Professional Voices: Commercial Insurance Coverage
Eric Doll, Senior Vice President at Venbrook Insurance Services, specializes in the commercial insurance industry providing insurance services related to running a business. We interviewed him to learn more about commercial property insurance and how it affects our clients.
Eric is a long-time Stance partner and trusted professional in his field. When Stance Commercial Real Estate was first taking roots, Eric and our founder Joe started a networking group. “The idea would be to get to know each other first personally, before we even started doing business together,” Eric says. “It’s been fun to watch (Joe and Heidi) build Stance and turn it into what it is today.”
Now Eric continues to assist our Team and our clients with all things related to commercial insurance policies. Continue reading to see what helpful advice he has to offer.
Minimizing Insurance Costs
The number one question clients will ask when it comes to insurance is, “what will it cost?.” Especially during unpredictable times where the economy fluctuates, having all of the right information is crucial.
“Right now the cost of insurance is historically higher than it's been in more than a decade,” Eric says. “A lot of my new clients are coming to me saying they’ve experienced an increase and are trying to drive down that cost.”
Eric notes that one of the best ways to minimize the cost of commercial insurance is to control risk. Don’t purchase buildings that will need major repairs in the next couple of years. Look for buildings with new roofs, updated electrical wiring, or are free of other hazards. Location should also be considered. Buildings in extreme weather prone areas may be required to pay additional insurance.
“A couple of the other big things to look for are the coverages themselves. Not all policies are created equal,” Eric says. “You have actual cost value versus replacement costs, and that’s how you value the building itself. The replacement cost is the depreciated value of the building, so if you’re buying a building for $5 million, but it's depreciated by 25-30% then at the time of you having a claim, you might only receive 60- or 70% of the limited insurance that’s specified in the policy.”
Nuances To Look For
When investing in commercial property, the kind of insurance coverage you plan to purchase may affect your ability to secure a loan. “A lot of times what people don’t realize is if you’re getting a loan, the lender often has requirements for the types of commercial insurance and the coverages that you have,” Eric says. “The lenders dictate what a lot of your insurance is actually going to look like.”
Details ranging from a building’s purpose, to what the building is made of, may affect insurance costs. Concrete is becoming more desirable than other building materials. The purpose of a building all affects premiums. For example, the insurance for an apartment building could be three times as much as the insurance of a multi-million warehouse.
Eric reminds investors and buyers, “If you’re purchasing investment property and it’s your first time in you need to know that insurance cost will vary depending on the type of asset that you were purchasing. “
Buyers Compared To Landlords
Buyers will face different commercial insurance premiums than landlords, which is something to consider for those wanting to move from leasing to owning. Some landlord building insurance providers prefer owner-user plans. Some prefer coverage for landlords only.
In the case of owner-user policies, “the number one thing you really want to make sure of is that in the lease agreement you’re not both covering the building,” Eric says. “A well-worded lease...will make sure that there’s only one policy in place, and that the liability is assumed by the landlord or the tenant or otherwise specified in the agreement.”
“It comes down to the lease agreement and this is where Joe and Heidi can really help with negotiations,” Eric notes. Negotiating a lease or purchasing agreement is always flexible.
The first step is to stay educated as a client, and to partner with a commercial real estate broker you can trust. Our Team at Stance Commercial Real Estate is known for negotiating lease or purchase agreements that perfectly fit our clients needs.
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Have more questions on commercial insurance policies? Contact Eric Doll through Venbrook Insurance Services. Ready to lease or purchase or need more information? Call Joe anytime at (909) 772-1212.
Professional Voices: Advice From A Commercial Escrow Agent
Navigating commercial escrow can be a daunting process, which is why those looking to lease or purchase commercial property should partner with a professional. Our Team at Stance Commercial Real Estate prides ourselves in providing the best service possible, and establishing a network of like-minded people. Amy Hayes, a commercial escrow agent, has been one of our trusted partners for years. Not only has she assisted many of our clients who enter escrow, but she has also been a valuable resource for our Team.
Amy first launched her escrow career straight out of high school. After nearly a decade in the industry, dabbling in nursing school, and then moving out of state, Amy returned to commercial escrow services and has been in the industry ever since.
What A Commercial Escrow Agent Does
Escrow agents handle the specifics of escrow instructions, which can mean staying on top of dates, assuring those instructions are mutually understood and agreed upon, and preparing necessary documents.
