Questions people ask me.

In most commercial leases, the landlord pays the tenant's broker out of the leasing commission. I walk you through how it works on your deal before you sign anything.

It depends on how long you'll stay, how much cash you want tied up and where the business is headed. If you'll be in the space five years or more and can carry the down payment, buying can build equity a lease never will. I run both sets of numbers with you.

You introduce me to your client face to face or on Zoom, with a signed referral agreement in place. I take care of the client and keep you informed the whole way. Residential needs always come back to you. I explain the terms on a call.

In a triple net (NNN) lease, you pay base rent plus your share of the building's property taxes, insurance and common-area maintenance. Those NNN expenses can add a lot to the monthly cost, so I show you both numbers when we compare spaces.

An industrial tenant representative advises a company searching for warehouse, manufacturing, distribution or flex space. The broker helps define the requirement, identify properties, evaluate alternatives, analyze lease economics, negotiate the LOI and coordinate the transaction through lease execution. More on this: Industrial Leasing in Austin →

The appropriate timeline depends on the size and complexity of the requirement. A relatively simple existing space may require several months. Large facilities, specialized manufacturing requirements or significant tenant improvements can require substantially longer. Starting early generally creates more alternatives and negotiating leverage. More on this: Industrial Leasing in Austin →

The expense categories themselves may be standard for a property, but lease provisions governing administration, controllable expenses, capital expenditures and other pass-through costs can sometimes be negotiated. More on this: Industrial Leasing in Austin →

Often, yes. The amount of negotiating flexibility depends on market conditions, vacancy, competing properties, lease term, tenant credit, required improvements and the landlord's objectives. More on this: Industrial Leasing in Austin →

A tenant improvement allowance is money a landlord agrees to contribute toward approved improvements to the leased premises. The amount and structure are negotiated as part of the overall lease economics. More on this: Industrial Leasing in Austin →

Ideally, early enough that relocation remains a credible alternative. Tenants that wait until shortly before expiration may lose negotiating leverage because the landlord understands that moving has become difficult. More on this: Industrial Leasing in Austin →

Compare the cost of carrying extra area with the probability and timing of needing it. Ask a designer whether the initial layout can adapt and evaluate any practical expansion alternatives. More area can add rent, expenses and buildout costs before it produces operating value. The right choice depends on the growth plan and the flexibility available in the specific property. More on this: Austin Retail Tenant Representation →

Possession generally concerns access or delivery of the premises, while rent commencement identifies when a payment obligation begins under the agreement. They may be tied to different conditions. Have the documents reviewed against the construction and opening plan, and identify which expenses are payable during any concession or preparation period. The business needs a schedule showing when cash is required. More on this: Austin Retail Tenant Representation →

A sublease can provide useful existing improvements or a shorter occupancy period, but it introduces another party and another set of documents. Evaluate the remaining term, delivery condition, equipment arrangements and the relationship between the sublease and underlying lease. Have counsel confirm what approvals and protections the proposed arrangement requires. More on this: Austin Retail Tenant Representation →

A buyer is not required to use a broker, but experienced representation can help with property sourcing, valuation, market intelligence, negotiation, diligence coordination, and transaction strategy. Industrial transactions in particular involve physical and operational characteristics that may materially affect value. More on this: Industrial Acquisitions in Austin →

Yes. The down payment is only one capital requirement. Ownership also involves transaction costs, reserves, repairs and any work needed for occupancy. Compare those commitments with the business capital you would retain by leasing. The decision should reflect the full ownership plan and the operating company’s resources, not just whether initial financing appears available. More on this: Buy Retail Property in Austin →

Value depends on the property’s physical characteristics, location, zoning, condition, tenancy, income, land, and likely buyer pool. A useful valuation should explain the range of outcomes and the assumptions behind them rather than provide a single unsupported number. More on this: Industrial Dispositions in Austin →

Commission terms are established in the listing or representation agreement and may vary by transaction. They should be discussed clearly at the beginning of the engagement, including how cooperating brokers are handled. More on this: Industrial Dispositions in Austin →

