As published in Scotsman Guide's Commercial Edition, October 2005.
In the film Glengarry Glen Ross, Jack Lemmon plays a commercial real estate veteran struggling to make sales. Lemmon’s troubles are magnified by a rival colleague who makes selling property seem as easy as selling buttered popcorn at the movies.
During the robust 1980s, selling small commercial property was significantly easier than today. Whether it was new construction or renovation, property was hot, and commercial brokers didn’t have to work as hard to sell small commercial buildings. But things have changed. These days, commercial brokers are trying new techniques to move smaller properties. And they’re finding success.
A nontraditional partnership
In the past, brokers could usually count on small-business borrowers to find their own financing to purchase buildings. Today, financing real estate is not a cinch. Nevertheless, brokers are in a favorable position to close more deals by working with nontraditional commercial lenders that are equally interested in closing those same deals.
Some nonbank lenders that specialize in financing commercial properties encourage brokers to line up financing before making their sales. Along those lines, here is some broker-friendly advice.
Page: 1 2 3 Next