Ozelis'
Rules of Real Estate

Trust, but Verify

This rule applies to everyone…including us here at Location Island.

Hopefully you have taken the time to qualify your attorney, your accountant; a good general contractor and real estate broker (if you have chosen to use one). And even if you trust them, it doesn't hurt to understand what they're doing and quietly peek over their shoulders every once in a while. Even hard-working people make mistakes sometimes, but only you have the responsibility of being the last checkpoint.

Ronald Reagan used “Trust but Verify” when negotiating with the former Soviet Union with pretty good results and relatively speaking of course, this is just as important to your universe.

If a broker gives you a quote about the market rents, check it out (Knowing a Certified Real Estate Appraiser comes in very handy right about now). Talk to the other tenants in the area and find out what they’re paying, when they signed their contracts and what kind of an overall deal they had struck. It will give you a comparison to use when making your own judgments.

If someone gives you a competitor's sales volume, treat like a grain of salt. Although many large companies do report their annual sales to their landlords (especially in large retail projects like malls, regional shopping centers, etc), they're usually restricted on how they can share that information with others. Sales volumes, like caught fish, seem to grow over time.

Always be aware of the things that are going on around you. If you don't understand something, find out about it, quietly if necessary. Building stores and restaurants can be confusing at times so it's not unusual to get overwhelmed by it every so often. But, these are the times when you need to take a breath and make every effort to understand the situation.

 

"There’s a lot of money to be made in commercial real estate
and there’s a tenant born every minute..."

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