TORONTO, July 27, 2020 – Cushman & Wakefield Asset Services has announced a new partnership with Canadian retail platform, GetintheLoop, to support its retailers and customers. The app service is scheduled to launch summer of 2020 at 21 retail centres across Canada.

Through this partnership, more than 1,500 retailers in Cushman & Wakefield properties will receive access to GetintheLoop’s mobile marketing platform to better reach local residents via their smartphones, email, and web. GetintheLoop will act as a single source for accurate and relevant local retail information, integrating data from the app onto each centre’s website, and app users will have the added benefit of receiving push notifications including dynamic offers such as gift card programs, delivery or curbside pickup options, incentives and offers to support retail businesses now, when they need it most.

“When our guests install the GetintheLoop app on their devices, they will essentially have their local mall in their pockets,” said Molly Westbrook, Cushman & Wakefield’s Executive Managing Director for Canada. “Retail operations and consumer habits are rapidly evolving, and we want to support our retailer partners in this evolution, extending beyond the physical space of our centres. Partnering with GetintheLoop allows us to enhance the guest experience, giving them a direct line on new arrivals, local promotions and sales, and much more.”

Consumers can download GetintheLoop for free in the App Store and Google Play store and opt-in to receive curated, local offers. Push notifications can be enabled or modified so consumers can receive timely updates from their local Cushman & Wakefield-managed shopping centre.

“We’re thrilled to partner with an innovative, community-minded organization like Cushman & Wakefield,” said GetintheLoop’s Founder and CEO, Matt Crowell. “We want our technology to help communities stay connected and support local retail during this critical time.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with
approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About GetintheLoop

GetintheLoop is Canada’s leading mobile offers platform in more than 70 markets across Canada, providing local businesses with a simple-to-use mobile platform to reach interested and active consumers on their smartphone. Users simply download the free app and opt-in to receive curated, local offers and experiences from top brands and local businesses including retail, restaurants, spas and salons and service providers. GetintheLoop has adapted their platform during this unprecedented time to provide local businesses with a real-time ability to promote their businesses’ evolving products and services to local residents who are safely social distancing.

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Here are seven questions that you must ask before hiring a commercial real estate broker that has your best interest at heart, not just one that is focused on their commissions.

What is the most recent deal they are proud of closing?

Open up with an easy question, but one that will require some substance for the real estate professional to talk about. This gives you some insight into how they structure deals and the level of negotiating they are willing to partake in.

You want someone who will fight in your corner, not take the easy way out. Some of the best agents out there can work magic on things you may not even realize were possible.

Are there any potential conflicts of interest?

You wouldn’t be asking them outright, but more of a question to see if there are any other clients who are looking in the same commercial real estate market, to the tune of competing for the same property type.

A competent real estate broker would know this almost immediately, but it’s good to be clear that there aren’t any conflicts of interest that can interfere with your deal.

How many clients do they currently represent?

You want a commercial broker who doesn’t have a problem finding work, but you also don’t want to be sitting at the bottom of a very long list of clients. Generally, you want to avoid someone who is desperate for work, so if they do appear busy, ask them about their schedule.

Do they outsource any parts of the job?

Don’t expect every commercial real estate broker to be the negotiator, marketer, and the background-checker for all of their deals. In fact, the most successful ones will have a marketing partner or allow the firm to do it for them, it’s very time-consuming. 

It’s good to know what aspects of their job are handled personally to avoid feeling distant.

Is there a fee, if yes, is it negotiable?

Firstly, you’ll want to know what, if any, fees will apply to you as some brokers charge a fee to the buyers whereas most of the commercial real estate brokers offer their services for free to the buyers/ tenants as they get their commission from the sellers.

In case any fees apply to you ask what the commission rate is and be sure that you believe it is fair and standard in the market.

Negotiate with the broker while comparing his brokerage with competition in the market. Beware, that lowest commissions don’t necessarily have the best outcome.

What is a realistic scenario?

Can they give you an estimate on where and what you might possibly be able to afford? If the agent is confident in their own negotiating skills, they should be able to give you some kind of prediction of what they might be able to land.

This is a good question to ask if you’re interviewing multiple brokers over the phone.

Any additional business experience that might help?

Having a well-rounded commercial real estate broker certainly helps when negotiating deals in the business world. Look for a broker that will try hard to meet deadlines and financial goalposts that are crucial to the success of your business.

