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Commercial Real Estate Tips During An Economic Downturn
By Tony Seruga, Yolanda Seruga and Yolanda Bishop
In some industries, an economic downturn can be devastating. It can amount to years of hard work wasting away to nothing. Many people have lost their shirts in a downturn in the stock market. Industries collapse and people’s financial situations can be ruined. Many would think that in the real estate industry, the same rules apply. However, it is very possible to survive an economic downturn in the real estate industry. If you make the right decisions, you can come out on top. There are several things that you need to keep in mind.
Probably the most important rule to remember during an economic downturn is not to sell. Although it may go against what you’ve been taught, do not sell just to get out while you can. The real estate market is cyclical. It goes up and then it goes down… much like the stock market or any other industry in the world. If you’ve studied history at all, you should know that the real estate market will come back with a boom. It always has and it always will. As the cliché goes, land is the only thing that they don’t make any more of. Therefore, it will inevitably have to increase in value. Just be patient.
Another thing to keep in mind is that even in a bad market, you can still sell real estate if you want to. Real estate is nothing more than a product. If you know your product and know how to manage your business, you can still sell them. Even if it takes a little longer than normal, it will still sell. The same rules apply if you’re selling anything. If you’re a toaster salesman and the toaster industry starts to take a downturn because of the low carbohydrate craze, you can still sell toasters. Times change…people will go back to eating bread. Just don’t lose faith. The only difference between the toaster industry and the real estate industry is that toasters don’t appreciate in value every year…real estate does.
In a slow market, it is important to differentiate yourself from the competition. What is your competition? Other houses in the same market. If you’re renting, come up with some creative lease terms. Offer a lease option or something that you don’t normally do. If you’re selling, ask yourself what would make you want to buy the house. If you can’t see yourself buying the house, no one else will want to either. Remember the old adage, “it’s the sizzle that sells the steak.” Add some sizzle features to your
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Aldi opening new store in Greensboro<img src='http://assets.bizjournals.com/triad/news/post-aldi*100.jpg?v=1'>Greensboro is getting yet another grocery store.
Aldi, a Batavia, Ill.-based subsidiary of Germany's Aldi Group, plans to open a new store at 1507 New Garden Road sometime in 2013, according to a spokesman for the company.
Aldi bills itself as a super-discount chain with a no-frills approach and a limited selection of 1,400 items. The company already has 10 stores in the Triad located in Asheboro, Burlington, Greensboro, High Point, Kernersville, Lexington, Thomasville and Winston-Salem.
The new Aldi store comes at a time when the landscape among grocers in the Triad is becoming increasingly competitive...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=WzSKZ4vuCM0:2KscND_hJRg:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=WzSKZ4vuCM0:2KscND_hJRg:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=WzSKZ4vuCM0:2KscND_hJRg:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=WzSKZ4vuCM0:2KscND_hJRg:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=WzSKZ4vuCM0:2KscND_hJRg:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=WzSKZ4vuCM0:2KscND_hJRg:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>Lorillard donates $100,000 to Greensboro arts groupLorillard Tobacco Co. has donated $100,000 to the United Arts Council of Greater Greensboro?s annual Arts Fund campaign, which kicks off on Feb. 21,
Lorillard Chairman, President and Chief Executive Officer, Murray S. Kessler said in a statement that the company hopes "the increased support will encourage other businesses to recognize the incredible value the arts provide this community -- both for the quality of life our employees enjoy and for the vitality and economic impact the arts bring to our city...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=oW1cK0qO0H0:Oo-0MnUfzNA:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=oW1cK0qO0H0:Oo-0MnUfzNA:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=oW1cK0qO0H0:Oo-0MnUfzNA:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=oW1cK0qO0H0:Oo-0MnUfzNA:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=oW1cK0qO0H0:Oo-0MnUfzNA:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=oW1cK0qO0H0:Oo-0MnUfzNA:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>N.C. DOT awards $53 million in contracts for U.S. 29 Business, Wendover Ave. work The N.C. Department of Transportation has awarded nearly $53 million in contracts to widen U.S. 29 Business in Rockingham County and resurface bridges on Wendover Avenue in Guilford County.
A $50.7 million contract was awarded to W.C. English Inc. of Lynchburg, Va., to widen U.S. 29 Business/Freeway Drive from South Scales Street to N.C. 14 on the western side of Reidsville in Rockingham County.
