should have a start and end date. Sometimes a locations improvement isn’t […]
CRE Mistake Series: Mistake Building out furniture
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Mistakes Series: Built In Furntiure Sometimes tenants ask the landlord to build in the furniture. I was working with a client who wanted […]
CRE Mistake Series: Mistake – Keep Your Eyes Open
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Math Series: Expect Exaggeration A landlord representative’s, also known as listing agent’s, job is to sell you the space. They often exaggerate and […]
CRE Mistake Series: Mistake – Keep Your Eyes Open
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Math Series: Expect Exaggeration A landlord representative’s, also known as listing agent’s, job is to sell you the space. They often exaggerate and […]
CRE Definition: Request for Proposal
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. CRE Definitions Series: Request for Proposal Request for Proposal (RFP) is a written summary of terms for an agreement where one party would be […]
Reflecting on 2018 (Bungee Jumping CRE Broker!)
This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList. Reflecting on 2018 2018 was a great year for Compass Commercial. Business was up significantly. We moved our offices to the Columbia Center in […]
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