Commercial real estate should never be approached the same way as residential real estate for sale, as it is a more complicated deal to structure. So if they primarily do residential then it’s best to move on to the next applicant.

It’s also a good idea to find real estate professionals who are members of crea. This helps to validate the skills of the potential broker.

How to Find Commercial Real Estate Listings

Business Exchange has been helping Commercial Real Estate Brokers sell their listings for over 20 years. Find commercial properties for sale, commercial buildings, office spaces, land for sale. All commercial real estate listings are for sale and for lease. You can also search for Commercial Brokers and get in contact with them directly!

The post Hiring a Commercial Real Estate Broker? 7 Questions to Ask appeared first on Business Exchange Blog.

A secondary advantage is having access to massive space that can be renovated to any type of commercial building and leased out to tenants. First, you need to make an informed decision about which property for sale or lease is right for you.

Step 1: Decide if Buying an Apartment Building is the Right Investment

Before investing in apartment buildings for sale or any type of commercial property for sale, you want to make sure it’s the right investment move for you. Due to the amount of land and space you will have, it’s best to do your research to weigh the pros and cons. Although you will receive more funds in return, you will also have lots of expenses to pay off.

This can be translated to any type of commercial real estate including hotels and motels, office buildings, retail buildings and even homes for sale.

Step 2: Different Types of Apartment Buildings to Buy

Once you made the decision of buying an apartment, the next step is to consider the types of buildings you want to purchase. This involves examining your ambition and risk level. Another deciding factor in choosing what type and class the apartment building is.

There are 4 classes A to D of apartment buildings for sale in the U.S.

• A: New rentals less than 10 years old, typically take the form of a garden, mid-rise or high-rise buildings.
• B: Up to 20 years old but are well-constructed and maintained.
• C: Up to three decades old, with limited or no amenities.
• D: Over 30 years old and usually in lower socioeconomic areas, often with subsidized housing.

Needless to say the older the apartment building, the cheaper it is to buy. However, there are usually more repair and renovation costs involved.

Step 3: Find Listings for Apartment Buildings for Sale

There are many ways to locate apartment buildings for sale. You can find them online by doing a web search, or you can enlist the services of real estate professionals and commercial brokers. The Business Exchange is one of the most resourceful online marketplaces and listing services for apartment buildings for sale.

Step 4: Evaluate the Potential Apartment Complex and Neighborhood

When you’re searching for an apartment building for sale, you want to assess the location, consider the number and size of the units, see how nice the amenities are, and pay attention to construction details.

This is to make sure you are aware of any issues and can address them immediately. It’s important to gauge whether this newly purchased complex will help you generate enough ROI to make your investment profitable.

Step 5: Make an Offer on the Apartment Buildings for Sale

Making a good offer on a commercial property involves appraising the value of the building via three different methods.

Market Value Approach: Appraising market value will look at similar properties and their prices. For example, if you are considering buying a six-unit building, the appraiser will look at similar listings in the past year that have been sold.

Replacement Cost Approach: Replacement cost examines the amount it would cost, on a square foot basis to build a similar building. For example, if a six-unit building with 4,000 square feet costs $100 per square feet, then the replacement cost will be valued at $400

Income approach: This approach uses the net operating income and local capitalization rates to determine the value of the investment.

Step 6: Finance the Purchase and Close the Deal

Successful funding is required when buying an apartment building. The buyer needs to understand the differences between recourse and non-recourse loans, as well as lender required reserves. Finally, make sure you have read, understood and agree to the terms on the loan.

Differences between Commercial Property Loans

Recourse Loans: Loans that are offered when the buyer goes default on their payments and can seek financial remedies beyond the building itself

Non-Recourse Loans: Loans that are offered where the buyer can go after the building and not anything else. These loans are harder to get.

Lender required reserves: lenders will require the buyer to maintain one or both of two types of reserves. The first is interest reserves, which will ensure the buyer pays on time, the other is cash reserves to ensure the buyer meets operating expenses, insurance, taxes, and repairs.