“Typically I start my day with my calendar,” Hayes says. “In commercial business we have a lot of dates that are pertinent to the transaction like due diligence dates— dates where the buyer needs to add or release funds. Basically I calendar all of those dates, so that I know when all of those dates are expiring and I can send a courtesy notice to the client.”
Those dates play a huge role in keeping on top of the details of escrow instructions. Occasionally those instructions also need to be amended. Owners association demands, purchase agreement changes, and other external factors can affect escrow.
With proper management through commercial escrow services, there is less room for error and unwanted liability.
The Advantage of Hiring An Escrow Expert
“You need to have an escrow agent to handle your funds,” Amy says. “We are a disinterested third party to the transaction, so everything that we do in connection with those funds has to be mutually agreed upon between the buyer and the seller.”
Amy emphasizes that neutrality is crucial during the escrow process in order to remain fair for all parties involved. “There’s just so much that goes into a real estate transaction,” she says. Without a full team of experts, important details can become lost or imbalanced.
A commercial escrow agent will keep funds safe as the transaction between buyers and sellers is finalized.
What To Look For In An Escrow Agent
According to Amy, finding a commercial escrow agent starts with developing a professional relationship. “It’s hard to get a transaction closed if you don’t have that established,” she says.
Amy also notes that reliability is huge. “Know how your escrow agent works,” she says. “Know that the escrow agent will be there for you when it comes down to closing.”
Ultimately, on top of managing the escrow instructions attached to an agreement, an expert escrow agent will be a valuable resource during a commercial transaction.
As for further resources? Amy points out the benefit of utilizing your broker as a reference as well, “Joe is very knowledgeable in what he does...he’s a great representative for the buyer or seller.”
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Find your next commercial property opportunity here. Want to learn more about commercial transactions? Call Joe today at (909) 772-1212.
A New Future For Iconic Historic Building In Riverside
As locals, Joe and Heidi Stance have always appreciated Riverside. The city is well-known for its intricately designed historic buildings that reflect the city’s rich past. The Stances now have the opportunity to take part in preserving that history with their latest property: Downtown Riverside’s Life Arts Center.
Iconic Structure Designed By Mission Inn Architect
The Life Arts Center has a long history of diverse uses and has become a central part of the Riverside community. Mission Inn architect, Arthur Benton, began plans in 1909 for an iconic Italian Renaissance Revival building that would house the local YMCA chapter. The architectural design veered away from the other, more common styles of the region. This makes the Life Arts Center stand out as a unique and unforgettable beauty.
In the 1970s the building was purchased by its current owner. The location served as a center for religious gatherings for years, but eventually housed an art supply company. From then on the building became known as a hub for the arts. Ultimately this new community of artists revived the building, and led to its current name.
The City of Art and Innovation
Not only is Riverside known for its historic buildings, but it has also long been a destination city hailed for its prime location. Downtown Riverside itself is known as the “cultural and artistic epicenter of the region,” making it a popular and prominent gathering place. Riverside County is one of the largest counties in the state and is best known for being a city of art and innovation.
The Life Arts Center is one way that the Stances hope to preserve the city’s rich history and encourage innovation. As a Riverside landmark, the center will undoubtedly have a bright future. As for what exactly that future is? The possibilities are endless!
For years the Life Arts Center has been a hub for the community serving as a banquet hall as well as a collection of art studios. Many memories were made in the historic commercial building. The upstairs rooms could allow for the LAC to be a future office space. Maybe the banquet halls will be preserved to make room for many more weddings and special events in the future. The future owners of the LAC could even dig into the building’s historic roots and revive its use as a communal art space and gallery.
Location, Location, Location
The building is conveniently located next to bars, famous art murals, and historic churches. Nearby restaurants, shops, and the famous Mission Inn makes the location of the Life Arts Center that much more ideal. During the summers, the LAC is also the beginning attraction during Riverside’s infamous monthly Arts Walks. These exciting events allow entrepreneurs and artisans to sell their products and sport their work. Locals from all over the Inland Empire enjoy gathering at these events and touring the Life Arts Center to learn more about the historic building’s influence on Riverside’s culture.
Needless to say, The Life Arts Center is full of potential. The city’s diverse demographics and continual growth presents numerous opportunities for the LAC. No matter its future, the people of Riverside will always look to the building’s beautiful brick structure with fondness and be inspired by its vibrant past.
