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Commercial Department: From The Editor: April 2019


From The Editor

This is a time to seize opportunity

It is an honor and a privilege to present you with the April issue of Scotsman Guide Commercial Edition. I’m the new editor, but I am actually not at all new to the company. For the past four years, I have been assigned to a desk a few feet away as Chief Reporter for Scotsman Guide’s magazines and our online news platform, Scotsman Guide News.

c_2019-04_FTEThis is my first edition as editor of the commercial magazine, though, so I feel new. I can’t be more grateful for the opportunity, and it is convenient for me to mention that as a segue into discussing the theme of opportunity that runs through this month’s lineup of articles.

In many ways, this is a time to look around the marketplace and take stock. Although the U.S. economy remains in good shape, the commercial real estate market has been on one of its longest-ever runs of recovery, and that makes people nervous.

Several analysts have told me that they expect another good year for commercial mortgage brokers and lenders, but it is not an easy environment. It is getting harder for buyers and sellers to find each other and complete deals, given the rising interest rates, stiff competition and the uncertainty of working in a late-cycle market with peak prices and limited supply. 

Keeping with the theme of maximizing opportunity, returning author Richard Sarkis of Reonomy gets us started on Page 31 with a look into how brokers can use technology to do reconnaissance and make more effective sales calls to real estate investors. In “Put Cold Calls in a Deep Freeze,” Sarkis provides strategies that brokers can use to avoid wasting their time and efforts.

Next up, on Page 42, Darin Young of Popular Commercial Lending Group highlights the importance of creating and promoting a brand. In “What’s Your Brand?” Young provides a six-step guide for brokers to separate themselves from the pack.

On Page 50, Stephen A. Sobin of Select Commercial Funding dives deep into commercial valuations, which are especially important in today’s market, in which buyers and sellers are increasingly finding themselves at odds over prices. In “Take a Crash Course in Cap Rates,” Sobin explains how capitalization rates are calculated and why this metric matters so much.

Returning author Jay Litt’s article on Page 60, “Keep Your Eyes on the Stars,” examines the opportunities for brokers and lenders in the hotel sector. The Litt Group principal cites evidence that the hotel sector may already be on a downturn, but these troughs in the market also can present opportunities. 

On Page 78, Brian A. Emmons of Merchants Bank checks in on the state of the multifamily market. In “Shifting Demographics Are Boosting the Multifamily Market,” Emmons says that not only an influx of millennials, but also surging rental-housing demand from baby boomers, bodes well for the multifamily market.

Finally, on Page 83, returning author Garry Barnes of PW Partners Consultancy breaks down the movable parts and paper chase involved in completing the typical commercial construction loan.  In “Get a Grip on Your Loan,” Barnes presents a convincing case for a strong vendor-management system that will keep the loan humming toward its closing.

Each of this month’s authors address the challenges and opportunities of working in today’s market. As the new editor, I would like to thank the contributors and readers of Scotsman Guide. I am eager to uphold the magazine’s tradition of providing useful, independent, unbiased and accurate information to the readers of Scotsman Guide. This, too, is a new opportunity for me, and I welcome your calls and feedback.


Victor Whitman is editor of Scotsman Guide Commercial Edition. Reach him at (800) 297-6061 or

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