The work can begin Feb. 27, with final completion set for Nov. 1.
A separate $2.2 million contract was awarded to Lanford Brothers Company Inc...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=DvAsn6M9xHg:Km8MueTSmIM:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=DvAsn6M9xHg:Km8MueTSmIM:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=DvAsn6M9xHg:Km8MueTSmIM:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=DvAsn6M9xHg:Km8MueTSmIM:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=DvAsn6M9xHg:Km8MueTSmIM:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=DvAsn6M9xHg:Km8MueTSmIM:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>Construction begins on downtown Greensboro restaurant, parking lotMomentum Development Partners of Raleigh has begun construction on its long-planned South Elm Street redevelopment project in Greensboro.
Ed Wolverton, president of Downtown Greensboro Inc, said the company has begun renovating a building that will become home to a new restaurant called The WORX and will soon begin work on a new parking lot at 120 Barnhardt St. The lot is expected to provide between 150 to 200 spaces.
?They have always planned to develop that land for parking,? Wolverton said...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=zQHvIkSGwN4:QVXmKyktfm4:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=zQHvIkSGwN4:QVXmKyktfm4:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=zQHvIkSGwN4:QVXmKyktfm4:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=zQHvIkSGwN4:QVXmKyktfm4:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_triad?i=zQHvIkSGwN4:QVXmKyktfm4:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_triad?a=zQHvIkSGwN4:QVXmKyktfm4:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_triad?d=qj6IDK7rITs" border="0"></img></a>
</div>Greensboro-High Point region ranks 63rd in job growth<img src='http://assets.bizjournals.com/triad/post-jobapplication*100.jpg?v=1'>Private-sector employment in the Greensboro-High Point region grew less than percent in 2011, according to a new review of U.S. Bureau of Labor Statistics data by On Numbers.
Of the nation's 100 largest metro areas, the Greensboro-High Point region ranked No. 63 in percentage growth for jobs. The Winston-Salem region was not included in that list.
The Greensboro metro area added 2,500 jobs during the year, increasing private-sector employment to 296,000 in 2011 from 293,500 in 2010.
While the Greensboro-High Point region saw 0...<div class="feedflare">
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property. Some of the simplest things will end up being the difference in selling the property or not. Put some nice cosmetic touches on the property. Maybe do some landscaping. The important thing is to be creative and differentiate your property from everyone else’s. If your building looks like every other building in town, why would they want to buy yours? Concentrate on adding value to the building and perceived value in the eyes of the customer. Another important thing to consider before an economic downturn catches you off-guard is diversification of your assets. The likelihood of every aspect of the real estate market declining is not likely. If no one can afford to buy a house, then there will have to be an abundance of rental property. Not many people are going to move out onto the street just because the interest rates are too high. They’ll find a place to rent. What does this mean to you the investor? Don’t put all your eggs in one basket. Make it your goal to own several different property types. The more real estate you own, the easier it should be to survive an economic downturn. Some properties may perform badly, but the better performing properties can pick up the slack. Just keep your options open. There are many ways for you to succeed with real estate. Don’t limit your options to only one avenue. The important thing to remember is that you can succeed in any real estate market. If you have business skills, the economy can not hold you back. Blaming success or failure on the economy is nothing more than an excuse. Yes, it may be more difficult during some periods to succeed. However, someone takes the same market and gets rich. It’s like the two shoe salesmen who were given an assignment to go to a remote part of the world on assignment. They were told to assess the potential of the shoe market in that country and report back to headquarters. Once they got there, they saw that everyone was walking around barefooted. The first salesman saw the people and got discouraged. He called headquarters and said, “This is awful. I’m coming home. Nobody wears shoes.” The second salesman saw the same thing and got excited. He quickly picked up the phone and called headquarters. “You’re not going to believe this…nobody over here has shoes! The possibilities are endless!” This story just goes to show how two people can look at the exact same thing and see two completely different things. It’s all in your perception. If everyone you know is talking about the bad real estate market, don’t listen. You can succeed on an individual basis. Keep your wits about you and make sound business decisions. If you do that, you will do well. Throughout any economic cycle, you must keep your eye on the goal. All of this unnecessary talk about a slumping real estate market serves no purpose other than to take your eye off the prize. Each one of us has a reason that we got into real estate investing in the first place. You must remember this “why” at all times. No matter what the obstacle, you will get past it. Napoleon once said, “I concentrate only on the objective. The obstacle must give way.” Although he probably wasn’t the best person in the history of the world, this is a valuable lesson. Remember this the next time you hear of an economic downturn. Tony Seruga, Yolanda Seruga and Yolanda Bishop of www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.