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Interested in this great opportunity? Learn More or Connect with the team preserving history and encouraging innovation. Call Joe Stance today at (909) 772-1212 to learn more about more exciting opportunities.
What a CCIM Designation Means For Our Clients
Joe Stance, Stance Commercial Real Estate Founder and Co-Owner, has officially been awarded his CCIM Designation. This prestigious title is the reward of hard work, dedication, and determination, not to mention the support of his wife and Stance CRE Co-Owner, Heidi. While most individuals take 1-3 years to receive the designation, Joe proudly completed the curriculum in 5 months. Additionally, he more than doubled his portfolio requirements— an impressive feat for any designee.
“Getting my designation is something I’ve been wanting to do for a long time,” Joe says. “Ultimately I did it to become a better master of my craft, and to be able to guide my clients to the best of my ability.”
Joe thrives off of the ability to offer the best service and knowledge for his clients. He knew that achieving his CCIM designation would benefit his clientele in the long run.
What is the CCIM Institute?
For over 50 years, the CCIM (Certified Commercial Investment Member) Institute has held a reputation for being the go-to provider of real estate courses. Taught by industry leaders and veterans, CCIM real estate courses prepare professionals for the field with tools and practices that are designed for success. The CCIM website describes their core curriculum as robust and “for those who want to set themselves apart.”
While the Institute has courses designed for a number of commercial focuses, their CCIM Designation curriculum is specifically geared towards commercial real estate experts. The course offers more than 160 hours of education covering topics such as market analysis and ethics.
Who Receives a CCIM Designation?
The pursuit of a CCIM Designation isn’t for everyone. To be awarded a designation, individuals must enroll in and complete the four-course curriculum. The curriculum includes an online ethics course and elective courses from the Ward Center for Real Estate Studies.
In addition, commercial real estate brokers must present a professional portfolio to demonstrate the work they have done in their field. Depending on their experience and industry, the activities presented have to equate to a certain dollar amount that proves an individual’s success.
What Does a CCIM Designation Mean For Stance CRE Clients?
Joe Stance’s CCIM designation puts Stance Commercial Real Estate ahead of the game. Fewer than 10 percent of commercial real estate professionals currently hold the title. To be awarded his designation, Joe had to submit a portfolio of work as well as two recommendations from CCIM Designees from a trusted network.
“The in-depth knowledge that CCIM offers is second to none,” Joe says. “Even major universities and different programs that are available don’t compare. It really is a laser focused curriculum that I was impressed with throughout the program.”
Not only did the core curriculum strengthen Joe’s knowledge of CRE, but it also placed him into a life-long network of professionals. The Institute requires designees to attend monthly meetings to discuss market trends, share ideas for improvement, and educate one another on the ever-changing industry.
A CCIM Designation and network further provides Joe and Team Stance the expert tools needed to serve our clients and community.
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Want to learn about our team? Read more here. Are you ready to sell or purchase commercial property? Call Joe today at (909) 772-1212.
City Development, Launching Businesses and Navigating Tough Times: An Interview With Riverside Councilmember Ronaldo Fierro
Riverside Councilmember Ronaldo Fierro has always had a passion for hospitality and politics. Those interests have collided as both a Councilmember and a business owner. Through his political office, Fierro has found a way to give back to his city and stay involved. As the owner of The Salted Pig, a gastro pub located downtown, and W. Wolfskill, a Riverside cocktail bar, Fierro has found a way to bring people together and invest in their lives.
Our Team had the opportunity to hear his thoughts on the challenges of launching and managing businesses, as well as how he has navigated leadership and a devastating pandemic.
Strong Roots and Future Successes
As the son of an entrepreneur, Councilmember Fierro grew up witnessing first-hand the challenges of launching and managing a business. His father, who started a produce packing company from the ground up, lost everything during the LA riots in 1992. Fierro recalls his family coming together to rebuild the business.
“My dad was forced to empty our bank accounts to pay everything off and start again from scratch,” he says. The efforts resulted in a tomato packing and wholesale company that has since been successful.
As for the challenges Fierro faced when launching his own businesses, there were many uphill battles. “When we first started The Salted Pig—that was in 2010— we were in a deep recession,” he says. “Nobody was opening restaurants. People didn’t seem to be going out. A lot of people advised me not to open it, but the way I saw it was, there was still a need in the community and people needed to eat...we found the way to make the silver lining.”
