December 8th, 2011
This week’s perspective is provided by Mike Sullivan:
We’re busy. This past week alone we were able to get one off-market deal under contract and another exclusive listing under letter of intent. Combine those two with a few other deals we have had under contract for a brief time and the first quarter should see a few closings. The pipeline is fairly full as well. I share these updates simply to let you know that we are a microcosm of the greater investment market.
Some of the deals we have under contract or letter of intent have been in the works for several months. Still others have been in the works for over a year. Deals take time. They seem to be taking longer these days. And as all we all know time is generally not kind to deals. We continually encourage our sellers to push the deal process as fast as reasonably possible to eliminate any potential pitfalls.
As gloomy as the market seems to appear lately, deals are getting done. I read in the most recent edition of Real Estate Forum that despite the common sentiment that what momentum we gained in the first few quarters has been stalled, deal flow is not all that bad. Granted, it’s not like it was several years ago. But a slow, steady increase has occurred and is showing some signs of continuing.
I chuckled as I read another article where a broker was quoted as saying it’s not as easy to make money in the investment business like it was in the glory days. I think most of us can agree to that. But all we can do is focus on our clients, identify opportunities that investors are seeking, and continue to keep a positive attitude. Heck, even Kirk Herbstreit of ESPN said the same thing when asked about a certain football player – people who put their head down and do the right things generally end up in a good place.