Jerod's wife Mary Mund paid us a visit to discuss how she markets property in the Near Southside. Her team primarily seeks young professionals, and young doctors. They place ads in the Ft. Worth Magazine, Ft. Worth Weekly, 360 West, Fort Worth Business Press, and the new Ft. Worth South. To save money they also focus online social media which saves them money. Mary & Co. are no strangers to putting in a little sweat equity posting fliers in and around hospitals. Marketing budgets on larger developments can range from $5k-$10k which in general is funded by the developer.
Cody Payne, Senior Associate with Dominus Commercial, was more than happy to discuss his experiences with leasing properties. He stated that landlords who do not take care of their properties in general can eventually find themselves with C non-performing properties. Payne stated that he's seen some properties sit dark for 5 years. The largest concession he seen given was for 13 months which was spread over the term. However this is not an unusual practice in today's market as smaller business start ups are not as prevalent. When questioned about the flexible space Cody Payne stated that it would be best used for office and retail as opposed to residential. Cody also stated that the property would require tenant improvement. Mary Mund said she would not feel comfortable/safe using the property for her personal residential use. She said there would be to many other people near her home and low privacy. I stated that the property would be more suited in a different city such as Austin.
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