Fierro had to draw from lessons learned in his youth to keep his ventures going. “It wasn't really the successes that I learned from,” he says. “It was watching when my dad had big challenges (to face). It showed me that he was never down. He was always optimistic.”
Staying Optimistic During A Pandemic
For Fierro, keeping a sense of optimism has been key amidst a pandemic and political unrest. “Even when Covid hit…(I asked), ok, what do we need to do now? What’s the next step forward? What’s the next logical move?”
In terms of business, Councilmember Fierro thought it important to look at the pandemic as a chance for new opportunities. “There is going to be opportunity, but we have to keep our eyes open. Don’t get stuck in your ways. Be adaptable,” he says to business owners struggling during uncertain times.
Fierro also acknowledges that the fear of losing a business during the pandemic is a reality, but points out there is hope. “I know what that feeling is like when you have bills stacked up and you have payroll stacking up and you have no idea how to pay it, but you find a way,” he says. “I’ve borrowed money, I’ve put money on credit cards, I’ve sold things...Failure is a stumble. It isn’t permanent. It really is just a momentary pause in your journey.”
A City Up-and-Coming
The new year is indeed hopeful for the city of Riverside. This year a new California Air Resources Board facility is opening up near UCR. The facility will focus on research that aims to improve vehicle emissions, eco-friendly office space and green city development. Not only will the testing site lead to improved city infrastructure, it will also pave the way for more business opportunities in the years to come.
“Riverside has a real opportunity to reinvent the economy,” Fierro says.
He notes that the facility will draw the interest of large tech companies and firms. “Those high paying jobs build stability. They build legacy families who will stay here (for years).”
The program is just one of many ways the city of Riverside seeks to grow and bring in new business over the next couple of years.
The Role of Business In The Community
As a successful business owner and local politician, Fierro finds it important to give back. To him, giving back means doing more than donating to charities. For him, it means getting involved in the community and engaging with those in your sphere of influence.
As for how exactly to get involved? “I would say to business owners, get your business stable, get where you need to be. But then at that point...it's (about) getting involved with (city) issues, and being a mentor to people, and rounding out your life,” Fierro says.
“When the community succeeds, everybody succeeds.”
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Learn more about our partners by clicking here. Ready to take your business to the next level? Call Joe anytime at (909) 772-1212 to find a commercial property where your business can grow.
Local Business Highlight: Fire Up Grill
Luis, co-owner of Fire Up Grill in Riverside, first stepped into the world of restaurant service as the first Hispanic bartender at Riverside’s historic Mission Inn. After years of service, Luis left the Mission Inn and was hired by the former local nightclub and restaurant, Sevilla. It was around that time that he came up with the idea of launching his own business.
Luis invested in a Waba Grill, but quickly became frustrated by the managerial limitations franchise restaurants have. Luis began to chat with the owner of another Inland Empire food service favorite, Mr. Taco. At the time, a new location ideal for a grill, was opening downtown which caught Luis’ eye.
“We submitted our application and everything went through,” Luis says. “Ever since then we’ve never looked back.”
As business plans were put in motion, Luis acknowledged that launching a grill and bar from the ground up was going to be a huge task. “I’ve always wanted to do something, but I never knew how hard it was. When you dream of something, you don’t always think about all the little details.”
A year and a half into running Fire Up Grill from its current location, Luis and his business partner faced numerous challenges, especially from the city. Strict city codes and unexpected financial hits pushed back their launch date by over a year. In March, when the pandemic hit, the restaurant faced new complications. Despite the challenges, Luis is able to see the positives that come from each obstacle. The pandemic pushed the restaurant to start to-go and mobile orders, which they had never done before. Covid-19 regulations also created a new era of community involvement for the grill.
“Right off the bat when Covid-19 hit, we closed for two weeks,” Luis says. “But, before we started up again, I wanted to give back to the hospitals, the police and the Riverside Sheriff (Department). So, we donated a lot of food to them.”
The Fire Up Grill team also invested into the building’s infrastructure, adding more seating to their patio, adding tents to protect against the elements, and putting up new decorations for a warmer environment.
