Research, due diligence, communication and relationship development – all crucial aspects that drive what engineers do on a daily basis. How can that relate to commercial real estate? A panel of engineers came to our May NextGen session to speak on the importance of details and communication across all industries. Panelists included: Adam Artz (Pinnacle Engineering Group); James Hansen (GRAEF); John Kastner (Vierbicher); Travis Peterson (Kapur & Associates, Inc.); Ken Wein (Key Engineering Group). Each panelist provided a unique perspective on how our NextGenR’s can use an engineer’s detail-oriented mindset for their benefit.
- Due diligence is crucial. Determine any restrictions or complications – cost or structural problems – on a site early on.
- Be relationship-driven. Know what the client truly wants, and cross-check details with municipalities.
- Environment is important! Don’t let environmental issues be the downfall for the client. Do the research, and don’t get them into a bad deal!
- More research. Why has a certain site not worked out in the past? Why has no one purchased it yet? Find out, and inform the client upfront.
- The in’s and out’s. Learn and understand municipal zoning, and get a 20-year plan if you have an idea for a development.
- Ask questions. Every question has relevancy.
Panelists discussed the future of engineering and commercial real estate predicting that (1) technology will create global opportunities for the Milwaukee market and (2) the changes in environmental regulations from the DNR will continue and vary depending on the leadership of the State. The panelists encouraged participants to grow their knowledge in the engineering side of commercial real estate by doing a few simple things, such as: call early and often, be versatile and have various mentors, and use them as resources.