Unusual View - Commercial Real Estate Development
That is a story I heard growing up:
When my grandfather was 10 years old that he discovered a cent. With that cent he purchased a pencil. He sharpened that pen then sold it for 2 pennies. He required that two pennies and purchased two pencils, sharpened them and offered them for four pennies. He reinvested his four pennies in four pencils, sharpened them and offered them for eight pennies. Then, again, he purchased eight pencils, sharpened them and sold them for sixteen pennies. This went on before my grandfather had gathered $10.24. That is if my great Aunt Sophie died and left us her portfolio of shopping centers, office buildings, office buildings and leasing houses. Our family has been in the real estate industry ever since.
The story is not accurate, but it educated four precious lessons:
1) Sweat equity is a powerful tool;
2) If you reinvest your earnings, wealth can grow invisibly;
3) The BIG money is in property and
4) It could be wonderful to have a wealthy Aunt Sophie.
Like Most households, we did not have a wealthy Aunt Sophie, therefore my parents concentrated on course 1, 3 and 2. I cite this story for a backdrop. My entire life growing up was always around property.
In my essay"Keys to Closing Commercial Real Estate Transactions", I said my dad because he had been, and can be, a wiz when it comes to commercial property. It was through him that I arrived to signify commercial property developers.
What I did not mention was that my mom was busy in The family property industry too. While my dad focused on commercial property development, my mom focused on residential property. I ought to have known better than to say one but not another. This guide may be sub-titled"Keys To Maintaining Harmony".
What does keeping stability must do with commercial property development? Stick with me on this, then pick.
My Mother cared for"quality of life" problems. Comfortable homes. Neighborhood parks. Safe roads. Fantastic schools. Museums and other cultural improvements.
I recall watching my mom lay out Walking trails round detention ponds in residential improvements and searching through catalogs assessing park benches and playground equipment for local parks. As a residential property agent, developer and agent, my mom focused on"living environments". If households were planning to dwell in her areas then the areas needed to be"family friendly".
As you might imagine, with my dad Focused on commercial growth and also my mom centered on residential wellbeing problems, discussions around the dinner table were always intriguing, and sometimes dicey.
On both sides of this table, My dad envisioned grand business growth to retail shopping centres, office buildings, office buildings, restaurants, hotels, theatres, warehouse superstores, amusement facilities, clubs and much more.
On Another hand was my mom insisting upon areas with comfy homes, safe streets, parks and other open places, dry bathrooms, clean air, clean water, and minimal sound and light pollution.
According to traditional wisdom - based from people Zoning board and plan commission hearings and neighborhood planning team meetings when industrial development is proposed near existing houses and homes - you may anticipate a battle of ideas turning to heated challenges and needs to forego development. Luckily, our dinner table has been nothing similar to most people hearings.
My mother and dad Each admired the eyesight of another and recognized that the natural symbiotic connection between residential and business growth. Rather than whining that you was hoping to ruin the vision of another, they expected each other's valid development and ecological requirements and hunted reasonable accommodation when potential. Occasionally they could not concur, however, there was always a purposeful effort to comprehend the perspective of another, swap ideas and come to some mutually respectful and viable strategy.
My mom was a resourceful advocate. She left my dad consider how commercial development will affect home neighbors and plan strategies to mitigate negative effects on families. Long before arrival in their existing fad, I discovered at our family dinner table the idea of"lifestyle commercial centers" and complementary residential/commercial mixed use developments.
The purpose for commercial residential and developers Advocates is they should every turn down the volume of the development debate and listen to what another is saying. Whenever the other has introduced valid concerns or desires, those considerations and demands must be reasonably adapted where possible. An idealistic fantasy? Perhaps. However, I grew up watching it function.
To be Sure, not all of voiced concerns are valid and not all suggested accommodations are all possible. In these situations, resolution must always be left up to people strategy commissions, zoning boards, and municipal trustees or aldermen to arbitrate and determine the debate. As guardians of the public welfare stricken with promoting the best interests of the community at large, they need to decide. In a reasonable and evenhanded political surroundings, your very best option for prevailing would be to show you've listened with respect and have produced sensible and diligent attempts to encourage public harmony instead of discord.
POINT: If You're a commercial property agent proposing a commercial development close to existing residential areas, do not feign they do not exist. Consider how they'll be affected and include on your growth plan ways to mitigate any negative consequences generated by your own development. Speak with your neighbors. Listen to what they must say. They aren't ALL crazy. Sometimes (often, really ) they have valid concerns about actual issues. If you're able to have in your development strategy a way to efficiently resolve a problem they have (like flood, blight, insufficient parking, lack of adequate parks or playgrounds, inadequate traffic flow, etc.), your odds of positive governmental action to reevaluate your growth strategy goes up.
Whether You're a commercial property agent or a local advocate, know , if you want it or not, states vary. Nothing remains the same. Obsolescence and blight are organic goods of time. Redevelopment is now coming. If not now, then someday.
Which brings Me back to my own purpose of promoting family stability by making amends for my own mother. You do not necessarily need to see what follows. That is mainly for her.
My mom retired this past year but says she Enjoys reading my articles and newsletters. Possibly a mother's love, but she always likes to see what I write about property and property development. She says that her favorite is a poem I wrote about"real estate development" known as The Great Pyramids Of Egypt Are In Disrepair. She thinks I must talk about it.
The poem was composed in 1992. I must Admitit never occurred to me that the poem has been about"real estate development". I can guarantee you, I wasn't consciously thinking about property development in the time I wrote .
However, my mom is a Smart girl and I have learned my lesson. I am not likely to gently cross her back again. Thus, in the interest of family harmony, here it is. I leave it to you to determine if it's all about property development. If you do not think so, please do not tell my mom.
THE GREAT PYRAMIDS OF EGYPT ARE IN DISREPAIR
We looked deep into each other's eyes and said:
"Our Love will last forever".
When I was two my parents built a new Home
Next door to the one we leased in my grandfather.
It had been"ultra modern" together with all the latest conveniences
A garbage disposer - countertop - central air -
central vac - wall-to-wall carpet - a personal den -
We had a bird bath - plus 2 hundred freshly implanted Scottish pines.
It is a parking lot today -
The church next door had .
Business was great.
The church doors were padlocked last year.
God transferred down the road to nicer quarters.
I found a news clip lately.
The Great Pyramids of Egypt are in disrepair.
They may not continue unless operate begins shortly.
Sometimes the damage may be too good.
Even mummies get so wrapped up in what
they're doing they are able to start to unravel.
Yesterday a friend asked: "Whatever happened to that girl?"
The POINT (according to my mom ):
What sounds lasting and new today
Will undoubtedly be gone tomorrow.
No time stands still.
Real Estate jobs are no exception.
Redevelopment is now coming.
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