Looking back on how he got to where he is at, Luis considers the difficult journey a blessing. Despite the initial hurdles, the restaurant is seeing their best year-to-date. As the business continues to grow, Luis is contemplating new ideas for the future. A long-term dream of his is to open new locations downtown in neighboring cities.
On a bigger picture level, Luis has even considered running for City Council. The idea came after seeing how divided the city has been since the pandemic hit. “We need leaders,” he says. “Change starts from the top. If we work together, honestly, Riverside can be the number one city in (the Inland Empire). We have everything it takes, but we need to unite the division.”
As for other aspiring entrepreneurs and other individuals looking to invest in Riverside businesses, Luis believes it is worth the challenge.
“Make every night you work worth it,” he says. “Save your money. Keep on chipping away at your goal. The more you work at it, the smarter you get, and the more successful you will be.”
Fire Up Grill is one of many local-owned businesses proving that the city of Riverside is a hub for entrepreneurs and innovators. As the restaurant continues to grow, Luis hopes it will become known as a place of great food and drinks, and even great community.
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View the Fire Up Grill menu for to-go and catering options.
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Back in Business: 7 Must-Have Resources For Small Business Owners
The new year won’t mean a sudden or immediate break from the chaos of 2020; but, that doesn’t mean we can’t hope for better days. To keep Riverside on the up-and-up, the city has provided numerous resources for small business owners. Use this easy guide to navigate what you need for your business as we take on the new year.
1. Riverside Rebates
As we continue to wait out a devastating pandemic, many business owners are taking the opportunity to revamp and renovate. The city of Riverside offers a number of rebates as incentives to building managers and owners to be more ecological. While your building is at reduced capacity, take the opportunity to switch to energy saving lights, or improve on your building with minor construction.
2. Find a Mentor
If you are a new business owner looking for advice on how to navigate the constant changes brought on by Covid-19, consider one of Riverside’s most underrated resources for small business owners. The SCORE program spans across the Inland Empire and into LA County. This collaborative effort from volunteers in the industry is a helpful tool for new and veteran entrepreneurs alike. Find a mentor, set up an appointing, and take advantage of the decades of cumulative wisdom offered through SCORE.
3. Change Location
Changing location can be daunting, but it is far from impossible. Changing location can be a fruitful endeavor that can save money and provide new opportunities. Now is the perfect time to downsize your space or move to a location that is better fit for your needs. Maybe you need more office space. Maybe you want to find a location that is in a better area. Or maybe you just need to adjust your financials and move to a smaller location. Whatever the need, Team Stance can help you readjust and move forward.
4. Track Tiers
As the pandemic continues, change will be inevitable. Stay ahead of the game by keeping track of which tier Riverside and the surrounding cities are in. To combat the challenges that Covid-19 has brought to businesses, also consider this:
5. Testing
Testing! Preventative measures are always the way to go. While there are a variety of at-home testing kits currently on the market, they can become costly— especially if you have multiple employees to consider. Riverside’s calendar is a good place to check for testing resources for small business owners and individual testing events. Find the event that fits your schedule, and give yourself the peace of mind that comes with a negative test result.
6. Reopening Guidelines
Stance Commercial Real Estate is lucky enough to be one of the few businesses less affected by Covid-19. Organizations that have brick-and-mortar shops are taking the brunt of the impact. The big question for 2021 is, when will it end? While we don’t have the answer for that question, we do know where you can find the latest information on Riverside’s closures and reopening guidelines.
7. Shop Local
Sometimes the best way to keep your business up and running is to support other local businesses. The new year should be all about community and helping each other move forward. So the next time you need to hire for a specific service or purchase goods for your shop, consider shopping local. Riverside’s Shop Local program offers an easy search feature to find exactly what you need.
Lastly, stay up-to-date on any new or updated small business resources Riverside has to offer. No one can predict what 2021 will bring, but we know that anything is possible. Stay on top of the latest news, continue to support local business, and let us know how Team Stance can help.
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Looking to downsize or find a larger location? Now is the time. Contact Joe today to learn about your options.
Stance is One of the Best Commercial Real Estate Brokers in the Inland Empire (According to CoStar Group Inc.)
