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Lynn Drake 191

19 days ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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, […]

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1 month ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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1 month ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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2 months ago Brokerage Life & LeadershipCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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. […]

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2 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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3 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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3 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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4 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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. […]

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4 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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5 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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6 months ago Brokerage Life & LeadershipCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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6 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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7 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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9 months ago Brokerage Life & LeadershipCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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10 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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. […]

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10 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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10 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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 […]

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11 months ago Brokerage Life & LeadershipCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

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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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

Sample FS for Warehouse

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: Financial Summary for an Industrail Space If you saw our financial summary for an office location, you would notice this has […]

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11 months ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

Sample FS for Warehouse

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: Financial Summary for an Industrail Space If you saw our financial summary for an office location, you would notice this has […]

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1 year ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

CRE Mistakes Series: Mistakes: Bookkeeper

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: Office Neighbors Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices […]

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1 year ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

CRE Mistakes Series: Office Neighbors

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: Office Neighbors Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices […]

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1 year ago Best PracticesCompass Commercial ITRA Global, Detroit Michigan, Lynn Drake, Michigan, Tenant Representation, Tenant Representation Best Practices

CRE Definition: Lease Expiration

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: Lease Expiration Most leases have a start and ending date spelled out in a lease document. The last day of the […]

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