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Jerome Herman2 CIRB Presentation “Secrets of Successful Site Selection Techniques in Tight Real Estate Markets” Scott Griffin- Detroit, MI (248) 752-1111.

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Presentation on theme: "Jerome Herman2 CIRB Presentation “Secrets of Successful Site Selection Techniques in Tight Real Estate Markets” Scott Griffin- Detroit, MI (248) 752-1111."— Presentation transcript:

1 Jerome Herman2 CIRB Presentation “Secrets of Successful Site Selection Techniques in Tight Real Estate Markets” Scott Griffin- Detroit, MI (248) 752-1111 [cell], sgriffin@griffinproperties.com Jerry Herman – Cleveland, OH (216) 219-2161 [cell], jherman@jjherman.com Marty Kotis – Greensboro, NC (336) 601-000 [cell], marty@kotisprop.com Les Sax – Washington D.C. (703) 980-8988 [cell], lsax@saxrealty.com

2 Jerome Herman3 Choosing a Real Estate Broker Qualifications of a good broker How do you find a good broker What should the broker do for you How is the broker paid Jerome Herman J.J. Herman and Associates Cell: (216) 219-2161

3 Jerome Herman4 Qualifications of a Good Broker Trustworthy/Honest –Integrity, Work Ethic, Confidentiality, Good Reputation –Representing you, not himself; who is going to do the work? Knowledge/Skill Set –Local Market Knowledge, Real Estate Experience, Restaurant Knowledge, What restaurant deals have they done (How long ago? Did they represent the buyer/tenant or the seller/landlord) –Creativity & negotiation ability –Knowledge of existing restaurants –Knowledge of what restaurants are expanding, contracting, etc –Access to restaurant sales volumes Professional Affiliations –International Council of Shopping Centers, National Restaurant Association, Council of International Restaurant Real Estate Brokers, Local Restaurant Associations, etc. Tools –Mapping, Demographics, Aerials, Market Studies, Support Personnel, Digital Cameras, Scanners Jerome Herman J.J. Herman and Associates Cell: (216) 219-2161

4 Jerome Herman5 How do you find a good broker? Referral from other restaurant companies Look at trade organizations Check with attorneys knowledgeable in the restaurant business Good restaurant real estate brokers in other cities Attend conferences like RFDC-MUFSO-The Restaurant Leadership Conference, International Council of Shopping Centers (ICSC) annual and regional conferences Jerome Herman J.J. Herman and Associates Cell: (216) 219-2161

5 Jerome Herman6 What Should the Broker Do? Protect Your Investment –Keep you from buying/leasing bad property –Tell you what you should/shouldn’t do Provide You with Market Information –Help you understand the trade area -- competition, retail areas, office –Let you know who’s going where and why –Give you traffic counts, demographics, get you aerials –Map the area out for you Find You the Best Sites for the Money –Identify the listed and non-listed sites and Negotiate on your behalf Help You in Other Ways –Help you find Builders, Attorneys –Walk you through the entitlement process –Help prepare your corporate approval package Jerome Herman J.J. Herman and Associates Cell: (216) 219-2161

6 Jerome Herman7 How is the Broker Paid Who Does the Broker Represent? –Buyer/Tenant Representatives –Seller/Landlord Representatives Seller Generally Pays, but Buyer Guarantees Broker Payment Fee Ranges - Depends on Scope of Service Jerome Herman J.J. Herman and Associates Cell: (216) 219-2161

7 Jerome Herman8 Finding Sites in Tight Markets Look at All Possible Sites - Don’t Assume Build Excitement for Your Concept - make people want you, spread the word Use Tools - Maps, Aerials, Video Keep Track of the Properties Keep Track of Sellers, Landlords, Deals Marty Kotis Kotis Properties Cell: (336) 601-0000

8 Jerome Herman9 Look at Everything Choose a Submarket Don’t Assume! Label an aerial with Retailers, Restaurants, other Users Identify all potential sites including raw land, underutilized properties, parking lots, and non retail Marty Kotis Kotis Properties Cell: (336) 601-0000

9 Jerome Herman10 Finding Sites - Where to Go Listed Sites - Sites with Signs Unlisted Sites - No Sign but Great Site –Contacting the property owner –Convince them to sell Area Brokers Area Developers Mailers / Press Planning Departments & Government Officials Broker Should Do All This For You Marty Kotis Kotis Properties Cell: (336) 601-0000

10 Jerome Herman11 Generate Interest Get property owners and developers interested Send Site Search mailers to property owners, developers, brokers Get press coverage Get people submitting sites to you Marty Kotis Kotis Properties Cell: (336) 601-0000

11 Jerome Herman12 Use The Latest Tools Aerials Video Mapping Programs Property Ownership Database Property Tracking Software Contact Management Software Marty Kotis Kotis Properties Cell: (336) 601-0000

12 Jerome Herman13 Aerial Photos Marty Kotis Kotis Properties Cell: (336) 601-0000

13 Jerome Herman14 Aerial Video Marty Kotis Kotis Properties Cell: (336) 601-0000

14 Jerome Herman15 Mapping Marty Kotis Kotis Properties Cell: (336) 601-0000

15 Jerome Herman16 Track your Properties Owner and Broker - names, addresses, phone, email Tax Record Data - tax card, prior sales Packages on the Properties Database or spreadsheet of comparative info - size, pricing, traffic counts, nearest intersection, have package, last conversation, status, date stamp all info Sort by Submarket and Site ID number Marty Kotis Kotis Properties Cell: (336) 601-0000

16 Jerome Herman17 Track People and Deals Property Owners, Brokers, Developers, Govt Officials, etc. Use Contact Management Software: –All the vitals - name, address, email, phone –When you talked to them last, what they said, prices quoted, when should you follow up again –Letters, calls, emails tracked Share the Information Across your Company - don’t duplicate efforts Marty Kotis Kotis Properties Cell: (336) 601-0000

17 Jerome Herman18 Traditional Site Selection Pads of Regional Centers Pads of Power Centers and Strip Centers Highway Interchange Sites Downtown CBD’s Occasional end-cap locations Les Sax Sax Realty Cell: (703) 980-8988

18 Jerome Herman19 Entering the Picture: Banks, Drug Stores, and Junior Centers Banks outbid everyone for prime sites Drugstores outbid everyone except banks for prime sites Junior Centers and supermarket gas station pads take other pads Les Sax Sax Realty Cell: (703) 980-8988

19 Jerome Herman20 Entering the Picture: Mixed Use Projects and Town Centers Vertical projects with residential and office on top of retail-restaurants become popular Town Center “itis” infects suburban America Anti “Big Box” mania also infects suburban America Municipalities want vertical growth to enhance the local tax base Les Sax Sax Realty Cell: (703) 980-8988

20 Jerome Herman21 Restaurants: Forced to accept non-traditional real estate formats Town Centers Regional Malls/Lifestyle Wings Office Building on the first floors Downtown CBD mixed-use projects Les Sax Sax Realty Cell: (703) 980-8988

21 Jerome Herman22 Case Study:Washington DC Regional Malls reinvent themselves with power restaurants- Tysons 2 and White Flint Malls Mixed use projects-Proposed Leesburg, Virginia project with retail, office, residential and restaurants/retail Proposed North Bethesda Town Center Parole Town Center-Annapolis, MD Study of Tenant- P.F. Chang’s different formats in Washington D.C. and Baltimore Les Sax Sax Realty Cell: (703) 980-8988

22 Jerome Herman23 Questions and Answers


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