May 15, 2017
It can be tough to make deals in the commercial real estate business. Lenders have become more conservative in the face of new regulations, stagnant rents and rising interest rates. Real estate investors are also more cautious, as potential property buyers and sellers disagree on price.
Brian Flax, managing director of Meridian Capital, has a few ideas on how to manage this difficult environment.
Are there any strategies that have worked particularly well?
In this market, information is more important than ever. We spend a lot of time with lenders to make sure we are aware of every product that is available for our clients. Just last week, we met with a lender who just started offering balance sheet loans with no prepayment penalty, another specializing in lending to foreign nationals,and a third who is actively lending on vacant property in transition.
How do you keep yourself and your team motivated?
One of my strongest motivational strategies is to highlight success. In this challenging market, it’s not just about closing loans, but connecting with potential clients and establishing new lender relationships are also considered successes. At Meridian, I strive to not only create a team environment where members can share their success stories, but where we also help to execute at every point of the sales cycle in order to maximize the opportunity for our clients and brokers.
You can hear more of Flax’s perspective on New York City retail at Connect Media’s NY launch event, Connect NY Next Generation, which will be held Wednesday, May 17, 2017 at The Flatiron Room in New York City.
For comments, questions or concerns, please contact Bendix Anderson