“I saw that many companies in the industry are driven to make a commission, instead of being motivated to do what is best for the customer.” — Joe Stance
November of 2020 was a memorable month for Team Stance. CoStar Group, Inc., the data and analytics leader of the commercial real estate (CRE) broker industry, announced the Power Brokers Quarterly Deals winners for the third quarter of 2020. Stance Commercial Real Estate came out on top in the list of winners for CRE. Power Brokers Quarterly Deals winners are determined by their top deals every quarter, based on price and square footage. The Stances were the sure winners after closing the biggest office lease deal in the Inland Empire for the third quarter of the year.
Now, a year later we look back on our continued successes. For us, success isn't just about numbers. Although CoStar Group recognized Team Stance for deals based on price, we base success on a different kind of metric: service. At Stance Commercial Real Estate, our mission has always been grounded in the golden rule: serve others as we want to be served. This rule is not only represented by the gold posts holding their company signs throughout the city; it is the framework for our company’s vision. That vision has remained consistent from the beginning.
Joe Stance, our founder, launched his CRE career in 2007 as an associate for a prestigious company. After years of experience, Joe observed what he believed was a major consistent flaw within the industry. He saw that the focus was often on just making a sale, and not on serving the client. Now driven by his commitment to service, Joe and his wife Heidi lead our ever-growing commercial real estate brokerage. Stance Commercial Real Estate has been serving Riverside and surrounding cities for nearly a decade.
The Stances are dedicated to offering the educational tools to help business professionals thrive. Heidi Stance has a background in education with a Doctor of Education from USC. She is dedicated to informing Stance partners. With Joe’s commercial property expertise, combined with Heidi’s passion for education, the dynamic pair are changing the industry for the good.
As we reminisce on last year's achievement, we also look towards another year of helping our clients achieve their goals. In the spirit of the month of thankfulness, we also show gratitude to all of our partners, past and present, for helping us serve the community of Riverside.
For more information, visit: https://www.costarpowerbrokers.com/quarterly-deals/
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Contact Team Stance to learn more about our company and how we are serving the Inland Empire. Call Joe today at (909) 772-1212.
Commercial Real Estate Advice From An Experienced Attorney
Jeremiah Lee, a California commercial real estate attorney and Chief Financial Officer with TriCord Advisors, has been teaming up with Joe Stance for several years to help business owners and entrepreneurs achieve their goals. What started as a personal friendship with the Stances has now evolved into a professional relationship geared towards serving the Riverside community and neighboring cities.
We recently asked Jeremiah to offer his expert advice on all things purchasing and leasing when it comes to commercial real estate. Between discussing purchasing agreements, reviewing leases and negotiating legal documents, Lee offered a plethora of information that any business owner, entrepreneur, or investor could benefit from.
What are some examples of common pitfalls individuals should consider when entering into a commercial lease?
The first item to clarify is usually, “What is included in rent?” Are property taxes or insurance or similar items included in the rent, or will those be costs the tenant needs to pay in addition to monthly rent? Another common item to consider is how to get out of a lease. If you need to leave, what happens? What do you owe? When can you leave? What liabilities continue after you leave the property? An additional pitfall relates to tenant improvements. Very often when someone moves into a new commercial lease, the landlord would say, “ok you want to build out an office space to fit your needs, I’ll provide $40,000 as an allowance to build out the space for you.” The questions to ask would be, what are the strings attached? How does that work, if you leave the lease early? Do you have to pay that sum back? Whose contractors will do the work and what fees will the landlord receive for managing the work? These are a few common issues to be negotiated in a lease.
Once a lease or purchase is finalized, where might an attorney offer further advice or expertise?
A purchase and sell transaction will generally include representations and warranties. If the landlord or seller represents that the property is in a certain state, but that ends up not being the case, the tenant or buyer can make a claim to be compensated for the discrepancy- this can often lead to a lawsuit...Another common situation where additional assistance is needed is if the tenant needs to get out of a lease or extend a lease. At that moment (my role) is reviewing the lease and advising the client on their rights stated in the lease as well as their general rights at law. Good advice discusses not just their legal rights, but also what is the most reasonable path forward to accomplish their goals.
What are some of the mistakes people tend to make on their own?
Coming to an attorney is about avoiding mistakes and protecting the future. Often people think they can just get out of a lease if their business needs to move, but they need to acknowledge that the business of a landlord is to collect rents. So, when you sign a lease, you have to understand that a lease is a legally binding contract. If you fail to pay it or just decide to leave, there will be legal consequences...People at times take what they understand of their personal experience of renting, (such as) renting apartments, and apply that to their business and renting commercial buildings. The two are very different, especially in California.
