Merry Christmas...buy a new app for yourself

We will get back to the basics of commercial real estate next week but since every one is getting tech toys for Christmas I thought this would be a great time to discuss the cool apps available for commercial real estate on iPads.  My partner at Cushman & Wakefield | Cornerstone CRES John Adams is an expert in this field. Below is just one of the articles he has written on tech field.  SIOR even relies on him to write articles for their magazine and make presentations at national conferences.   

The article below focus on Evernote, a great tremendous app that helps you remember, file and store everything you may ever need but he has several other articles on his blog http://www.johnmadams3.blogspot.com/.  Check it out. 

Merry Christmas everybody. 

Evernote in Commercial Real Estate……

Here are questions that I kept asking myself:

·         Where did I save the note about the phone conversation I had last Friday? 

·         I am not in the office and need the details of the phone call with David regarding the Main St Building.

·         What do I do when I come across an article that I want to read? I don’t have time to read it immediately or I want to save it and re-read later.

·         What do I do with the notes that I took on my yellow pad when I was in the meeting with my client today?

·         Which one of the 100 post it notes on my desk did I write that phone number on?

I now use Evernote. It helps me “Remember Everything”.  I have set up Evernote on my PC computer, iPad, iPhone, & Laptop (I can’t remember the last time I used my laptop, but Evernote is there just in case).

 Evernote allows me to keep up with conversations that I have, general property information, client information, Articles that I need to read or have read and want to keep for future reverence and my to-do list. Currently I have set up the 9 notebooks in Evernote: Clients, Listings, Prospects, Articles, City, NEW NOTES, Personal, Tasks, & Technology. I also have set up 44 tags in Evernote. Several of them are: today, Errand, client name, building name, Need to call.

I have limited the number of notebooks that I use. Just about everything I do can be filed into one of my notebooks and from here I can easily search my tags.

When someone calls I immediately open a new note in Evernote, either on my computer or iPad. After making the notes from my phone call, I add it to the appropriate notebook.  Then I tag the note.  Several notes have multiple tags on them. Examples of tags can be - The clients name, the building name, today - if I need to do something with this note today, errand - if I need to do something with this note while I am out of the office. The tags create easy searches when I need to find the note.

I also have Evernote linked to my internet browser and my outlook. When I am looking at a website and want to save the site or article for future use. I click the Evernote icon and can quickly choose a notebook and tag the website. Now it is saved for future use. When someone sends me an e-mail that I need to keep for follow up or use as a reference. I can click the Evernote icon quickly choose a notebook and tag the e-mail.

When I am out of the office I have several techniques that I use with Evernote.  In the tools of Evernote, you can set up an Evernote e-mail address.  If I get an e-mail while I am out of the office that needs following up on or I don’t have time to reply. I can forward it to Evernote. These e-mails are set to go into New Notes and can easily be tagged or filed when I have time. Since Evernote is on my iPhone I can quickly make notes, file and save them. 

Another app that I use is Noteshelf. This app allows me to write on my iPad with a stylus. After I take notes I can save them in Noteshelf or export them.  The export feature allows me to e-mail the note, export to dropbox, or export Evernote.

Evernote has something called the Evernote Trunk. I encourage you to take a look at the apps that are compatible with Evernote. There may be an app that allows you to use evernote in another way that I have not seen or in a way to help in your business. I also would encourage you to follow them on twitter on to reach 

  

More in finding a commercial real estate broker...

If found this enlightening piece on the internet the other day.  It highlights some other details you need to look for when finding a broker especially a topic I didn't broach...conflict of interest.  A link to the article is below.

What a commercial tenant or buyer must consider when selecting a real estate broker to represent its best interests

12.01.2011 | Los Angeles

Robert Chavez, Founder and CEO, Guardian Commercial Realty

Have you ever referred a client to a trusted attorney? The attorney’s initial response is almost always the same: “Thank you very much, I appreciate the referral but I will need to run a conflict check before I can proceed.” Our legal system mandates that attorneys identify and disclose any conflicting interests they, or their law firm, may have between clients. Attorneys have a fiduciary relationship with their clients. They can find themselves in serious legal trouble by failing to research and disclose conflicts of interest.

