StripMallGuy

The term "off-market" has become dangerous. Many buyers—usually inexperienced—believe that an off-market deal is more likely to be a good deal. The truth is, it's usually the exact opposite. Sophisticated sellers love selling their properties to less sophisticated buyers. They don’t need to go to market to accurately value their property—they live the market trends and know exactly what they can get on the open market. As a result, "off-market" has largely become a way to lure the unsophisticated into overpaying. By unsophisticated, I don't mean less smart or not financially savvy -- it just means you are newer to the asset class. If you’re a newer buyer of strip malls, for example, and you’re pitched an "off-market" deal, you need to ask yourself how this is possible. Longtime brokers in each market know who the experienced buyers are—the ones they’ve sold deals to for decades. So why would they bring you a deal instead of them? If the deal is good, one of those buyers will close on it quickly. Why would you, as a new and unestablished buyer, be chosen over someone with a proven track record? The answer is: you’re probably missing something—and the price is likely far too high. I also think we’ve lost the definition of "off-market." A deal isn’t off-market if it was sent to "a select number of buyers." It’s not off-market just because there isn’t a sign on the property or it’s not listed online. Unless they are deeply experienced, when someone tells me they’re buying a deal off-market, I know the chances are high that they overpaid. Yes, "off-market" is the new "above-market." And it’s a very smart sales tactic. Caveat emptor -- let the buyer beware.

When I was 22, I drove a very successful businessman from San Jose to Sacramento—a trip that took about 3.5 hours with traffic. I thought we’d chat the whole time, and I’d learn a lot. Instead, I was shocked that he spent the entire drive on the phone, probably speaking with 20 different people. As soon as one call ended, he was already dialing the next person. We never spoke. But it turned out to be one of the best lessons of my career: Not emails. Not texts. Nothing keeps things moving forward or gets deals across the finish line quite like a phone call. That’s never been more true than today. Let your competitors “just check in” and try to “get the message back to the top of your inbox” while you pick up the phone and actually get things done.

We had our eye on a strip center for months—it checked all the boxes. The problem? The price was way too high. Last week, I ran into the broker and he told me it finally sold - I asked who bought it. His answer: “A collector.” Tough to compete with someone who buys real estate like they buy watches. And I don’t recommend it 😆

17 yrs ago, fresh out of school, this kid joined as I opened a brokerage firm. Then ‘08 happened, phones stopped ringing, and I hadn’t seen him since. Until this morning! And first thing he does is remind me he found my second deal ever 🙌🏻 Harrison Wagenseil, CCIM now at CBRE 🔥

Who in the medical industry prints money like you wouldn't believe? -Dermatologist Office -Wealthy neighborhood -Doesn't take insurance -The space is gorgeous -Four Seasons service

Important reality for folks wanting to get into the industry: If you’re looking for a career that pays for hard work and effort, real estate isn’t it. Investors want results. Clients only care if you leased or sold their building. Getting up early and trying really hard doesn’t make an all-star. It’s just about points on the scoreboard.

Everybody wants to tell you what interest rates are going to do -- but nobody wants to tell you what inflation is going to do. Let it sink in how incredibly ridiculous this is.

There’s a limiting factor that will likely keep me from ever reaching my true earning potential. For example, a few weeks ago, I was invited to speak on a panel that included other heads of funds that buy strip centers. I had to pass. I was about to leave my family for a week in California and Chicago, and another trip was too much time away. In the years ahead, during the prime of my career, I know I’m going to miss some conferences that would have otherwise led to more business, flights to meetings that would have led to a larger investor base, and panels that would have otherwise helped grow our brand awareness. Maximizing those opportunities means missing many days with my kids, and it’s a sacrifice people have to make if they want to truly reach their career potential. I’m just not doing that. Yes, of course, I travel a good amount each year, but I pick and choose the things that are most essential and will have the greatest impact. Yes, I’m leaving quite a bit of money on the table. But it’s a bargain. My daughter reached out to me and took her first steps as I held her outstretched hands last week. I was there. Some things are just non-negotiable.

When I was a broker in 2003 I sold an older gentleman his first strip mall. He was so proud of his purchase, he would often stand outside the Supercuts and hand the customers oranges Some many reasons to love this business! 🍊🍊🍊🍊

Met a guy who runs a small toy store. Brilliant dude, can discuss any topic. Could have done anything he wanted to in life, and he did.