Pros of Buying an Apartment Complex for Sale

Here are some of the Pros of buying an apartment complex for sale:

• Recurring income from renting out an apartment complex
• You will always have a residual income even if one tenant moves out, there will still be other tenants to pay you rent
• Lower maintenance fees
• Financing is based on the financial performance of the building rather than the buyer’s financial performance

Cons of Buying an Apartment Complex for Sale

Here are the cons of buying an apartment complex for sale:

• Involves careful building management
• Dealing with bad behaviour tenants
• High maintenance costs
• High tenant turnover rate

About The Business Exchange

Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Apartment Buildings for Sale opportunities and Request a Quote!

The post Buying an Apartment Building for Sale – A Step by Step Guide appeared first on Business Exchange Blog.

Typical Questions to Consider:

First, you should ask yourself the following questions when you’re wondering how to choose a commercial property for sale:

• Can customers access your location easily?
• Is the location you want to invest in, close to malls and heavily trafficked areas? Are there any competitions?
• What type of real estate for sale are you thinking of? What is your budget?
• Does the facility you’re eyeing provide adequate services?
• Is the area safe so customers and employees feel comfortable?

What You Need to do to Choose a Commercial Property for Sale

Now that you know the types of questions you should be asking, let’s take a look at the steps you need to take, to ensure your investment will be beneficial to your business plan and goals. 

1) Choose a Commercial Building & Location That Satisfy your Business Needs

Essentially, the property type you should purchase depends on the type of business you want to operate, for example, if you want to open a retail business, the obvious choice would be a location with lots of foot traffic and at busy intersections.

For example, if you’re looking for an office space to lease, a location with a pleasant corporate setting would be beneficial.

Pick a place where it is accessible to public transportation, restaurants for lunch breaks, and a common populace where people get to network and socialize. The Business Exchange has many commercial properties for sale to search from.

2) Does Building Need Renovations?

Now that you’ve picked the ideal location for the type of business you have, you need to see if this building will require more renovations or costs that will come out of your budget.

There are two scenarios: If you decide to rent, and the retail spaces need modifications, you can negotiate these terms with the landlord. As long as you detail and clearly state the types of renovations you want to do, you should be good.

If you’re buying the property, make sure you employ an accredited inspection company to evaluate the premise and look for any defects related to safety, environmental risks…etc.

3) Examine Local Taxes & Utility Costs

Taxes and utility costs vary between different cities. Some cities cost more, some less. Make sure you consult professional help like your Canadian real estate broker and get their advice on these costs.

4) Plan Room for Growth

It’s important to plan your future if your company is going to grow incrementally because you want to allocate extra space for it to grow.

On the other hand, if you don’t plan on growing anytime soon, there is no need in paying extra for space when you don’t need it.

What are the Pros and Cons of Choosing a Commercial Property for Sale?

Pros

• Paying a Mortgage is better than Paying Rent
• Lease payments will continue until your lease agreement is finished. Making payments towards a mortgage will eventually pay off your mortgage.
• Your Property Value will Increase over Time
• Over time, the value of your commercial property wills double or even triple in value. This increase in value along with the business you operate in your commercial property will provide you with more equity in your property.
• Therefore, when you want to sell your business and/or property, you can ask for a competitive price because your property has gained value, and so has your business.
• You are your own Boss
• When you actually own your property you don’t have to deal with a landlord or property manager.

Cons

• Competition on Prime Location
• A lot of the prime locations may not be available for sale. So you might end up with a location that is not your first choice.
• Unable to Purchase Current Property
• You are currently occupying a commercial space with repeat customers, leasehold improvements, and consistent maintenance, but now you want to own this property, you may not be able to purchase it.
• The current owner may not be ready to sell this valuable property because it makes money, so when the time comes for you to purchase our own property, you will have to find another location.
• Fewer Resources to Rely On
• When you are renting, you can rely on your landlord or owner to remediate maintenance and property issues, which would ease up time for you to focus on your business.
• On the other hand, owning your commercial property and running your business at the same time, you will not only be responsible for operating your business but also looking after issues related to the property.
• Lastly, many commercial real estate owners do not like to run their businesses in the same property, they prefer to lease their property to other business owners because they can make a profit out of the lease.

About The Business Exchange

Established in 1998, The Business Exchange specializes in lead generation in the franchise and business opportunity industry, in print and online. Call us today at 1-877-337-1188 to learn more about our Commercial Real Estate listings and Request a Quote! Identify real estate professionals by going on our Find a Broker page: https://thebizex.com/business-brokers to partner with the best brokers in Ontario for your next big purchase.

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