A seasoned professional with decades of commercial real estate experience shares his insights on moving to the closing table on the next episode of Influential Entrepreneurs.
Eric Fritzke provides important insights into the process of development and why a buyer/developer is smart to enlist a real estate agent to help accelerate the process.
Most development deals can take 12-18 months to complete, though Fritzke shares the complexities of a recent deal that took two years to realize.
Fritzke is a broker associate and principal with Trinity Team at Keller Williams Preferred Realty in Westminster, Colorado. He has more than 20 years of experience in commercial and residential real estate as both a listing agent or designated buyer’s agent.
Fritzke works closely with buyer/developers, even before the deal is done to help navigate the complex maze of city or town committee and council approvals, neighborhood meetings and complicated municipal zoning bylaws.
He also helps clients see a potential future where it’s not obvious. For example, he notes that the farmland filled with combines and tractors and an outbuilding used for storage and repair work may very well have a strong, long-term future as a residential property, mixed-use development or shopping mall.
Having a strong buyer’s agent has many advantages. Most critically, it’s not until the deal is signed that most expenses are incurred.
“That’s when they start spending money,” Fritzke told host Mike Saunders. “That’s usually why we try to do some of that due diligence work ahead of time. We don’t want to tie up the buyer/developer’s money … until we get it under contract.”
Post-contract work can involve the ordering of surveys and preliminary work with architects and engineers, preliminary construction bids. Those professional services are sunk costs, paid regardless of whether the project moves forward, and can total tens of thousands of dollars in just the first few weeks after an agreed-upon contract.
That’s where Fritzke says his team offers a major competitive advantage. “We’re much more willing to walk alongside the developer,” Fritzke said. “We’re willing to spend more time than a typical agent might be willing to do.”
To learn more about Fritzke and his team’s powerful approach to commercial development services, visit: http://www.TrinityTeamRealEstateCo.com
This interview is available on iTunes, Stitcher, iHeart Radio and the Business Innovators Radio Network here
Company Name: Marketing Huddle
Contact Person: Mike Saunders, MBA
Country: United States