 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
Welcome to:
| Point ONE Commercial Real Estate FAQ's |
| 11 Acres, Interstate site |
| Food Processing Plant |
| Office Building $99,000 |
What is the difference between a residential and commercial Broker?
I will speak for myself, and many will disagree. I will not sell houses. I know little about bathrooms, bedrooms, etc. I
have found residential agents and brokers selling commercial or industrial properties and they know little about
them. They can of course list on the MLS. But they usually don't list on commercial sites, where commercial
buyers look. They know little about Cap Rates, or Cash on Cash, or "pro formas". Hire professionals that know the
market, know their industry, and can provide valuable advice. I leave the residential market to residential
professionals, and the commercial stuff to Commercial Brokers. Point ONE does only Commercial Real Estate.
have found residential agents and brokers selling commercial or industrial properties and they know little about
them. They can of course list on the MLS. But they usually don't list on commercial sites, where commercial
buyers look. They know little about Cap Rates, or Cash on Cash, or "pro formas". Hire professionals that know the
market, know their industry, and can provide valuable advice. I leave the residential market to residential
professionals, and the commercial stuff to Commercial Brokers. Point ONE does only Commercial Real Estate.
I have a Broker, but do I need a lawyer in a commercial transaction?
Yes. Brokers are not lawyers, and Brokers are prohibited by State Laws to not practice law. Often we can fill out
forms which are approved at the State or County level, and often we cannot alter those forms. That is about all the
legal "stuff" we can do. I always recommend that both buyers and sellers get attorneys involved - throughout the
process. If you have questions on Title, contracts, environmental, etc., a Broker cannot advise you. Get a lawyer
involved, get them involved early and often.
forms which are approved at the State or County level, and often we cannot alter those forms. That is about all the
legal "stuff" we can do. I always recommend that both buyers and sellers get attorneys involved - throughout the
process. If you have questions on Title, contracts, environmental, etc., a Broker cannot advise you. Get a lawyer
involved, get them involved early and often.
Why is an environmental study needed prior to a sale?
Unless you wish to assume liability for all past environmental issues, which you did not cause, you should always
have an environmental study completed by licenced individuals and companies. A Phase I study is the minimum
(for a good description go Wikipedia). A good Phase I will tell you whether you have an exposure, and if you should
have a Phase II completed. It is all about liability, and you should only pay for anything you have done, not for
sins committed by owners in the past, and we are talking at time the distant past at times. Remember, that when you
buy a property, you are also buying the land, and if it is polluted, you will have to clean it up whether you put it
there or not. Always have a Phase I analysis done.
have an environmental study completed by licenced individuals and companies. A Phase I study is the minimum
(for a good description go Wikipedia). A good Phase I will tell you whether you have an exposure, and if you should
have a Phase II completed. It is all about liability, and you should only pay for anything you have done, not for
sins committed by owners in the past, and we are talking at time the distant past at times. Remember, that when you
buy a property, you are also buying the land, and if it is polluted, you will have to clean it up whether you put it
there or not. Always have a Phase I analysis done.
Is there a difference between Wisconsin and Illinois real estate?
Here I will comment on the structural differences, not state real estate law (and there are considerable differences
between the two states).
Typically I have found that Illinois companies want to stay in Illinois, but want to complain about it. Wisconsin
companies stay in Wisconsin and complain about it. Both states aggressively market their positives, and
aggressively go after new opportunities. Wisconsin is more stable politically, and most are familiar with Illinois'
issues. Illinois does have some budget issues, so it makes for an uncertain business climate. But there are few
companies that will move to another State, once there they stay.
Illinois does tend to be more aggressive when it comes to incentives, such as tax incentives, property tax abatement
(which Wisconsin cannot do), formation of TIF districts. One will also find that Wisconsin's Worker's Compensation
costs are significantly lower, but might find taxes higher (for now).
The bottom line in my mind, is that it is "six of one, half dozen of another". How is that for a politically correct
answer?
between the two states).
Typically I have found that Illinois companies want to stay in Illinois, but want to complain about it. Wisconsin
companies stay in Wisconsin and complain about it. Both states aggressively market their positives, and
aggressively go after new opportunities. Wisconsin is more stable politically, and most are familiar with Illinois'
issues. Illinois does have some budget issues, so it makes for an uncertain business climate. But there are few
companies that will move to another State, once there they stay.
Illinois does tend to be more aggressive when it comes to incentives, such as tax incentives, property tax abatement
(which Wisconsin cannot do), formation of TIF districts. One will also find that Wisconsin's Worker's Compensation
costs are significantly lower, but might find taxes higher (for now).
The bottom line in my mind, is that it is "six of one, half dozen of another". How is that for a politically correct
answer?
How do you list properties?
All brokers do it differently. Here is what I do differently:
If you wish to list with Point ONE Commercial Real Estate, give us a call at 608-313-4279 or send an email to
realestate@agencynet.us.
- I list with multiple listing services, including LoopNet, commercial, Commercial Source,Co-Star, Google,
and 12 other sites. Residential Brokers usually list with one. - Signs. Most everyone does a sign. But beware of someone who use residential signs on commercial
property, they are not as effective. - I will give you an opinion of value of your property. In doing so I check past area sales, and will check with
appropriate assessors and appraisers in the area. I will work to get you a realistic price, not a high price
that will make your feel good, but not help you sell your property. I am a firm believer in setting realistic
prices. - I only take up to 6 reasonably sized properties on at one time. One needs to stay focused on the listings
they have. - One small difference - I will return phone calls, something many have forgotten how to do.
If you wish to list with Point ONE Commercial Real Estate, give us a call at 608-313-4279 or send an email to
realestate@agencynet.us.
What area does Point ONE cover?
To do a good job, one must focus on not just selling a property, but must also know of the resources and the market
in a specific area. One cannot be all things to all people, in any given geography. One should know builders,
bankers, Economic Development people, etc. Then they should know the market.
I focus on the Rock and Walworth Counties in Wisconsin, and Winnebago County in Illinois. That is all. This
includes Janesville, Beloit, Rockton, Roscoe, Rockford, South Beloit, Delavan, and Elkhorn. I am licensed in
Wisconsin and Illinois.
in a specific area. One cannot be all things to all people, in any given geography. One should know builders,
bankers, Economic Development people, etc. Then they should know the market.
I focus on the Rock and Walworth Counties in Wisconsin, and Winnebago County in Illinois. That is all. This
includes Janesville, Beloit, Rockton, Roscoe, Rockford, South Beloit, Delavan, and Elkhorn. I am licensed in
Wisconsin and Illinois.
If you have a question you
wish added to this list, send
me an email at:
realestate@agencynet.us.
wish added to this list, send
me an email at:
realestate@agencynet.us.
| Demographics: Rockford, Illinois Beloit, Wisconsin Rockton, Illinois Roscoe, Illinois Loves Park, Illinois Clinton, Wisconsin South Beloit Janesville, Wisconsin Freeport, IL Rock County |
| 2115 W. Collingswood Drive Suite 100 Beloit, WI 53511 Phone: 608.313-4279 Cell Phone: 815.289.8574 Fax: 608.362.6383 email: realestate@agencynet.us Licensed Broker in Illinois and Wisconsin Point ONE: “Treat your customer as you would want them to treat you.” |