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Truberry building BIA Foundation house at 2012 Parade of Homes
<img src='http://assets.bizjournals.com/columbus/news/DAI-Truberry-Parade-Home*100.jpg?v=1'>Homebuilder Truberry Custom Homes LLC?s entry in the 2012 Building Industry Association of Central Ohio?s Parade of Homes will raise money for Nationwide Children?s Hospital and other charities.
The construction of the 3,800-square-foot, four-bedroom house as part of the Meadows at Lewis Center showcase marks the fifth time Truberry and its contractors have built the BIA Foundation home. Truberry President Scott Shively said the home features a great room off one side of the kitchen and a gathering room with a semi-private study on the other side...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=mv03BAoi7dU:yhMYp9cEoTo:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=mv03BAoi7dU:yhMYp9cEoTo:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=mv03BAoi7dU:yhMYp9cEoTo:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=mv03BAoi7dU:yhMYp9cEoTo:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=mv03BAoi7dU:yhMYp9cEoTo:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=mv03BAoi7dU:yhMYp9cEoTo:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=qj6IDK7rITs" border="0"></img></a>
</div>Kasich calls for balance on shale drilling in State of the State
<img src='http://assets.bizjournals.com/columbus/309-Kasich-John-10*100.jpg?v=1'>Gov. John Kasich repeated his call for a balance between developing Ohio?s shale gas resources and protecting the environment during his State of the State address Tuesday.
While stopping short of providing specifics on how to do that, Kasich said, ?We can?t degrade the environment at the same time we?re (developing) this industry.?
?Let?s take our time,? he said. ?Only 36 (shale gas) drills have been drilled, but it looks pretty good.?
Kasich also mentioned that MarkWest Energy of Denver has committed to build three processing plants in eastern Ohio to separate gases drawn from the state?s shale gas formations...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=jfe_dz-xzxw:AESxDUGqfRs:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=jfe_dz-xzxw:AESxDUGqfRs:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=jfe_dz-xzxw:AESxDUGqfRs:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=jfe_dz-xzxw:AESxDUGqfRs:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=jfe_dz-xzxw:AESxDUGqfRs:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=jfe_dz-xzxw:AESxDUGqfRs:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=qj6IDK7rITs" border="0"></img></a>
</div>State-run broadband network to get 10 times faster ? Kasich
The state will spend more than $10 million on upgrades that will increase speeds ten-fold on a state-run broadband network used by universities, schools governments and private businesses, Ohio Gov. John Kasich announced in Tuesday?s State of the State address.
The deal with Cisco Systems Inc. (NASDAQ: CSCO) and Juniper Networks Inc. (NYSE:JNPR) will open up more capacity on OARnet, a more than 1,800-mile fiber optic cable web across the state, increasing speeds to 100 gigabytes per second from the current 10 Gbps...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=fCmlrjEc6SE:_4gH094Mq9E:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=fCmlrjEc6SE:_4gH094Mq9E:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=fCmlrjEc6SE:_4gH094Mq9E:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=fCmlrjEc6SE:_4gH094Mq9E:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?i=fCmlrjEc6SE:_4gH094Mq9E:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_columbus?a=fCmlrjEc6SE:_4gH094Mq9E:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_columbus?d=qj6IDK7rITs" border="0"></img></a>
</div>Countdown: 10 best college values
<img src='http://assets.bizjournals.com/columbus/blog/TOL-value-public-colleges-10-texas*100.jpg?v=1'>Apparently Ohio?s college students aren?t getting much bang for their buck.
The Princeton Review and USA Today revealed their 10 best values among public and private colleges, and the Buckeye State is conspicuously absent from the list. Only Ohio State University made the organizations? larger list of 150 public and private universities.
Each year, the Princeton Review starts with a list of 650 public and private institutions that it determined had ?excellent academics? and uses academic, cost and financial aid data to narrow the field...<div class="feedflare">
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Arranging to make sure your assets pass to those who you want to have them after your death.
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