Commercial Investment Real Estate Spring 2021 | Page 21

six to 12 months , but I think they ’ ll be gone once vaccinations reach everyone .
As for 2021 and 2022 , I predict continued constrained supply of assets for sale , which will continue to drive up pricing . Everything I read says interest rates will continue to be advantageous through 2023 . Two unknowns are capital gains taxes and 1031 exchanges . Will the Biden administration change those two extremely important components in the real state world ? And if so , to what degree ?
CIRE : WHILE YOU ’ VE CO-OWNED A BRO- KERAGE WITH NEARLY 100 AGENTS FOR THE LAST 10 YEARS , STARTING YOUR OWN WITH JUST YOU AND A FEW STAFF MEMBERS IS A MAJOR CHANGE . HAVE THERE BEEN ANY CHALLENGES THAT HAVE BEEN SURPRISING IN GETTING THE BUSINESS ROLLING ?
BEERY : Not really . I ’ ve always believed that customers follow good agents , not companies . In other words , customers don ’ t hire a brokerage to sell their assets — they hire a specific agent . Rarely does a seller say , “ We must hire XYZ Brokerage to sell our asset .” The seller will say , “ We need to call Beau Beery ( or John Smith or Mary Adams ) to sell our asset .”
Customers are looking for experience , guidance , market intel , sales results , and , most importantly , an agent they like and trust .
I ’ d say the biggest change is not having the same negotiating power for the services I use as I did when my partners and I had dozens of agents . Now , it is just me . Marketing and listing tools , websites , and memberships cost much less per person when you have 100 agents as compared to just one person .
CIRE : FOR ANYONE HOPING TO OWN THEIR OWN BROKERAGE IN THE FUTURE , WHAT ’ S ONE PIECE OF ADVICE YOU ’ D HAVE FOR THEM ?
BEERY : I would say it is time to go alone when you know you can drive the same amount of gross commission income or better in your own company . I knew I could net more commission income having my own company than going to any other brand that exists because I knew the customers I work with couldn ’ t care less which company I was with . With today ’ s technology and CRMs , every agent worth a grain of salt has the ability to reach tens of thousands of buyers with the touch of a button . Customers are looking for experience , guidance , market intel , sales results , and , most importantly , an agent they like and trust .
I ’ m at a beautiful place in my life . If I never make another dime more than I make now for the rest of my career , but can still work under 50 or 55 hours a week , I ’ ll be the happiest guy . I don ’ t chase every deal under the sky , I don ’ t work with undesirable customers that will drag down my brand and disrupt my life , I don ’ t work past 6 p . m . during the week , and on the weekends I only work on things that I enjoy . The rest of my time is spent sleeping , training in the gym , driving my cars , and spending meaningful time with my wife and kids for as long as God will allow me .
Nicholas Leider
Senior content editor of Commercial Investment Real Estate Contact him at nleider @ ccim . com .
Support the CCIM Foundation Veterans Scholarship Program
The CCIM Foundation recently launched its Veterans Scholarship Program , which is designed to provide veterans with funding for real-world education and a foundation for a new career in commercial real estate . The program allows qualifying U . S . military veterans to apply for up to $ 20,000 to use for non-degree-based commercial real estate education , including CCIM Institute . Up to five scholarships will be awarded in 2021 .
You can support this program by donating to the CCIM Foundation and earmarking your amount for the Veterans Scholarship fund .
To donate , please visit www . ccimef . org .
The CCIM Foundation is a 501 ( c )( 3 ) nonprofit organization .
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