With restaurants across the country closing their doors this spring to dine-in operations due to COVID-19, many have been essentially operating as “ghost kitchens” – facilities that contain the necessary kitchen equipment to facilitate off-site food preparation and cooking solely for on-demand food delivery. A recent Commercial Market Insights Report published by NAR examines how restaurants have pursued this path as a means to manage the demand for delivery services, increase efficiency, and reduce rent and labor costs. Read the full report.
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Source: “Commercial Market Insights“
Archives for June 2020
10 Ways Landlords Can Help Restaurant Tenants Survive Reopening
Rent relief is only one measure that can help restaurants stay afloat while facing caps on occupancy. Here are some others.
As various states continue to ease their lockdown restrictions and restaurants reopen in-house dining, they are beginning to grapple with social distancing requirements and jittery costumers. While the ability to serve diners in-house will certainly be an improvement over relying exclusively on takeout and delivery options, operating at half or a quarter of regular capacity will still make it impossible for restaurant operators to turn a profit. In fact, some businesses are opting to remain closed even in states and municipalities where they have officially been allowed to reopen because they see no point in operating at a loss.
Yet for landlords eager to see their tenants succeed and drive shopper traffic to their centers, helping restaurant operators navigate reopening can be critical. So, in addition to some solutions we covered in a previous article, NREI asked readers for recommendations on how landlords can help restaurant tenants shore up their bottom lines. Here are some measures that are being implemented and recommended by various market experts.
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Source: “10 Ways Landlords Can Help Restaurant Tenants Survive Reopening“
How to Find Commercial Comps Using RPR
Commercial practitioners need access to commercial property details, history and data to give their clients the best guidance possible. Finding comparable properties gives you an idea of a property’s current market value, which is a vital part of creating a Broker Opinion of Value (BOV) also known as a Broker Price Opinion (BPO), which helps guide a purchase or listing price decision.
However, getting this done on the commercial side of real estate has always been a little tricky. Commercial comparables have typically been pieced together by visiting various public record websites and/or paying a vendor to collect data and have it packaged up for you to extrapolate and organize. Thankfully, things have gotten much more streamlined and RPR makes it easier than ever.
However, getting this done on the commercial side of real estate has always been a little tricky. Commercial comparables have typically been pieced together by visiting various public record websites and/or paying a vendor to collect data and have it packaged up for you to extrapolate and organize. Thankfully, things have gotten much more streamlined and RPR makes it easier than ever.
A Step-by-Step on Using RPR to Pull Commercial Comps
Thanks to partnerships with Brevitas and CREXi, as well as agreements with CIEs, CMLSs, MLSs and TotalCommercial.com, REALTORS® using RPR can search more than 450,000 listings across the country, which includes non-REALTOR® and REALTOR® represented listings.
Perhaps even more impressive and directly connected to commercial comps, is the 55 million off-market properties that are also available, allowing you to look for similar properties to your subject that have recently sold, or are currently listed across the entire nation. Here’s a step-by-step on how it’s done…
Perhaps even more impressive and directly connected to commercial comps, is the 55 million off-market properties that are also available, allowing you to look for similar properties to your subject that have recently sold, or are currently listed across the entire nation. Here’s a step-by-step on how it’s done…
- Begin by visiting RPR at narrpr.com/commercial
- Choose the Go to Search button
- Now select All Properties
- Enter an area to begin searching for comparable properties:
- County
- City
- Zip Code
- Neighborhood
- Select the Property Types you would like to include in your search results:
- Commercial
- Healthcare
- Hotel/Motel
- Multifamily
- Industrial
- Office
- Land
- Restaurant/Bar
- Retail
- Shopping Center
- Special Purpose
- If you are looking for on-market comps or current asking lease rates, consider using the Advanced search to refine by:
- Property status
- Building size
- Lot size
- Units
- Year built
- If you are looking for recently sold comps use the advanced search and plug in the time period you want using the “Within” filter.
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- You can capture your comps in a list by clicking “Print this page” and create a PDF to email or create a hard copy for your client.
Tip: Print this page literally prints whats on the page. So if you want to print more than 10 and up to 100 properties you can use the Show results dropdown.
- View more details about a specific property by selecting its street address, and dive into the details.
Using RPR to gather commercial comp data is a no-brainer. Not just because it’s a rich source of data and property history information, but also because as a REALTOR®, there’s no additional cost to use it.
5 Simple Steps for Searching Properties in RPR Commercial
Adjusting to life during the coronavirus crisis is affecting us all. It has also introduced many new “-ings”: “sheltering”, “distancing” and “flattening”. At RPR, we think it’s an opportune time to include “search-ing.”
As in, searching for commercial properties in RPR. Using RPR search is your first step in discovering all that RPR Commercial has to offer. It’s time to look at the glass half full and use this newfound work at home time to get in and discover this incredibly useful function.
Thanks to partnerships with Brevitas and CREXi, as well as agreements with CIEs, CMLSs, MLSs and TotalCommercial.com, REALTORS® can search more than 450,000 listings across the country, which includes non-REALTOR® and REALTOR® represented listings. 55 million off-market properties are also available, so you can gather intel and drill down to prospects and investment opportunities.
It all starts with these 5 easy steps… let’s get started:
As in, searching for commercial properties in RPR. Using RPR search is your first step in discovering all that RPR Commercial has to offer. It’s time to look at the glass half full and use this newfound work at home time to get in and discover this incredibly useful function.
Thanks to partnerships with Brevitas and CREXi, as well as agreements with CIEs, CMLSs, MLSs and TotalCommercial.com, REALTORS® can search more than 450,000 listings across the country, which includes non-REALTOR® and REALTOR® represented listings. 55 million off-market properties are also available, so you can gather intel and drill down to prospects and investment opportunities.
It all starts with these 5 easy steps… let’s get started:
1. Visit RPR Commercial
2. Select the button Go to Search to access the three basic search types:
- All Properties
- For Sale
- For Lease
3. Depending on your selection enter an address, city, zip, county or neighborhood.
4. To enter additional search attributes, select Advanced.
5. Select the yellow search button to run your search.
