More commonly practiced in Residential Real Estate than Commercial Real Estate, the notorious “Buyer Broker Agreement” may be worth bringing into everyday play for the Commercial world.

The State Law in Nevada allows an agent to enter into a buyer representation agreement via orally or written. This is the law! That’s all fine and dandy until  1 or more minor or extravagant details are overlooked and that oral/verbal agreement becomes questionable. This game of “he said-she said” can become quite an issue, if not a catalog! Buyer representation disputes can be nasty. Pretty soon, everyone and their brother want a piece of the pie, and if you’re not careful with this, you can end up landing yourself in front of a judge! So… How do we prevent this?? Do as the residential agents do…

The Reno Sparks Association of Realtors recommends that Commercial agents utulize the “buyer Broker Agreement”. This adds additional protection for all parties involved in the deal. As a “Realtor”, which is different than holding the title, “Real Estate Agent”, we are held to a higher code of ethics.

All you Commercial Real Estate Agents out there that happen to be Realtor’s as well, Check out Article 9 in your Realtor Code of Ethics, and decide if it is time for you and your fellow brokers & agents to bring the ”Buyer Broker Agreement” into effect!  

Interesting Reno & National Retail market stats from Costar.

Check out the links below:

Reno Retail  Market Stats 1st Qtr 2009

National Retail Market Stats 1st Qtr 2009

 Todd W. Collins, Broker/Salesman with PM permit
Areas of focus: Industrial, Office Leasing and Sales
Direct: 775-850-3117
Cell:777-848-8130

Through out Todd’s career he has always followed a simple philosophy that his clients’ needs are always the first and highest priority. Todd’s success is measured by the success of his clients.

Prior to joining Fennell & Associates, Todd was immersed in the Reno/Sparks real estate market as the Real Estate Manager for Clear Channel Outdoor from 2003 thru 2008. During this time Todd gained intimate understanding of a variety of property & zoning types and how to navigate through the local municipalities to maximize the highest and best use of all of them.Todd relocated to the Truckee Meadows in 2001, obtained his Broker/Salesman license and worked as a temp agent for several new homebuilders in the area. Todd’s real estate career began as an Asset Manager in the REO department of Countrywide Financial Corporation in Dallas, TX and later Simi Valley, CA.

Todd is a marketing member of the Northern Nevada CCIM chapter and is actively pursuing a CCIM designation. Todd is also a graduate of the University of North Texas, earning a BBA with a major in Real Estate. When not working hard to fulfill the real estate needs of his clients, Todd enjoys road & mountain biking, skiing, hiking and spending time with his wife and son.

Nevada’s sun, wind, and geothermal resources are creating quite the buzz among lawmakers!

Great Article written by Anjeanette Damon with the RGJ

 http://rgj.com/article/20090512/NEWS11/905120345/1017/Nevada+Legislature+deb

Which comes first, the chicken, or the egg? The age old question that’s left millions pondering since the beginning of time. Some firmly believe in the egg, others’ loyalty lay with the chicken.  So how do we relate this to Commercial Real Estate? Here we go…

The buzz at the water-cooler lately, is that the Reno & National Markets are turning around. With New home prices at an all time low,  short sales/ REO’s getting snatched up in a New York minute, land available for pennies on the dollar, and smart investors getting the itch to finally make their move, some predict an over-correction in the market, soon!

Staying on this Media backed “positive note” regarding the market rebound… Which industry comes first? Housing? Land? Office/Industrial? Retail?

You would think that because of Nevada’s lack of State Tax, Homestead Law, unlimited number of outdoor activities, and an infinite list of additional benefits & attributes that attract potential employees to Nevada, business owners from California & surrounding states would wise up and make the move to Reno. Wouldn’t businesses make the move into offices, industrial buildings, retail space,  or purchase land to build new space? That business would in turn create new jobs, which equal new employees. New employees then create a need for housing, which creates, once again,  a need for land! This pattern is what some would assume, but history proves differently.

The natural order for the Commercial & Residential markets returning after the infamous ”R word “( of which we do not speak of anymore) is past, is this:

1.Housing  2.Land 3.MF  4.Office/Industrial, 5.Retail  This doesn’t mean that office and industrial will not make any deals in the mean time. Right now much of their business is being generated by people downsizing or moving around for a better deal in the marketplace. There are also those lone investors out there snatching up high cap rate buildings since they are currently cash-flowing assets, as opposed to land. But as far as new faces moving into the market place, historically, this has been the natural order of things. Only time will tell.

So, back to the chicken or the egg deal: Will Residential drive Commercial this time? or will Commercial feed Residential?  I would love to hear your feedback Reno!

Great Article this Morning on Cinco de Mayo. Looks like the tides may be turning for the economy. I’ve seen different attitudes in consumers & investors lately in the new home & commercial real estate world. Americans are impatient & support change. What goes up, must come down, and then go back up again. Since man has created currency, there have been fluctuations in wealth & prosperity. After seeing an enormous drop in new home prices in the last couple years, and the vacancy rate for business skyrocket, we have reached a plateau & are ready as a nation to start plowing ahead again. The media is catching on & I feel that this whole depression/ recession debauchery will be a thing of the past by summer of 2010. Wishful thinking regarding the timing? Maybe. As that I am up close &personal with the Commercial Real Estate world, as well as a hop skip and a jump away from the Residential Real Estate Community, there have been notable changes in activity and attitudes that haven’t gone unnoticed!

