Post on 26-Jun-2020
REAL ESTATE
Three Secrets to Submitting Competitive
Commercial Bids As a commercial real estate investor, you must
put your best offer forward when purchasing
property in a competitive market. When dealing
with multiple offers, use the following tips to
ensure you put yourself in a position to profit.
1. Do your due diligence before
submitting your offer. As part of your
initial deliberations about a property, you
should review the zoning and taxes and,
when possible, do a pre-inspection of the
structure and building elements. This will
ensure you have the knowledge needed to
make an offer that allows you to stay
profitable after you finalize the purchase.
2. Pick a price you can live with.
Competitive bidding situations can cause
buyers to overextend themselves by
exceeding the value they have established
for the property. Closely review the
comparable properties in the region and
recent sales activity before making an
offer. Then offer the highest price you are
comfortable with. Keep in mind, it isn’t
always the offer with the highest price that
wins the competitive offer process.
3. Limit or waive conditional periods. It
will be important to discuss with your real
estate representative whether you can
limit or eliminate conditions from the
sales contract to make your offer more
appealing. For example, time periods for
financing can be reduced or eliminated by
providing a pre-approval letter from your
lender with your offer. Pre-inspections
can ensure that you are comfortable with
the structures and any of the building
elements. Carefully balance your
conditions with your opinion of the
property’s suitability for investment.
NETWORKING
Make the Most of Networking Opportunities with Some Practice We all know people who are charismatic, interesting, and fun to be around.
These individuals have a knack for making others feel comfortable and relaxed,
and always seem to know just what to say. They seem to have an innate gift that
enables them to make friends easily and connect effortlessly with others.
If this doesn’t come naturally to you, you aren’t alone. The good news is that
with preparation and practice, you too can be that interesting person. Here are
some tips and conversational topics that will help you make the most of your
next meeting, social encounter, or networking event.
Listen actively: Make eye contact and use positive body language to show that
you are listening attentively and actually hearing what is being said to you. It’s
amazing how being a good listener equates to being a good conversationalist in
people’s minds.
Do some research: Facebook, Twitter, LinkedIn, and other social media
platforms can provide a wealth of information about people’s interests and
activities. Use shared passions and interests to strike up a conversation and
connect. You may also discover that you have mutual friends or colleagues.
Ask, ask, ask: Most people love to talk about their jobs, their families, their
pets, their hobbies, their vacations, and their favorite hangouts or restaurants.
With a little prompting, people will often open up, and a rich conversation can
flow from there.
Every successful business encounter starts with a conversation that grows into a
connection—which may eventually become a solid relationship.
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June 2018
How to Win Big in Today's Economy
The altered economic landscape
presents innovative and nimble
businesses with opportunities to
thrive.
Find out how by requesting my
free report “How to Win Big in
Today’s Economy” by emailing
me at
marty@sierracommercialcap.com
technology, including artificial
intelligence (AI) tools such as image
recognition, robotics, and chatbots.
• Digital integration – In the retail
context, an omnichannel presence
spans brick-and-mortar, social
media, and the internet. Seamless
integration across channels gives
customers control and convenience.
Technology is also having an impact
behind the retail counter as retailers
leverage technological tools, including AI
and the Internet of Things (IoT), to bolster
their internal systems and refine their
operations. Even small retailers now use
logistics apps and the IoT to improve
inventory visibility and forecasting.
Owners of small retail shops often feel
overwhelmed by the profound changes in
the retail environment and the rapidly
changing technologies that underpin them.
But small retailers still have a unique
competitive advantage that the giant
retailers cannot fully emulate: personal
touch.
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Shopping is changing in ways we
couldn’t have imagined a few years ago.
Today’s customers are redefining the
shopping experience and challenging
retailers to develop new approaches to
give them what they want, when and
where they want it.