How have things changed since the Covid-19 outbreak?
Everybody is trying to put in their lease agreements or amendments some kind of language relating to Covid-19. What’s fair, what’s reasonable? It’s a unique situation and many landlords and tenants are scrambling to try to protect their interests.
Any final advice for those looking to lease or purchase commercial property?
Include professionals early in the process, because they can really help you avoid wasting time. Nothing is standard in real estate and everything is negotiable. To really understand what you are signing is key, and usually, to do that, you need someone who understands the language....no one likes to spend money on professionals, but “an ounce of prevention is worth a pound of cure.”
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Ready to talk to a commercial real estate professional? Call us at no cost, we would love to get to know you and your business better.
Looking to connect with a Certified Public Accountant? Jeremiah Lee can be reached through TriCord Advisors.
View our blog archive for more resources.
Why You Can Trust Stance Commercial Real Estate Services
So you want to take your business to the next level, and it’s time to find a new building to operate your business out of, but you have no idea where to start. Finding successful commercial real estate services can be a daunting experience if you don’t have a broker you can trust, or if your broker has limited knowledge of their playing field. At Stance Commercial Real Estate, the services we provide expand across a number of industries. Additionally, as business owners local to Riverside and the Inland Empire, Joe and Heidi Stance not only know their market, they are also personally invested in the communities they serve.
No Challenge Is Too Great
Our partners and clients have encountered nearly every challenge in the book. Every client has their own list of specifications when it comes to finding a space. Brandy T., one of our long-term clients, knows all too well how difficult it can be to find the perfect location. Brandy’s business, AxXis Corporation, is a precision machine shop that manufactures custom builds for large industries such as aerospace and gas companies. He not only needed a warehouse space large enough to expand into, he also needed a building that provided the power to run their machines, as well as a parking lot with at least 50 spots to accommodate employees and customers. By partnering with Joe, the hunt for an ideal location became much more feasible.
Not many warehouses offered the power Brandy needed. However, Joe found the right place at just the right time. While touring a potential building, Joe was notified that a new property had just been made available on the market. Using his vast network and connections, Joe was able to arrange right then and there for Brandy to tour the new property. Not only was the building the right fit for Brandy’s expanding company, it also cost less to purchase the new property than continue what he was paying in rent for his previous lease.
Commercial Real Estate Services Beyond Leasing and Buying
Commercial Real Estate services must go beyond simply buying, leasing or investing properties. A good broker has to know the market and have the connections to navigate the market as it evolves and shifts. Take for example the dilemma of adhering to the specific requirements of clients while working with an often limited budget.
In 2017, Stance CRE clients Rick and Monica P. of KGEL Steel Inc., were expanding their business and in need of a new building. They specifically needed a location with plenty of space, but under a budget not typical of such large warehouses. Utilizing his network of connections, Joe found a building that fit their needs while remaining within budget.
Networking is a behind-the-scenes effort, and not all brokers make that effort. Joe and Heidi Stance see making new connections as more than a business strategy. They see networking as a way to expand their community and grow relationships. Time and time again, it is their dedication to these relationships that has led them to successfully help their clients find ideal properties.
Utilizing Strategy and Critical Thinking
Another commercial real estate service that is less obvious, is finding and creating a database of favorable tenants. What most clients may not know, is the benefit of finding a space that has room for tenants. More so, most clients wouldn’t know how to find tenants, even if they had the room for them. That is where Joe’s expertise comes into play.
It is recommended that business owners looking to lease a new building should explore the purchasing option. If they are able to purchase, it is likely they will find a location with added space available for tenants. Stance client, Blaine of Living Water Hospice, now has numerous retail spaces for lease. Originally, he wasn’t looking for a space that had excess room. After realizing he was able to purchase, Joe found a location that offered retail spaces he could lease out or expand into over time. Joe has now committed to using his time and database to find Blaine favorable tenants that can lease those spaces. This added service takes a tremendous weight off of clients and has great long term benefits.
The challenges that arise with finding commercial real estate properties are not uncommon. Some commercial real estate industries come with more challenges than others. However, there is no industry that Stance Commercial Real Estate hasn’t taken a vow to serve.
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We would love to get to know you further. Call Joe at (909) 772-1212 to chat, or contact us for more information. We look forward to connecting with you!