4 minute read
QUEEN OF COMMERCIAL R EAL ESTATE
{ SHIFT+CONTROL }{ THE QUEEN OF COMMERCIAL REAL ESTATE } TALKING COMMERCIAL REAL ESTATE
BY DARA RENNERT I PHOTOS BY MICHELE ASHLEE
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Why do they call you the “Queen of Commercial Real Estate”
It was actually a name that was coined for me! There have historically been few women in commercial real estate and I worked so hard to build a name and a reputation in a male-dominated industry, unapologetically being a mother, woman and businesswoman. I was fortunate to be well received by the industry professionals and my clients. It took me a few years to realize the name had actually caught on and now I have adapted it into my business!
Tell us a little about your background and history with Real Estate
I was very committed to being in commercial real estate. I was turned down by the first brokerage I had interviewed with because I was a woman. I was accepted to join their residential team, but not their commercial because “women don’t succeed in commercial real estate”. I remember walking out of that interview feeling both defeated and deflated. I then interviewed at my current brokerage of Keller WIlliams and I was encouraged to join commercial because there was an unmet demand for women in the field. I signed on the spot and began learning and studying the field.
What has been the biggest problem in commercial real estate over the past year?
There isn’t enough inventory for people to buy! The government had given tremendous incentives through the Small Business Administration to encourage people to buy properties and start businesses. So many landlords and sellers opted to maximize their portfolio and sell or lease at that time. Here we are a year later with greater demand for purchasing and there are so few buildings available.
Who are some of the key people you work with as a commercial real estate agent?
Being a commercial real estate broker, it’s crucial that I have a team of people to support the various components of a transaction. Key people range from commercial real estate attorneys, business and franchise attorneys, bankers, insurance brokers, credit card processors, accountants, payroll specialists and so many more. Each transaction is so different that it may require only 2 other referral partners, yet others may require a dozen. I refer only to those that I trust with my own family!
What geographic locations do you specialize in?
I will comfortably cover a 3 hour radius of Rochester.
Where do you see the market going right now?
We have seen tremendous growth in most sectors of commercial real estate. Covid provided companies an opportunity to restructure operations, people to start their dream business, people moving out from a home office to a professional setting...it’s been a strong and constantly changing market. All indicators point to a robust market for the next 2 years and I am excited to be a part of it!
What makes commercial real estate interesting?
There is no monotony! Each transaction is different and each requires me to be forward-thinking, strategically planning and protecting my clients.
How do you interview a commercial tenant?
I will always ask what type of business it is, how is the operation currently situated, how many years have they been in business, how will being in a new space affect them...all my questions are geared towards gaining a deep understanding of their business and what their needs are.
What is a major downside for a business to own its own building?
There is no downside! It’s great for owners to be in charge of their building and maintenance, all while building wealth!
Is commercial property good investment?
Absolutely! It is just critical that numbers be accurate for income stream and expenses, ensure there are no major health or safety defects and that you have worked with a professional to formulate your exit strategy.
Can you share some of your recent success stories?
I take sheer pleasure when my clients are so successful, they need additional space! I have helped 3 tenants expand into additional space this year, currently helping 2 tenants expand into other cities, placed 2 new businesses into locations and have 7 buyers under contract for their dream locations!
It’s been a busy last few months and we haven’t even hit tax day yet!
What is the one main thing a client would need to know about you that sets you apart from your competition?
I don’t view others in commercial real estate as competition, but rather colleagues. There are some really great brokers in our region and we work together to collaborate for the needs of our clients. It’s so important because so many locations are not publicly listed, so the opportunities happen between brokers. This is a career where truly, relationships matter!