Check out the article & link below!

News Alert from The Wall Street Journal – Sponsored by NASDAQ

The U.S. recession appears to be losing steam, with growth likely to resume later this year on the back of firmer household spending, a bottoming housing market and an end to inventory liquidation, Fed Chairman Ben Bernanke said Tuesday. But Bernanke said that the recovery will probably be slower than usual, and warned that the unemployment rate may stay high “for a time” as businesses remain cautious about new hiring.

http://online.wsj.com/article/SB124153102795887367.html#mod=djemalertNEWS

Did you know??

Fred Miller & Tom Young of Fennell & Assocaites Commercial Real Estate Solutions represented Ryan Gold & Justin Owen in the lease of a vacant office building at 150 N. Arlington Ave. After a considerable investment was spent on TI’s, Ryan & Justin created the infamous Imperial Lounge!

When Ryan Gold and Justin Owen set out to create the Imperial Bar and Lounge in March of 2007, they wanted to create a casual atmosphere downtown, separate from the tourist scene.They succeeded! The Imperial Lounge attracts a college and business professional demographics. Imperial’s happy hours last from 5 to 7 p.m., resuming from 10 p.m. to midnight. Fred Miller and Tom Young have sold Ryan & Justin several other properties in the Reno area on West and East 4th Street contributing to the success and boom of Commercial Retail Leasing & Sales in Downtown Reno. 

In addition to the Imperial Bar & Lounge, Ryan & Justin have opened The Lincoln Lounge, located at the location of the old Reno Jazz Club, right across the street from Louis’ Basque Corner. The first thing you’ll notice about LL is the stark, black exterior…  No external signage, and no real way of knowing the place is there. This is intentional, as they’re going for kind of a speak-easy feel.

Once you walk in the door, the atmosphere is .In keeping with the speak-easy feel. There’s two main seating areas, with antique furniture.  There’s old school high backs, with lots of scrolled wood work, velvet couches, and the entire theme is based upon Abraham Lincoln.  The walls, decorated with pictures of our late president Abraham Lincoln,have this foil wall paper with a velvet like material in fleur-de-lis patterns – it would be gaudy in most places, but it works for this place.  The molding and the bar front have been  recycled and refinished from a previous bar. There’s a second room with shuffleboard, and some more traditional seating. The patio is now open for summer! The Lincoln Lounge is an eclectic mix of the roaring 20′s meets Disneyland Haunted House.

Check out the link below for more information!

http://www.imperialbarandlounge.com

Steve K. Jones

Areas of focus:Retail

Office Phone: 775.321.3331
Cell Phone: 702.332.3424
Fax: 775.850.7010
sjones@fennellcre.com

Professional Background: As a professional geologist, Steve Jones has worked throughout the Americas from Alaska to Argentina, but feels that the Reno area offers one of the best environments in the western hemisphere to live and work. Having grown up in Ely, in Eastern Nevada, and attending UNR in the 1970’s, Steve is also very familiar with Northern Nevada, it’s people, and business opportunities.

Having Worked for 31 years in the mining industry has enabled Steve to gain a strong grasp of the issues facing new and established businesses in Northern Nevada. Working for many years in Argentina  & Europe gives him an international perspective as well, that can be beneficial to prospective clients relocating to the Reno area.

      Congratulations to Fenell & Associates’ Cathy Shanks for winning “Rookie of the Year” at the 4th Annual Summit Awards this Saturday the 25th in Reno, Nevada. The theme was 1930′s flapper & gangster style (think Bonnie ; Clyde & Dick Tracy). Shanks award criteria was based upon gross commissions and number of deals in 2008. The ”Rookie” status also means Broker of only 12 months! Great Job Cathy! Keep up the hard work!  The Summit Awards, held at the Silver Legacy’s Grand Exposition Hall,  celebrated Developers, Brokers, Property Managers, and all other facets of Commercial Real Estate.

Jodi Judson

Areas of focus:New Home Sales & Marketing
Direct: 775.850.3100
Fax Line: 775-850-7010
jjudson@fennellcre.com

Professional Background: Jodi was born and raised in San Diego, California and relocated to Reno, Nevada in 2002. Since moving to Reno, Jodi has acquired eight years experience working in different facets of the New Home Construction Industry, including Construction AP, Administrative Management, Sales, Ecommerce, and Marketing. After obtaining her Real Estate License in December of 2006, Jodi joined on with Dickson Realty as a New Home Sales Agent & worked for a local Builder, Silverstar Communities. Jodi’s hobbies include snowboarding, wake boarding, hiking, running, and swimming. Her energies and passions are committed to provide the highest level of professionalism and integrity in marketing & generating new business for Fennell & Associates.

Area of expertise include: New Home Sales & Marketing with an emphasis on Internet Sales & Operations.