A sale-leaseback occurs when a company sells a property it occupies and simultaneously leases the property from the buyer. The company receives capital from the sale while continuing its operations, and the investor receives a newly created income stream. More on this: Industrial Real Estate Investments in Austin & Central Texas →

Yes. A sale-leaseback can allow the business to continue operating in the property after the sale. The sale price and lease terms must be structured together so the transaction supports the owner’s liquidity goals without creating an unsustainable occupancy obligation. More on this: Industrial Dispositions in Austin →

Yes. A controlled campaign can limit public exposure and focus on qualified buyers. The process may use nondisclosure agreements, restricted materials, and direct outreach. Confidentiality should be balanced against the need to create adequate competition. More on this: Industrial Dispositions in Austin →

No. Debt service, capital spending, reserves and other ownership requirements can reduce distributable cash. Projected NOI may also depend on future leasing. Examine the full cash-flow model and distinguish the property's operating performance from the amount the owner can responsibly withdraw. More on this: Austin Retail Investment Advisory →

A lease label does not establish every owner responsibility or remove the need to monitor the asset. Review the actual obligations, condition and future lease events. A property may require less day-to-day involvement than another while still presenting significant capital or re-leasing decisions. Evaluate the work you would actually own rather than relying on a general description. More on this: Austin Retail Investment Advisory →

Both are useful, but neither should be used alone. Price per unit helps compare basis while cap rate connects price to income. Sustainable NOI, physical condition and future capital requirements determine whether either metric is meaningful. More on this: Austin Multifamily Acquisitions →

Section 1031 of the Internal Revenue Code can allow a taxpayer to defer recognition of gain when qualifying real property held for investment or productive use in a trade or business is exchanged for qualifying like-kind real property that will also be held for investment or productive use in a trade or business. The transaction must satisfy applicable tax rules and should be structured with a qualified intermediary, CPA and legal advisor. More on this: 1031 Exchange Advisory in Austin & Central Texas →

In a typical deferred exchange, replacement property generally must be identified within 45 days after transfer of the relinquished property. The identification rules are technical, so the actual identification should be coordinated with the qualified intermediary and tax or legal advisors. More on this: 1031 Exchange Advisory in Austin & Central Texas →

Deferred exchanges are commonly structured through an independent qualified intermediary or another arrangement that satisfies the applicable rules. The intermediary should be selected before the relinquished property closes. Investors should obtain tax and legal guidance on the appropriate structure. More on this: 1031 Exchange Advisory in Austin & Central Texas →

Investment land may qualify when the applicable requirements are satisfied and the holding purpose is appropriate. Because facts and intent matter, the investor should confirm qualification with tax and legal advisors before relying on exchange treatment. More on this: 1031 Exchange Advisory in Austin & Central Texas →

That is an investment and tax decision that should be evaluated with your advisors. Tax deferral can be valuable, but buying a weak property solely to preserve an exchange may create larger long-term costs. The replacement asset should be evaluated on its own investment merits. More on this: 1031 Exchange Advisory in Austin & Central Texas →

Sometimes, but not automatically. Entitlements, utility commitments, subdivision work, access approvals or a development plan can reduce uncertainty and expand the buyer pool. They can also require meaningful money and time, and a seller may be solving problems that a sophisticated developer is better equipped to handle. The relevant question is whether the incremental increase in expected sale proceeds is likely to exceed the cost, delay and execution risk required to create that certainty. More on this: Industrial Land in Austin →

Gross acreage is the total land area. Usable acreage is the portion that can realistically support the proposed development after considering floodplain, drainage, detention, easements, rights-of-way, setbacks, slopes, utility areas and other constraints. Buyers should also distinguish usable acreage from actual building yield because parking, truck courts, fire lanes and loading areas consume additional site area. More on this: Industrial Land in Austin →

It can make sense when the contract price and terms compensate for entitlement risk. Diligence, extensions, contingencies and closing conditions should reflect the uncertainty. More on this: Austin Multifamily Development & Site Selection →

Yes. Preliminary market, density and residual-value analysis can help compare multifamily with other potential uses and identify the likely buyer universe. More on this: Austin Multifamily Development & Site Selection →