All Forum Posts by: Tiffany Colvert

I'd say you are correct. There are a lot more grey areas with commercial - again when in doubt make friends with a local attorney :)

Hey Mark, I am in CO but happen to have a client in MD. 

In Maryland, there is no statewide law that sets a specific limit on late fees in commercial leases. However, landlords must ensure that their late fee provisions are "reasonable" and do not violate the state's usury laws, which prohibit excessive interest rates and charges.

Under Maryland law, commercial landlords are required to give tenants at least 45 days' notice before increasing rent or changing other lease terms, including late fees.

I ALWAYS recommend having a local attorney review any lease doc you plan on using. It will cost upfront but will pay dividends in terms of peace of mind in the future. 

Develop relationships with local CRE brokers. Let them know you are looking for off-market deals, they can be a great resource if you are willing to let them help you on the buy side.

Hey Brandon, I am a commercial broker in CO and have been in the industry since 2005- I coach CRE brokers across the US and am happy to be a resource for you if you are interested in commercial.

Hi Vinh, I would recommend picking a focus or specialization right away (Office, Retail, Industrial, etc.) and working to become the expert for that in your market. I chose to specialize early on, and I genuinely believe that is one of the main reasons I had success so quickly. There is so much to learn and there are so many intricacies with every deal type that it is nearly impossible to master all of them. Specializing helps you narrow the focus and scale up fast.

Plus, it makes marketing and prospecting a lot easier. Would you rather market to and try and reach EVERYONE- or market to a group of doctors, or restaurant owners? If you specialize you can focus on reaching a more precise group. Thus, saving you time and money and making your marketing campaigns more personalized. Also, when you are cold calling or cold walking you will be more intentional. Best of luck!

I think it will depend on your zoning, so check with your city to see if it is allowed. I have had clients lease portions of their commercial parking lots for fenced storage, xmas tree farms, food truck areas, etc. I am sure there is a creative use you could find to make some extra income. Best of luck!

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Without a broker or access to LoopNet you will need to do a bit more heavy lifting, but here is what I suggest...

Think about who would be the best tenant for this property given its zoning and begin contacting them all directly -just google them and start calling (Calling is best, it will beat an email every time). Focus first on one (like landscaping companies for example who need a fenced yard) and reach out to them all. Then move on to the next best logical user. Go down the line until you find one that fits. It takes work but will be more effective than just listing it randomly someplace and hoping you will get phone calls. 

Best of luck and once you find a tenant, if you need help with walking through the deal - feel free to reach back out to me! 

Hi Julio, I help my coaching clients walk through deals all the time. I specialize in retail brokerage as well as urban redevelopment projects. I am happy to help answer any questions you may have. 

My focus is on commercial real estate but here are a few things I would add:

-Confirm zoning, sqft, or any use restrictions (confirm with city, don't take owner's word for it). Doing this will not only make sure your facts are correct but may spur new ideas for potential uses/buyers.

-Meet with the property manager (if any) to get their history of the property and work to develop a strong working relationship with them. Great for future referrals too.  

-Again, for CRE but complete a void analysis to create a very targeted marketing plan

-Create a short-form video tour for social media

-Add to local search feed with SEO (GMB, Apple Business Connect)

As you said, there's a lot more but those are just a few extra ideas.