Using Social Media to Grow Your Commercial Real Estate Business

Illinois commercial real estate attorneysGrowing a commercial real estate business is no easy task, and the more saturated the market gets, the more difficult promoting your business becomes. To stay in the competition, real estate investors are encouraged to utilize today’s more powerful marketing tool: social media. Learn more in the following sections, and discover how a commercial real estate attorney can help protect your business from the most commonly experienced issues in the market.

Why Use Social Media?

Social media use has grown exponentially over the last several years. It is where consumers connect with friends and family. It is also where they gain information regarding where they should spend and invest their money. On the one hand, this is a positive thing, as it gives consumers more choices, but it can also make it difficult for smaller, start-up businesses to attract the kind of attention they need to grow.

Social Media Strategies for Growing Your Business

While much of your social media strategy will be based on the clientele you are serving and the unique aspects of your business, one can turn to some of the most successful commercial real estate accounts to gain some insight on using social media in an effective way. For example, one New York agency uses a consistent theme; they focus on posting high-quality photos of businesses, people, and neighborhoods that are of interest to their consumers on Instagram. Theoretically (and most likely), this attracts new tenants to their buildings.

In other words, to develop a successful and tailored social media plan, you will want to first consider what may be most important to your clients. What are their needs, and how do you meet them? Then focus on using a strategy that pulls them in. Business owners are also discouraged from posting political views, rants, and other statuses that paint them in a negative light. It is also recommended that commercial real estate investors use memes, motivational quotes, and other content that is not related to their business sparingly.

How an Attorney Can Help You Grow Your Business

Social media can attract new clientele, but new clients are only a positive thing when you are adequately prepared. Furthermore, commercial real estate investors need quality protection from the common issues that arise in the industry, such as zoning problems and delays in development. It is in this area that Stock, Carlson, Oldfield & McGrath, LLC can assist. Dedicated and experienced, our Wheaton commercial real estate lawyers prioritize the growth and future of your commercial real estate business. Call 630-665-2500 and schedule your personalized consultation to get started today.

Source:

https://www.forbes.com/sites/forbesrealestatecouncil/2017/12/27/ten-tips-from-the-top-commercial-real-estate-accounts-on-instagram/#a0cffbc72052

Dealing with a Tenant’s Security Deposit Dispute

Illinois landlord-tenant dispute lawyersEven the most meticulous landlord can experience a security deposit dispute. Thankfully, diligence tends to pay off in such matters. Learn more about how a few basic steps can help you fight and potentially win against a tenant’s security deposit dispute, and discover how an experienced landlord-tenant dispute attorney can help.

Illinois’ Rules on Security Deposits

Illinois has certain requirements regarding the return of security deposits with which landlords must comply. First and foremost, deposits are supposed to be returned to tenants within 30 to 45 days after they have vacated the premises, depending on whether the tenant disputes any of the deductions that were made against their deposit. If the tenant leased a unit from a property with five or more units, the landlord must also supply the tenant with an itemized statement that explains what deductions have been made, and why.

Dealing with a Tenant Lawsuit

Landlords are highly encouraged to develop a fail-proof system for taking in and ending a contract with tenants. Before and after video photographs, a walk-through checklist (preferably done with the tenant present), receipts and copies of repair or cleaning estimates, and a log of any hours that were spent on cleaning or repairs can both reduce confusion for your tenants and protect you in the event of a lawsuit. Of course, even landlords who take these measures experience disputes over the non-return or partial return of a security deposit – often because they do not agree with all or a portion of the itemized deductions that were made.

Tenants will typically contact their landlord by phone, email, in person, or via postal service before filing a claim. Use this opportunity to try and diffuse the situation, if possible, and if you failed to meet the deadline on their return, do what you can to make it right. Going to small claims court is an inconvenience, and if your tenant wins, you could lose the entire deposit. You may also experience hefty penalties or be assessed for punitive damages if a judge determines that you acted in bad faith. For this reason, landlords are encouraged to contact an attorney if they have reason to believe their tenant may win a dispute; doing so could improve the outcome of the situation.

Contact Our DuPage County Landlord-Tenant Dispute Lawyers

While an attorney is not required in a landlord-tenant dispute, having one on your side can reduce the work and stress that you experience while dealing with a tenant’s security deposit dispute. Able to walk you through the steps you can take to protect yourself and your investment, the seasoned DuPage County landlord-tenant dispute lawyers at Stock, Carlson, Oldfield & McGrath, LLC are the ones to trust. Schedule your personalized consultation by calling 630-665-2500 today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2202&ChapterID=62

CRE Developers Continue to Experience Lending Troubles

Illinois commercial real estate lawyersTo make a commercial real estate development project a success, one needs capital. Sadly, it seems that lenders are still being stingy with commercial real estate developers. Learn more about the issues that CRE developers are facing in today’s lending market (and why), and discover how you can improve the outcome of your next CRE development project with a strategic approach and the assistance of a seasoned real estate attorney.

How CRE Trends and the Recession Have Influenced Lending

Since the Great Recession, banks have been less willing to take risks – especially large commercial ones – but there is more to the lending pull-back than the financial state of our country. Trends in the industry, supply and demand, and even the internet are changing how and to whom banks lend money.

Industry trends have always influenced lending decisions, but this time around, the trends are intertwined with supply and demand. Previous booms, particularly in multi-family structures, and decreased occupancy issues that have caused bankruptcy among developers and owners, are partly to blame. For example, apartment complexes have gone under and had to sell (or worse) because they simply did not have enough occupied units.

The internet, or more specifically, online retail markets, are also influencing CRE lending decisions. More people are shopping online these days, rather than in stores, so physical stores are going bankrupt and are forced to close. Because of this, retail stores – particularly those that lack an online presence – are struggling to obtain lending.

Overcoming the Obstacles in CRE Lending

Although it may not be easy to overcome the obstacles in CRE lending, it is possible – especially if you have a plan and the assistance of an experienced attorney. First, consider which markets are performing well right (industrial, built-to-suit projects and pre-leased office space, at the time of this writing). Is it possible for you to capitalize on these markets? When and how? Could the assistance of a strategist, someone that knows and understands the CRE market, help you take advantage of this opportunity? Is there an expert in the industry that you can turn to for advice? Consider all options and, once you are ready to move forward, contact an attorney.

How an Attorney Can Assist with the Process

At Stock, Carlson, Oldfield & McGrath, LLC, we work hard to ensure that our clients are leveraged for a successful CRE project. Dedicated and experienced, our Wheaton commercial real estate lawyers offer personalized assistance with everything from contract reviews to due diligence. Schedule your no-obligation consultation by calling 630-665-2500 today.

Source:

http://www.nreionline.com/lending/banks-remain-stingy-construction-dollars