Real estate agents also owe a fiduciary obligation to their clients. However, unlike the attorney example, their first reaction at the prospect of a new client is not to research a conflict check. They appreciate the referral, sometimes pay a referral fee, and move on to consummate the transaction and collect a commission. Often, there is no discussion surrounding the serious  conflicting  interests that occur when real estate brokerages  represent both  landlords and tenants

“Currently most commercial real estate firms, including the large national organizations, represent both landlords and tenants. They are referred to as dual-agency firms,” says Robert Chavez, founder and CEO of Guardian Commercial Realty. “While these firms actively market their services to tenants, the majority of their representation and upwards of 80 percent of their revenues come from landlord representation. This equates to billions of dollars annually. One has to wonder how a dual-agency firm can offer the highest standard of duty implied by law to both landlords and tenants — or sellers and buyers — when the interests of landlords and tenants are so diametrically opposed and such an enormous economic bias lies with the property owner.”

Smart Business learned more form Chavez about how tenants can find a real estate agent that will act with their best interests at heart.

Why the difference in behavior between the legal and brokerage communities regarding conflicts of interest?

Let’s start with the roots. Commercial real estate brokerage was founded in the late 1800s to facilitate property owners with the sale and leasing of buildings, property management, and other advisory services tailored to the property owner or landlord. The higher the lease rate or sales price, the higher the commission — so this relationship has worked very well for both the landlord and its broker over the years. Obviously the scenario does not bode so well for tenants and buyers.

How does this create a problem for tenants selecting a broker?

On one hand, dual agency firms pledge to property owners that they will negotiate and secure the highest rental rate or sales price with minimal concessions to a tenant or buyer. On the other hand, the same firm pledges to a tenant or buyer that it will negotiate the lowest possible rent or sales price and highest concession packages. This is just the tip of the iceberg, as there is much to negotiate with regard to mitigating risk, operating expenses, tax responsibilities, etc. Given the standard of care mandated by a fiduciary relationship, it is surprising that this scenario even exists.

Add to the mix that the nation’s largest dual agency firms are publicly traded. They are under tremendous pressure from Wall Street to show profits. When they do not, stock values generally plummet. Many of the agents also have retirement savings tied to the value of their companies stock. Now consider that much of the firms’ revenue come from commissions, and commissions are only paid once transactions culminate. This creates an environment where an agent can be pressured to conclude a transaction before negotiations have matured. Not exactly what the framers of fiduciary duty had in mind.

Do these dual agency firms acknowledge the conflict of interest?

The dual agency firms are certainly aware of this potential for conflict. One firm has even published in its annual report that ‘the failure or inability of the Firm to identify, disclose and resolve potential conflicts of interest in a significant situation could have a material adverse effect.’ Dual agency firms claim to compartmentalize their practice groups so as to act independently and avoid or minimize conflicts. Notwithstanding, their profits all flow to the same corporate entity for review and consideration by Wall Street.

So how does a commercial tenant or buyer of commercial real estate seeking expert assistance select a broker that will represent its best interests?

Real estate contracts are among the most expensive and long-term commitments most tenants will ever make. One mistake in this arena can cripple an organization for many years to come. Fortunately for the tenant or buyer, commercial brokerage firms known as ‘exclusive tenant brokerages’ have evolved. These firms distinguish themselves from their industry counterparts by electing not to lease, manage or own commercial real estate. True tenant brokerages only represent parties seeking to lease or purchase real estate for their own use. They develop specialty practices and focus their scope of services toward representing their clients’ best interest and never wear two hats.

Astute tenants take their diligence a step further and make certain to interview several tenant brokerages. They are boutique entities with many subtle and material differences. It is important to understand their area of expertise and know if the broker working on your account has the experience and time to professionally service your specific needs.

Robert Chavez is the founder and CEO of Guardian Commercial Realty. Reach him at Robert.Chavez@GuardianUSA.net or (310) 882-2060.

http://www.sbnonline.com/2011/12/what-a-commercial-tenant-or-buyer-must-consider-when-selecting-a-real-estate-broker-to-represent-its-best-interests/?full=1