And just what do today’s consumers
want? Just about everything. Whether
they’re shopping online or offline,
today’s consumers have come to expect
a huge selection of products, instant
insight into functionality, ratings and
user reviews, and comparisons with
other products, as well as guaranteed
satisfaction and superior customer
service. Today’s top consumer trends
include:
• Experiential shopping – Rich,
relevant, satisfying purchasing
experiences that add meaning and
value to the brand and the
products.
• Deep personalization –
Customized products, localized
services, and special offers based
on personalized data and
Worth Reading Science Has Some Suggestions for
Making Meetings Productive
By John Rampton
Entrepreneur
We’ve all been to the company
meetings that drag on for too long
and feel like a waste of time. But
your meetings don’t have to feel like
a chore that your colleagues dread
attending. Scientific research has
pinpointed five actions you can do
right now to boost efficiency,
increase productivity, and make your
important meetings matter to your
team. Learn the five steps here:
https://tinyurl.com/biz-read-june1
Want to Be a Better Leader? Stop
Giving Orders and Do This Instead
By John Eades
Inc.
You might be surprised to learn that
“command and control” is not the
most effective leadership style for
today’s workplace environment.
Instead, the most successful leaders
are those who inspire, empower, and
serve their team. One way to do these
things is to connect with your team
on a human level and focus on
helping each person reach his or her
highest potential. Learn more:
https://tinyurl.com/biz-read-june2
How to Know Whether That
Business Book Is Worth Your Time
By Will Hoekenga
Medium
There’s a reason you shouldn’t judge
a book by its cover. Too often we
find a book with an attention-
grabbing title and glowing
testimonials, and we think, “This
holds the key to my success.” But just
as often, we learn that the book is full
of fluff. So how do you filter out the
books that are actually worth reading
from the books that should have just
been a blog post? These six
techniques will show you:
https://tinyurl.com/biz-read-june3
HOT BIZ TRENDS
Today’s Shoppers: Keeping Up with Consumer Trends
You can discover more about a person in
an hour of play than in a year of
conversation.
Plato
A man’s character may be learned from
the adjectives which he habitually uses in
conversation.
Mark Twain
Silence is one of the great arts of
conversation.
Marcus Tullius Cicero
A single conversation across the table
with a wise man is better than ten years’
mere study of books.
Henry Wadsworth Longfellow
There is no conversation more boring
than the one where everybody agrees.
Michel de Montaigne
Conversation about the weather is the
last refuge of the unimaginative.
Oscar Wilde
I often quote myself. It adds spice to my
conversation.
George Bernard Shaw
The primary use of conversation is to
satisfy the impulse to talk.
George Santayana
Wit is the salt of conversation, not the
food.
William Hazlitt
WISDOM
Quotes on … Conversation
Building condition assessments have
become an important part of the real
estate investment process. Inspection
reports can highlight upcoming repairs
or identify fatal building flaws in the
planning stage. The information
obtained equips buyers with the
necessary tools to ensure that they are
investing their real estate dollars wisely.
What is involved in this process?
Following are the answers to the most
frequently asked questions about
commercial inspection reports.
What is a building condition
assessment? The purpose of a building
condition assessment is to provide
investors with an itemized description
of the structural components and current
state of repair of the subject property at
the time of the inspection. The report is
often a condition of the purchase
agreement and can be a requirement for
some financial institutions. The
assessment covers all areas of the
property, such as:
• Building type
• Components of the building site
• All building structural systems
• Exterior finishes such as
masonry, stucco, or other siding
products
• Plumbing and electrical systems
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• Heating and ventilation systems
• Elevators and other mechanical
lifts associated with the building
• Fire code compliance
The final report will include
photographs of all building systems and
an assessment of the interior and
exterior condition of the property. The
report will also include
recommendations for correcting
deficiencies or updating the building to
meet modern compliance standards. A
recommendation may also be provided
concerning immediate repair and
maintenance items, with cost analysis
included.
