On Wednesday, February 10th CARW hosted the Next Gen Developer Session. Tim Gokhman with New Land Enterprises, Tom Irgens with Irgens and Erica Nicole Harris with WisPark joined the NextGens to discuss development. All three developers brought insights from their various backgrounds and experiences.
Here are a number of takeaways:
- Value is created in your ability to lease your projects. The value of collateral is directly tied to your revenue stream.
- Sometimes the most menial tasks are most important. Take the time to clean up, prepare for showings, make spaces look the best they can.
- All three developers got into development by participating in a variety of channels that flow directly into development including project management, leasing etc.
- Innovation or being the first to market can be painful, but stick with it.
- Don’t burn bridges, you never know whom, how, when you may cross paths with someone again. Milwaukee is a small business community!
- Buck the Milwaukee mentality, think big, be confident in your business plan. Milwaukee is a conservative market and slightly unusual in the way that so many people grew up in the area and are still here. Sometime it hinders growth.
- People often make assumption without asking the stake holders what the expectations are. Make sure to manage those expectations.
- Choosing the correct bank often depends on the project. It is super important to establish a relationship with a bank. When the 2008 market crashed, those relationships became invaluable. Even if the term you reach may not be exactly what you want, be prepared to get creative and understand the strength of your business relationships.
- Advice – be a subject matter expert, position yourself to provide information to the people you are looking to work with.
- Industrial is currently winning in the pandemic. We are seeing the expedition of things that would’ve occurred anyway in 5-7 years.