Commercial Real Estate Brokerage/Advisory x20. "Globe St. Woman of Influence 2022" #CREiMovement influencer Otso Women of Influence. "Beware the non-sequitur"
New Haven, Connecticut
Joined March 2009
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There's a debate whether AI will crush residential or commercial real estate agents first. The stances? Houses are commodities, CRE is math.
Both are wrong. (Though, I believe resi will be affected more deeply first.)
Transactional order takers will go first. 90% of resi agents are transactional order takers. At least 75% of commercial brokers are. (This is a case for hiring the brokers with more than a decade under their belts. They aren't afraid to debate or reprimand their client when their thinking is short term or unbalanced.)
The smallest part of my job is the actual transaction. Discernment, advice and keeping everyone on track, pressing lawyers, builders and principals to act with forward momentum is the larger part of being a member of a team.
Currently, I'm at the finish line with a tenant who wanted a space October 1st. The Landlord had work to finish and promised completion on 10/1, whether a Tenant was signed or not. I was skeptical so I told the Tenant that the space was slated to be ready for their fit up on 10/1 but prepared them to take the space 11/1 because construction timelines expand.
When it came to final strokes on the lease, the construction manager said 12/1. The Tenant is understandably questioning the 12/1 date-me too. I don't like reprimanding my clients or pushing their construction project managers, but this PM is the most easy going laid back, nice guy with no serious pressure for completion. The Landlord isn't pressed if they lose this Tenant. The PM knows that his job is safe whether or not he meets 12/1 or not, but the Tenant cares. Their business is on the line.
And I care too. My business is on the line. This is a small business owner/entrepreneur. If I mislead them even accidentally, they are screwed and they don't care that they get some concessions for not opening on time. They don't have a fall back if their business isn't open.
When AI agents send emails back and forth to each other, they don't care either. Their mandate is to tell their individual "masters" that each is doing a great job.
The real power of humans will be delivering the real world bad news, as unpleasant as that may be.
The SIOR conference is wrapping up. I didn't take pictures.
Crazy.
It was so nice to connect with old crazy friends, be impressed by brokers I've never met, and check out products that I've thought about unseriously till now.
But, damn. There's always one!
Life lesson, PSA coming at ya' kids!
Sitting at lunch with an old friend and future new friend and other brokers. Ask new designee about what he does. He started talking about a big office condo project they're launching. I was impressed and told him how great I thought it was, said it's surprising to me that demand is hot. My market has mature stock and very mature condo fees, so they don't hold value.
Not sure when he picked up his phone while I was speaking to doom scroll but I wasn't the only one to notice.
New friend, international broker and panelist said "He doesn't have what I think of as SIOR quality."
He will be remembered and he will be remembered as one who thinks his "on point" facial hair and big market cover his nature.
But, the real lessons is that people watch how you treat others. He sucked up to my new friend who sat on stage while disregarding me. We both noted his name as a "No"
You never know who's watching and taking notes.
I just saw a Traded ad. 1400SF leased in Brooklyn. Asking rent $200psf.
4 LL Reps, 2 Tenant Reps. Teams are great but man, this seems like overkill for 1400 square feet, unless admins are among the 6 men pictured.
I broke my foot a month ago. It's amazing how much the ability "to go" is a part of my identity AND my profession.
I bemoan my status as a hostage, begging for rides. The psychological impact is kindof wild.
The good news? I've not missed a tour or showing yet!
"Connecticut is so cool." Said no one ever.
Then this library opened in Cromwell. Yep! Stick Library.
In today's meeting, we are talking about investor expansion. An appraiser has never heard of the term but can't figure out why the square foot numbers don't match his "professional" measurements.
"Investor Expansion". It was also deemed valid. 😊
Yesterday, I griped about an AI generated form that someone asked me to fill out to be considered listing rep for their property. 45 secs to prompt-45 min to fill out, if I do
Property is an auto body with no bathroom, built in 1941, wood frame.
So, before I filled it out, I asked, is the no bathroom bc there's no water or is it no septic? Any enviro info (as these items affect value) Does the ELUR on the adjacent property affect his in any way? And questions about the current leasing rep.
In shocking news..
Crickets.
It has happened. The full wrath of the AI enabled "future client." I've had the lease questions and the crazy property descriptions but now... the broker interview form. I popped it into chat and said "Fill this out please." It did pretty well!
Oh My God! I forgot the BEST PARTS!!
#1 - Auto Body Shop
#2 - Wood frame, low ceiling, built in '41 on half acre
#3 Currently listed for lease
But the Piece d 'Resistance????? This from the lease listing private remarks!
#4 "While the building does not contain a restroom, the neighboring building gives permission to use their restroom facilities for employees."
This is a #fridayfunny ya'll. If he weren't asking for 25% of all fees collected on a contaminated waste disposal less, deferred maintenance miracle, I might be more charitable because it's cute!
Dirty little broker teams secret. The team is not lock step-despite what the marketing says. When there is dissension on price or process, it's not always a measured discussion.
It's parents putting on a united front for the kids, hollering at each other behind closed doors.
I just love this. This verbiage accompanied THIS picture!
This is where the ai goes wrong. I mean, it tried, it really tried but you need your own eyes and judgement looking at the terrible dark pic you posted and the words that Chat created.
I go back to Why do I bust my arse? Yes, I use ai. Yes to brainstorm. Yes I read and edit because my name is on it. I would not be able to stand by the words "Bring your vision to life!" on this one.
I can get behind where's the fire exit? Or you know...Satan. 😃😁
🤖 Made with AI
Had a wild week for Tenant Rep assignments. The most middle of the road was an acupuncturist, also: yacht detailer, pop-up art gallerist, storm trooper oh and pest control. Very middle of the road. Jumping in with both feet! 😃
It's a sneak peak ! 15,000sf with some good ceiing heights 22-24'. High ceilings = uncommon in Connecticut shoreline towns.
Walking it was tough on a broken foot. Looking cool and present while literally sweating from pain after 20 min of standing on concrete was a cool challenge.
Was hired! They say the old "No pain no gain" culture was toxic but my universe says otherwise. 😀
3 oversized drive in doors and a couple good docks if you know anyone.
A dear cyber friend posted about people who don't post, just respond. I thought, Oh No!
That's me. Life has become too pressurized. I am Blocked.
So I broke my foot. Why not? Pain sharpens iron, right? My brain hurts too.
Wisdom of the day? Don't break Metatarsal 5. *sigh*
Hey all! Question. What is everyone using for property management software these days - office industrial, retail - not multis. Someone asked me but we built our own so I am not sure what to recommend to a small family operator.
Yardi Breeze, MRI, Buildium-Flex, not multi
These past two days, I've seen a lot of Dolly life advice. AI creating motivational business slop from a genuine humanitarian. It s a bit much.
I'm leaving this here. No faux business lesson.
It’s astounding. Time is fleeting. We are into the time slip. So, Don’t dream it, Be it.
Be fabulous. Be questionable.
Overdress. Make an entrance.
Antici……pate.
Give yourself over to absolute pleasure.
And Remember: It’s not easy having a good time.Even smiling makes my face ache.
Maybe there is a lesson there.
And if not, watch Clue and Home Alone 2 this weekend. R.I.P.
