lords might have to spend a buck if they want to get
back one-hundred bucks.
“For brokers, it’s tough to convince property
owners to do repairs and clean up the property,”
notes Gregory Wernisch, SIOR, CCIM, a vice
president with CTK Chicago Partners in Des
Plaines, IL, “I strongly suggest you have a list of
things that need to be done.”
Wernisch took a foreclosure assignment in
Franklin Park, IL, for a bank. The building was
14,700-square-feet and had been used as a machine
shop. It was a mess.
“We had a three-page list of things that had to be
done along with photos,” says Wernisch. When the
list was accomplished, the building sold.
Another time, Wernisch became the third broker
on a building in Evanston, IL. It was another case
where the structure was in bad shape with vegetation growing out of the rain gutters, filthy carpets
and an out-building damaged when hit by a truck.
The owner took Wernisch’s list to heart and the
building was eventually sold to professional photography studio.
“The landlords don’t always listen and we’ll take
the assignment even if they don’t,” says Wernisch,
“but we try to tell them it will take them spending
$10 to make a $1,000 or $200 to make $200,000.”
Four solid recommendations make for a good
package. Down in Louisville, KY, Jeff Dreher,
SIOR, MBA, a sales associate at Commercial
Kentucky/Cushman & Wakefield Alliance, put
together is own list of articulos quatro. First and
foremost is making sure the landlord understands
the strengths and weaknesses of the property, and
then secondly, if the property is weak in certain
aspects compared to the competition, the pricing
has to take that into consideration.
Greg Gunn, SIOR
Jeff Dreher, SIOR, MBA
"... in a market that is all
lemons, the real key is to be
flexible and creative."
Gregory Wernisch, SIOR,