Complimentary REDnews Webinar: Tuesday, April 7, 2020, 1 PM – 2 PM CST
Fed Stimulus – -The Boost We Needed?
Does Printing Money Mean Inflation?
COVID-19 and Stimulus Effect On Interest Rates
Where Are Cap Rates Headed?
Will This Be Another Jobless Recovery?
COVID-19 Effect On GDP in US and Globally
Dr. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine, and Business Week. Todd Phillips, CFO, RE Journals will moderate, bringing his experience with the commercial real estate to the table. Complimentary Registration.
This webinar is one of the 2020 National Series Webinars hosted by REDnews / RE Journals.
Late last week, Governor Greg Abbott announced that Texas is now included as part of the U.S. Small Business Administration’s Economic Injury Disaster declaration, allowing qualifying businesses in the state access to the loan program. SBA Public Information Officer for the Office of Disaster Assistance Susheel Kumar, whose district includes Texas, explained in an interview that the program allows for loans up to $2 million with interest rates for small businesses at 3.75 percent, while nonprofits are at 2.75 percent. Repayment plans can be up to 30 years, but the exact terms are decided case-by-case. The first payment for the loan doesn’t start until 12 months have elapsed, Kumar said. “The economic disruption has caused a strain on supply chains nationwide,” Kumar said. Kumar said that the SBA has received “significant volumes” of applications, but did not venture to estimate how many since he does not have the numbers yet. He also said there have been a number of loan approvals, as well. The term “small business” can mean a variety of things. Kumar said that often how the SBA determines which businesses are deemed “small” depends on a variety of factors, including the industry, amount of average annual receipts and number of employees, among other factors. The SBA’s definition for various industries can be found here. Click to read more at www.wfaa.com.
Hundreds of Houston real estate professionals gathered at the Briar Club on March 12 for the inaugural REDnews Awards, highlighting the best and brightest of our industry. You can check out the full list of finalists and winners on page 13, but the most significant award of the night went to John Walsh. We honored him with the Lifetime Achievement Award for his decades of service to the Houston community. “I really wasn’t surprised because John has not only been successful, but it’s so well-deserved,” said longtime friend Howard Tellepsen, CEO of Tellepsen Builders. He and Walsh go back 50 years when the two attended Lamar High School together. “He’s very understated. He’s very humble. I’m just so proud that he is receiving this lifetime achievement award,” Tellepsen said. “I saw these characteristics of John in high school.” The pair graduated in 1962, going their separate ways. Walsh attended the University of Texas for undergrad, then received his MBA from the University of Houston before helping form Exxon’s real estate subsidiary, Friendswood Development. Click to read more at www.rednews.com.
When it comes to building and sustaining your business, storytelling is a crucial aspect of successful prospecting. But in these narratives, you are not the hero — here to save the day for clients desperately in need of your superpowers. Rather, you want to position your potential new clients in the center of their stories, while you fulfill the role of an empathetic, authoritative, understanding guide capable of helping them achieve a happy ending. First, let’s define prospecting, a term that’s thrown around often to describe various networking activities. I used to think about it literally, imagining the old prospectors from the gold rush. But prospecting, simply put, is the act of finding and winning new business. Think of it this way: If you’re good at prospecting, you’re continuously filling your pipeline with new opportunities, increasing the sustainability of your business, and, to some extent, preparing to pick up market share when competition fades. If you’re not prospecting, the inverse is true. The next recession should scare you to death. You should wake up every morning with the realization that you are leaving money on the table.
Pitching Yourself: Your client has been cast as the hero and you’re the wise person to guide them to success, but let’s back up a moment. How can you pitch this movie to a potential client? After all, it’s no use to reframe this relationship unless you can engage with prospects. The value proposition is essential in building relationships and cultivating leads. Click to read more at www.ccim.com.
Even when business stops, the rent goes on. But with the unprecedented restrictions caused by the coronavirus, building tenants and their landlords are scrambling to deal with the new reality. Retail and commercial building tenants who have been forced to shut down are seeking relief from rent payments that still come due even when their doors are shut. “It’s not just restaurants — there are a lot of businesses that aren’t prepared to go two months without income,” said Tom Lynn, chairman of Dallas commercial property firm NAI Robert Lynn Co. “The companies that haven’t been able to access their properties and run their businesses are calling us to see if they can get some relief.” Even a landlord willing to cut his tenants some slack faces obstacles, Lynn said. His loan agreements may preclude free rent. Plus, some leases in retail buildings can be voided if a large percentage of the tenants in the project close down or pull out. Click to read more at www.dallasnews.com.
Austin tenants affected financially by the COVID-19 pandemic have 60 days to come up with owed rent once a landlord starts threatening eviction. With a unanimous vote Thursday, council members approved an ordinance adding another step to the eviction process, thereby slowing a potential force-out of tenants unable to pay rent because their wages have dried up. It goes into effect immediately and applies to both residential and commercial properties. “No one should lose their home during the pandemic,” Council Member Greg Casar, who brought the item forward, said. “It’s wrong and it’s also terrible for public health.” There had been confusion on behalf of renters and landlords about how to move forward amid staggering unemployment. Some landlords have begun offering payment plans to those affected by the coronavirus, while others have reiterated that rent is due in full. Before council’s vote, landlords could still file evictions against tenants, although Travis County judges are not hearing these cases. Judges have suspended eviction hearings until at least May 9. The new rule buys renters time by adding a step to the eviction process, which typically begins when a landlord posts a “notice to vacate” sign on a tenant’s door. This indicates the intent to file an eviction with the courts within days unless the tenant pays rent or moves out. Click to read more at www.kut.org.