CRE broker selling commercial properties in Florida. Posts about CRE, the ‘markets’, family & my own dry humor. Posts are my own and not advice
#retwit
#creX
1,000 followers! 🎊
Quick intro:
FL-based, CRE broker. Dedicated Father & Husband. NY raised w/ more than a decade of Wall St. exp.
Leading the ROI Group of 6 selling (R)etail, (O)ffice, and (I)ndustrial props in FL.
Trying my best to figure it all out, while keeping my
@GRDecter
IMO, Buffet has never been hard to understand. It’s his patience to avoid the shiny buttons that makes him unique.
I’d guess a massive cash pile means one of two things…he expects either big opportunities or has big concerns. Perhaps both at the same time
Hang with me for a minute:
2023 started with some bad news on the personal front for me. I found out that I needed emergency open heart surgery or I’d be dead soon. Tough news to hear, especially when I was in great shape and working out 4x per week.
Leading up to the surgery,
@bavedikian
Take that ratio and assume all of the 756 billionaires in the USA pay the same taxes as Mark Cuban, the government will be funded for almost 2 whole weeks 😂
A broker called one of my clients asking why he listed with me (and not him), when my listing agreement ended, and went on to talk negatively about my firm. This is the second time I’ve heard this same broker do this to me.
CRE is a small industry, don’t be like that broker. 😒
I just heard about a tenant looking into a landlords debt expiration as they were approaching their lease renewal. If landlord uses your income to get better lending rates…That’s next level due diligence.
2024 is the year of using your leverage. 📊
It may seem small, but it’s big for me.
I hit 800 followers! 🎉
Since Jan (thru social media), I listed 6 props, developed 💪🏻 relationships, and solved an issue on a deal by reading the comments on a diff post covering a similar situation.
Here’s to the next 800! 🎊
Picked up some new followers, so quick intro:
FL-based CRE broker running a team called
@ROIgroupofSVN
selling private party, (R)etail, (O)ffice, and (I)ndustrial (ROI) props in FL with
@ElonGerbergROI
.
Still recovering from a 10 year stint on Wall Street.
What to expect?
I worked on the sale of a medical office with 2 tenants occupying similar suite sizes, where one was the landlord who intended to keep his practice open, but sell the property. 🏥
The main issue was his tenant was paying $20 in a $60/psf market for 2 more years, hurting the
A broker just told me they paid $6k/month for TWO months for a coach to show them how to go out and list expired listings!
Stay tuned for the launch of my classes on how to ‘pick up the phone and stop looking for shortcuts’ for the ⬇️ price of $5,999/month (min 2 months) 🤡
I’m really thankful to have been awarded the
@creisummit
LinkedIn top 100 influencer (
#94
) for 2024😮💨
Coming up with content isn’t easy, so it’s ❤️ to be recognized.
Thanks
@kenashley
and the rest of the team. Social media is the database of the future 😊
#crex
#retwit
I looked up “How to underwrite a commercial real estate building” and the first 2 videos said “Thanks for joining, first step is you’ll need to buy a financial model…”
After laughing, I recorded this. The End
I picked up some followers recently, so a quick intro:
Top ranked, FL based, CRE broker. Original NY transplant (pre-pandemic) with more than a decade of Wall Street exp. Father & Husband
Leading the ROI Group of 6 selling (R)etail, (O)ffice, and (I)ndustrial assets. Trying my
Having briefly crossed 750 followers (bots be damned), I thought a brief introduction made sense for my new followers:
I co-lead a team of 6 with
@ElonGerbergROI
called the
@ROIgroupofSVN
focused on the
#Sales
of (R)etail, (O)ffice, and (I)ndustrial properties throughout the
A teammate of mine made a cold call & the prospect said:
“You know how you’ll know when I’m ready to sell? My 🪦 will be engraved with the words “Now I’m ready”
…he’s nothing, if not direct.
As a CRE broker. You MUST be on social media!
Growing on “Social media is like buying land in Malibu in 1960” and we all agree that would’ve been a killer investment!
@Bethazor1
laying it down.
My team sells Retail, Office, and Industrial (ROI) props in FL. If an assignment doesn’t fit into our focus, we refer it out.
In my 3 years at SVN, I’ve referred out over $70mm in listings and closed with 17 SVN brokers, while putting the best team on the field each time. 🤝
I just had a residential broker tell me that my total fee on a listing was “too low” on our first call where they were asking if the deal was still available.
AMA 😂
My team is called ROI group bc we sell R(etail), O(ffice), and I(ndustrial) properties in Florida.
On a personal note, this is probably the most creative thing I’ve come up with in my life 😜
I hear this mistake more than you would think, but if a landlord is responsible for roof and structure, it’s NOT a triple net (NNN) lease. 🤓
What other common mistakes do you come across?
@realEstateTrent
The rule of thumb I’ve heard from multiple landlords is 10%…a landlord should/could be comfortable signing a lease that amounts to 10% of top line revenue for that tenant. This is why
@Bethazor1
always stresses the importance of getting the tenant financials.
Certain tenants (and brokers) now research landlord debt expiration to try & leverage this information for more advantageous lease terms. This is next level due diligence. 📝
Thankful to have gotten this across the 🏁 in this difficult market.
The good? EVEN when a 🏢 isn’t viable for trad financing w short term leases & ⬇️ rents, we rcvd 17 ✍️ CASH offers from buyers.
