Succeeding in A Fast-Paced Market
Amid a panel of commercial real estate experts at a recent Asian Real Estate Association of America (AREAA) event, Bohler joined the conversation to tackle topics including the differences between residential and commercial real estate and the structure of a deal.
For those new to the world of commercial real estate, it can be
overwhelming and complex. Warren, NJ Associate Tung-To Lam, PE shared his expertise with members of the organization’s Northern New Jersey Chapter, on the makings of a successful deal.
Driven to help those just getting started in the commercial real estate industry, Tung-To offered insight on ways to succeed in the fast-paced market.
It’s all about collaboration with the entire project team to lay the groundwork for success. There are a lot of people involved, including the attorney, site/civil engineer, architect, geotechnical/environmental engineer, traffic engineer and contractor.
Use these trusted team members as a resource to conduct as much due diligence as you can. The valuable information they deliver will help you identify what is possible on the site and where potential challenges lie. Most importantly, these teammates will help you better understand the time and financial commitment required to make it happen.
Involve your engineer in the contract deal points. A trusted engineer can tailor due diligence to help the broker, potential developer, or tenant understand and address potential risk before committing to the deal. Each client’s goals for development are different, and after understanding what is important to the them, a consultant like Bohler can see opportunities of what is possible on the site.
This is an ambitious group looking to learn more about the commercial real estate industry. I viewed it as an opportunity to empower them. I’m able to use my expertise to provide helpful insight and give these agents the tools they need for a successful start.