On Wednesday, June 29th, C.A.R.’s YPN went commercial! Panelists Deena Zimmerman, SVN Chicago Commercial, and Paul Tsakiris, First Western Properties, volleyed with moderator Brian Bernardoni, C.A.R.’s Senior Director of Government Affairs, on the challenges and opportunities of commercial real estate for a primarily residential audience.
Moderator Bernardoni kicked off the conversation by underscoring the need of residential and commercial balance for an economically healthy neighborhood, and asked the panelists, “How, then, is commercial different from residential?”
Tsakiris encouraged brokers to “know yourself” because commercial is technical as opposed to the more social residential specialty. Zimmerman added, “We work with businesses and owners. Business is not emotional.”
The panelists cautioned residential brokers who pick up a commercial lead. Zimmerman said “Don’t hire a plumber when you need an electrician,” adding the entire industry benefits when you refer it to a professional. Tsakiris spoke of client relationships ruined, not to mention liability, when brokers fail to recognize commercial as a completely different business.
The lack of standardized forms and contracts for commercial transactions means Zimmerman uses SVN in-house contracts while Tsakiris praised those provided by C.A.R.
While opportunities abound, the challenges and tremendous potential for liability warrants education and guidance. Build personal relationships with trusted commercial experts who, the panelists emphasized, generally don’t have any interest in residential leads and can provide referrals as well as advice.