In a down market, the need for tenacity is of paramount importance. I’ve found that the average time for a deal to be consummated has increased exponentially, and there are more pitfalls than ever that can cause a deal to go off course or die. Fortunately (or unfortunately, as the case may be) I’ve had experience in a couple of down markets and take nothing for granted.
The key to a transaction is listening to both parties and getting a sense of the issues that have to be resolved to bring the deal to closure. While the prevailing notion is that Landlords are extremely motivated to do deals, I’ve found that there is a lot of nervousness on both sides of the transaction. Landlords don't want business failures which, in many cases, are a larger problem than not leasing space. On the flip side, tenants are trying to negotiate everything in their favor to preclude a business failure.
The broker’s job, in my opinion, is to make both parties feel as comfortable with the deal as possible in these uncertain times. It’s a stressful task at times, but very fulfilling when you have finally crossed that finish line.
Gene Stone, an Antonoff & Co. Brokerage specialist, authored this post. Gene has an impeccable broker record in the leasing and sale of second generation shopping centers in Colorado. Antonoff & Co. Brokerage takes pride in the quality of our brokers and in their ability to understand the commercial/retail real estate markets.
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