What Are The Challenges Of Commercial Real Estate? – Melissa Mann
On this episode of The Closing Table, we sat down with Melissa Mann!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Melissa Mann…
The conversation began with Melissa sharing her personal life, she is not just a real estate professional; she’s a dedicated mom to two young children and the wife of a firefighter. Family is incredibly important to her, and she cherishes spending quality time with her loved ones. Melissa and her husband share a passion for fitness and a healthy lifestyle, driven in part by her background in nutrition. She views working out as both a physical and emotional outlet. Alongside her active lifestyle, Melissa also finds joy in baking, watching movies, and immersing herself in the magic of Fall and Christmas, which are her favorite times of the year.
Transitioning into her professional life, Melissa delves into her real estate business. She currently works with Marcus & Millichap, specializing in handling industrial office assets. Melissa’s journey in real estate began in 2018 when she obtained her license. However, in 2019, she briefly stepped back from the industry to prioritize spending more time with her daughter. Last year, Melissa’s involvement in commercial deals started to grow significantly, leading her to return to Marcus & Millichap as an associate in January 2023. Now, she has shifted her focus entirely to commercial real estate, leaving the residential sector behind.
Discussing her current market, Melissa’s work spans across various locations. While she used to concentrate her efforts in Oakland County, she has also been involved in projects in Genesee and Macomb. However, her affiliation with Marcus & Millichap has broadened her horizons as the firm operates nationally, with a presence in all 50 states and Canada. Currently, her team is heavily invested in the Lansing area, where they are pursuing three promising value add opportunities in downtown Lansing and Okemos, with an additional listing soon to be auctioned in Maumee, Ohio. The range of deals Melissa and her team are working on varies from $500,000 to well over $20 million, reflecting their diverse portfolio in the industrial and office sectors.
Her workdays in real estate are dynamic and ever-changing, reflecting the evolving nature of the industry and the current market conditions. She acknowledges that real estate today differs significantly from the past, with heightened skepticism among clients, especially investors who seek reassurance when dealing with their most substantial assets. To address these concerns, Melissa remains deeply involved in financial analysis and transactional aspects. Her typical workday kicks off with email responses, phone calls, and diligent follow-ups.
Melissa also emphasizes the crucial role of prospecting, highlighting the need to establish connections and build relationships in the field. Her time is often dedicated to database management, helping her better understand market dynamics and tailor her services to meet her clients’ unique needs. In addition to client interactions and prospecting, her days are filled with project management, financial analysis, market reports, and strategic planning. In the ever-evolving world of real estate, Melissa thrives on the constant change and the challenges it brings.
Reflecting on her early experiences, Melissa discusses some valuable lessons she learned from her initial transactions. One significant takeaway was the recognition that real estate transactions are emotionally charged for clients. She discovered the importance of managing these emotions effectively, understanding that clients are navigating significant financial decisions. This insight prompted her to focus on providing the best possible guidance, offering advice, and helping clients achieve their goals. Her early experiences allowed her to gain a deeper understanding of the potential obstacles that can arise during transactions and the importance of navigating them with finesse.
Melissa leverages the robust tools and resources provided by Marcus & Millichap to enhance her clients’ success. She highlights the power of the Marcus & Millichap platform, known as MM Web, which serves as a nationwide internal MLS system. With over 2,000 agents in their firm, it acts as a powerful network, allowing listings to reach a vast audience within the company. The platform also includes a database of 1031 exchange buyers, directly benefiting her clients by connecting them with potential buyers quickly and efficiently. By utilizing MM Web, Melissa ensures that her clients’ properties are effectively marketed, maximizing their profitability. In the commercial real estate world where comparable sales are scarce, MM Web serves as an invaluable resource, resembling the MLS for residential real estate, facilitating smoother transactions and better results for clients.
In Melissa’s perspective, the real estate industry presents numerous challenges, with the current economic climate being a prominent concern. Uncertainty regarding factors such as interest rates and soaring prices has made investors cautious and hesitant to take action. Melissa finds herself frequently addressing these concerns by educating investors, managing their expectations, and aiding them in making informed decisions. Another persistent challenge she highlights is prospecting and lead generation, which is an essential aspect of the competitive industry. While recognizing the necessity of these activities, Melissa admits her aversion to cold calling, preferring to build relationships and secure business through repeat clients and referrals.
Melissa’s proficiency in income and expense analysis, market studies, and property acquisition proves invaluable in her line of work. She describes how she leverages these skills by proactively gathering data from sellers and meticulously analyzing the information. Each commercial property is unique, and her ability to scrutinize details and project potential earnings plays a pivotal role in assisting her clients. Market knowledge, extensive networks, and an understanding of the industry dynamics all converge to support her in this process.
The conversation wraps up with Melissa reflecting on her career’s lessons, she emphasizes the continuous learning inherent in the real estate profession, especially in the current market’s challenging conditions. She underscores the importance of hard work, growth, and perseverance, acknowledging that success in real estate requires dedication. Looking to the future, Melissa aims to enhance her knowledge and network further by pursuing education, certifications, and her master’s degree. She recognizes the competitive nature of the industry, particularly in commercial real estate, where agents with advanced degrees and certifications are prevalent.
For aspiring agents venturing into commercial real estate, Melissa’s advice centers around seeking a knowledgeable mentor. Drawing from her own experience working with a mentor since 2017 in various roles, she attests to the immense value mentors provide. The complexity of the field and the vast amount to learn make having a mentor an invaluable resource, offering guidance and expertise that can significantly accelerate one’s career growth and success.
Check out Melissa Mann:
Facebook: https://www.facebook.com/melissa.danielle.1401
Facebook Business Page: https://www.facebook.com/melissmannrealestate/
Instagram: https://www.instagram.com/mel.d.mann/
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