Category: Real Estate Investment

Poor experiences with previous brokers can leave potential buyers feeling hesitant about entering into a Buyer’s Brokerage Agreement with yet another commercial real estate firm. This apprehension leads to less business and opportunities for both buyers and sellers.

A written Buyer’s Representation agreement fixes this problem, by giving both the broker and the buyer incentive to work hard as it is mutually beneficial.

Benefits to the Buyers of Commercial Real Property

1. The Buyer is not bound or obligated to purchase anything.
2. The agreement is for a specified period time and often times covers only properties identified by the broker.
3. The Buyer can negotiate to have the firm seek compensation from the seller only and not from you as the buyer.
4. The buyer can also negotiate to have the firm not have any recourse against you for any unpaid commissions.
5. The Buyers Brokerage Agreement can be terminated at any time.
6. It establishes who will pay for any fees and/or commissions if a deal is consummated and can offer recourse to collect fees/commissions from the appropriate parties.
7. The Broker is incentivized to “work hard” on the clients’ behalf; a broker’s time is worth as much as any other type of consultant (i.e. attorneys, accountants, architects, etc.); it adds a layer of accountability.
8. The business relationship established by executing a Buyers Brokerage Agreement gives the Buyer/Client access to information she or he could not obtain on their own.
9. It reduces the likelihood of being misled and/or misinformed by the seller’s agent.
10. It can ultimately save the Buyer/Client valuable time and resources by having a Broker do the property search and market research for them.

The benefits of a written Buyer’s Representation allow Buyers to exercise their full potential while being assured their partners will do their part. Sellers have representation to protect their interests and Buyers should have the same.

Kris Miller, President of Ackerman & Co., spoke to a packed room of industry professionals last night at The Atlanta Commercial Board of Realtors’ 56th Million Dollar Club Banquet. “We are here to honor the best commercial board in the country,” he said. The Atlanta Commercial Board of REALTORS® is one of the largest commercial in the nation with more than 2,200 members. The 2013 Club produced some $17 Billion in commercial real estate transactions.

Ackerman applauds all Million Dollar Club award winners and proudly recognizes its own for their outstanding achievements. Each of the following Ackerman brokers have generated in excess of three million dollars or more in commercial real estate sales and leasing activity last year.

Kevin Ehringer $10-15 Million
Kevin Hermetz $5-10 Million		Sean Patrick $5-10 Million
Frank Farrell $3-5 Million

Ackerman & Co. prides itself on having some of the most reputable, hard-at-work brokers in the business. Today we’re checking in with Ben Campbell and Troy Morris. They are two of our newest (and youngest) brokers and they seem to have a lot more in common:

• both have successful uncles in the business
• both have dreams of developing and revitalizing the part of Atlanta in which they grew up
• both enjoy shooting hoops

For Ben, family was one of the biggest influences in his decision to go into commercial real estate.  His uncle, Tom Kirbo, is President of SK Commercial Real Estate and his cousin, Shea Campbell, is an Associate with CBRE’s Multi-Housing Private Client Group.  Seeing their success, the long-time Cabbagetown resident, struck out, determined to make a name for himself.

Ben joined Ackerman because of its stellar team of land brokers, namely John Speros and Larry Wood.  “I’ve only been here a couple of months and have learned so much already,” he says. When asked what he felt was most rewarding so far, Ben tells us “I’m loving meeting new people, learning about the art of the deal and pitching to potential clients.” The budding developer is looking forward to changing communities and improving the lives of the people in those communities, and making his mother proud in the process.

Equally committed to improving his community, Troy Morris dreams of redeveloping East Point, where he grew up. This self-motivator believes perseverance and consistency will be key to his success. Troy’s interest in commercial real estate started early; his family has owned and managed Glenn-Mor, the first African-American nursing home in Thomasville, Georgia since 1969. He spent many summers marketing the property to increase vacancy and of course, did his share of maintenance work.

At Ackerman, Troy focuses on tenant rep. “I’m currently working with an Atlanta non-profit group and helping a major fast food restaurant chain with their retail needs.” Since joining the company six months ago, Troy facilitated a deal to move a Nationwide Insurance branch to a new space in Peachtree Hills.

FUN FACTS:

• The basketball enthusiasts are planning a one-on-one challenge at Candler Park in July
•  Troy, a huge soccer fan, is gearing up for the 2014 FIFA World Cup (Go Team USA!)
• Ben, a.k.a. the outdoors guy, enjoys fishing

Ben and Troy are just two examples of young, ambitious brokers at Ackerman. We are proud to offer an environment where commercial real estate brokers can grow and prosper. If you’re interested in joining our team, check our Careers page periodically for openings.

President of Atlanta-based Ackerman & Co., Kris Miller sets the strategic direction for the firm’s investment, management and leasing initiatives. Miller joined the firm in 1996, and during his tenure, Ackerman & Co. has experienced significant growth and has solidified its reputation as one of the most prominent real estate firms in the Southeastern United States.

In this Four on Friday, Hartman Simons got a chance to chat with Miller about the state of the Atlanta commercial real estate market and his career in the industry.

Give us a brief overview of the services offered by Ackerman & Co.

Ackerman is a full-service commercial real estate company. We represent tenants seeking space, landlords renting space, and manage owned and third-party space. We also buy, sell and develop commercial real estate properties.

What is your take on how the Atlanta commercial real estate market has recovered from the Great Recession? 

The recovery of the Atlanta commercial real estate market from the recession of 2008 has been gradual. Positive absorption of industrial space began in 2011, followed by the positive absorption of office space a year later. In both cases, those markets had endured net negative absorption for a longer period than any time in Atlanta’s history. The recovery now seems to be gaining momentum and spreading from the submarkets where it began to a metro-wide phenomenon.

What is it about commercial real estate that makes it such a satisfying career for you?

Commercial real estate is satisfying because the effort of your labor is tangible: you can touch it, see it, visit it, and explain to friends and colleagues what you do for a living.

If you could give one piece of advice to someone just beginning his or her commercial real estate career, what would it be?

Get experience as a tenant broker. All the value in commercial real estate is created when a broker brings a tenant to a landlord and a lease is signed. The better you understand this process, the more successful you will be in this business.