The bad? Tons of buyers were afraid of the +/- $1mm of day☝️deferred maintenance.
I’ve had 10 (!!) people reach out to me since I’ve been active here with a similar message…
“Hey, this may sound funny, but I saw/follow you on X” and then talk biz.
I have 270 followers. Is this conversion rate normal? I may quit cold calling and just post :) 📝
I’ve been active since January 2024 here & added 733 new followers in last 3 months, but I only have 540 followers now. 🤔
Bots juicing all these numbers?
I feel great about these stats, but I’m not sure how they compare to other account with a similar follower count?
Any advice based on these numbers for an introverted sales guy with 500 followers?
Do we ‘lose’ on our pitches? ✅
Do we take it sitting down? ❌
Take a look at a letter Arjun ✍️ to a prospect after hearing the owner was picking a diff broker. Other than diff paper 😂, what would you add?
In our simple, but competitive business, do what others don’t. 🏁
Oh, you want to be a CRE broker?
My team was in a BOV pitch and a physical fight broke out between two women right outside the office we were in.
Yes, things got broken. No, the owner didn’t seem to care 🫤
One thing I find interesting about small bay warehouses…
If a tenant packs up and leaves in the middle of the night, many industrial landlords will just let them walk away. 🚶
My team is pleased to announce another successful closing in Miami, FL.
Frankly, the industrial market in South Florida is strong and the long-term bullishness of buyers makes me think our local market is set to continue to rise!
We closed at a 3.8% cap rate. 🤝
Ask any
Pleased to announce this sale, there was 2 separate buyers that split the 8 bldgs (6+2) that required a simultaneous closing to achieve financing. W/O this approach, the deal doesn’t get done.
Broker life is fun. 🤩
Real talk, Is it cheesy to post these here? 🧀
Thx
My team is signing up 6 exclusive listings that came from INBOUND referrals thru social media.
If social media isn’t part of your business plan in the next 5 years,, you may want to reevaluate. 📈
#crex
#retwit
Attention CRE community, X is the future!
Be like this guy! I’m already impressed by the outreach and you better believe I’m taking the time to meet someone with that fire in their belly. 🔥
#crex
#retwit
Florida accounted for more than 80% of national insurance claim lawsuits.
Fraud and ‘aggressive’ attorneys are taking their toll on insurance rates. 🏳️
I heard build to suit margins for credit retail used to be 250 bps and now they’re closer to 100-150?
If true, I’d be selective with my projects now too 🚩
#crex
#retwit
@realEstateTrent
This is awesome, but I think to a degree, pay is the easy part. Showing respect to your employees is what helps mend the inevitable friction that’ll arise.
My wife has a great way to gaslight our toddler when he curses.
Toddler: F<^k 🤬
Mom: “what does that mean? That’s not a real word. You mean duck? Duck duck goose? I love that game!
100% success rate for my 3 year old.
Follow me for more parenting tips and tricks 😂
Buyer offer ✅ (LOI)
Seller agree ✅ (in writing)
Alerted buyer to prep contract
Seller emails me 10 hours later “it’d be nice if you can get buyer to raise his offer”
Be a broker they said 🤡
@realEstateTrent
If the broker is real & closes deals, I’d say you MAY have the deal of a lifetime on your hands. If it’s a newbie broker with limited experience, I’d say you have a new blocked number on your phone.
Ever close a deal with an active environmental remediation? It definitely shrinks the buyer pool, but thanks to hard work, our team found the buyer for our client.
I just heard of a brand new, amenity-rich, Class A office building in Miami that is 85% leased with rents at $148/psf!!!!! 🤯
This is not your dad’s Florida. 🦎
Our client bought a 3.75% cap rate Chipotle w/ a new 15 years lease. Why?
Sure, they were in a 1031 & they liked 🌯; but the circumstances of their 1031 are important.
They sold an 🏣 building, where they were the sole tenant (her sun setting company occupied 20% of GLA) & ❌
PSA: Bonus depreciation was 80% for eligible properties in 2023. In 2024, it’s 60% & going down to 40% in 2025.
The tax incentives of owning real estate are dwindling. 💲
I asked ChatGPT who the most likely buyer was for a $10mm, multi-tenant, industrial asset in Miami with over $1mm in deferred maintenance that won’t retrade at the end of due diligence and it answered “I’m sorry, I would need more info.”
Brokers…we still got some time 🕰️
Most common things I hear as a CRE sales broker:
“Send me deals YOU want to buy”
“Would you put commish in deal?”
“How motivated is the seller?”
“Will they hold 💴?”
“I can close quick, but won’t get near pricing”
“You can’t build it for that”
HBU?
🤝
#crex
#retwit
**Coming Soon**
SMALL BAY WAREHOUSE LISTING 🚨
Where? Oakland Park, FL (Ft Lauderdale MSA)
What? 15,000 SF small bay industrial with 20 roll up doors + extra yard space
Opportunity? All tenants are month to month with in-place rents 30-50% below market
Next step? 📲 or 📧
For those asking how our team has been selling cap rates from 1-5% on our recent closings…while every deal is unique, I’ve summarized the basic approach below.
Being a listing agent and representing a property requires 2 things;
Positioning & Process
Positioning: When
All this talk about dry cleaning tenants being an environmental risk…it’s important to note that many of them only do pickup/drop-off on premises and the cleaning/chemicals offsite. 👚👗🧥 💨