Who conducts the inspection? There
are different types of building
inspectors, and not all are created equal
or charge the same fee. Some focus
strictly on one type of property, and the
expertise of more than one professional
may be required. The most important
criteria when selecting an inspector is
accreditation. Ensure the inspector is
accredited to inspect the type of
property you are considering. The scope
of the inspection, size of the property,
and the building history can all impact
the cost of the final report. It will be
important to fully comprehend the
scope of the inspection to prevent
unexpected fees.
When is it required? While an
assessment report is not always
mandatory, some lenders may require a
thorough inspection report in
combination with a property valuation
(assessment) report.
Why is it necessary? The final report
will furnish investors with an itemized
list of elements requiring attention that
may impact the property value. The
schedule provided will detail time
frames for the repairs or upgrades
(ranging from immediately to an
approximate future date), and will also
cover the expected life span of building
elements. A comprehensive building
condition assessment may also include
a list of repair and replacement
recommendations with their current
estimated costs.
Investors need to carefully reflect on
what areas may pose present or future
concerns. These can be any of a variety
of environmental, structural, or
regulatory issues. When included in the
agreement as an item of due diligence
for the buyer (at the expense of the
buyer), the report will provide the
prudent investor with the bargaining
power to finalize pricing negotiations.
REAL ESTATE
The FAQ on Commercial Real Estate Inspections
Quick Quiz Each month I’ll give you a new
question.
Just email me at
marty@sierracommercialcap.com or
call 916-273-6844 for the answer.
This month’s question:
What name is given to the popular
holiday area between Marseille and La
Spezia?
For many, the word feedback evokes
feelings of fear and dread. No one enjoys
receiving negative feedback, and few
enjoy dishing it out. Even positive
feedback can be challenging to give or
receive. To enjoy business success, it’s
important to overcome these hurdles.
Use the following guides to become a
feedback aficionado.
Studies have shown that being a great
leader means being great at feedback.
Learn the secrets here:
https://tinyurl.com/givefb1
LINKS YOU CAN USE NOW
Giving and Receiving Feedback
Negative feedback can be
discouraging—or motivating. Discover
how: https://tinyurl.com/givefb2
Want to give productive feedback? Use
these five tips:
https://tinyurl.com/givefb3
Want to receive feedback effectively?
Use these five tips:
https://tinyurl.com/givefb4
Feedback should make your workplace
more productive and pleasant. Here’s
how: https://tinyurl.com/givefb5
MARKETING
Branding Essentials: What Your Logo Says about You
Your logo speaks volumes about your
business—its identity and position in the
market, and the personality of your firm.
Before you get down to the nitty-gritty
of selecting the design, think about your
target market and the essential message
you want to convey to them.
Also, take time to research the logos of
other companies, particularly those of
your competitors.
Next, give careful thought to these
important elements:
Colors: Colors elicit emotional
responses, so you should try to align the
color(s) of your logo with the image you
want to convey. For example, blue
conveys trust, dependability, and
strength; red is a color of action, energy,
and passion; yellow suggests warmth
and optimism; green evokes nature and
serenity; purple speaks of creativity and
sophistication; pink suggests femininity
and youthfulness. It’s best to stick to
bold colors and use no more than three
colors in your logo.
Typography: Typography is another
important element. There are three main
types of fonts.
Serif fonts are those with little lines at
the end of each stroke; they convey a
traditional or professional sense. By
comparison, sans serif fonts look clean
and modern. The third type, script, can
look creative, elegant, or casual, but
script typefaces can also be difficult to
read.
Beyond these essentials, keep the
following basics in mind as you develop
a logo:
• Study all design components
carefully—both singularly and
together.
• Use clean lines and simple
shapes.
• Make sure your logo is
scalable, easy to reproduce, and
multifunctional.
• Compare samples of your
desired logo in color and in
black and white.
Avoid anything trendy. Remember, your
goal is to use this logo for many years to
come.
This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as
legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter.
However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek
competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
Sierra Commercial Capital 3257 Folsom Blvd., Sacramento CA 95816