February 29, 2008 -
Long Island
Do you have any advice for individuals just starting in their career in the commercial real estate industry?
One of the things I like most about the real estate industry is the sense of camaraderie and professionalism among its practitioners. Unlike litigation, which by its very nature is adversarial, much of what I do involves discussion, negotiation, and the give and take between professionals advocating the best position for their clients. The
longer you practice, the more you can anticipate what your adversary's position will be, and the better able you are to gauge what is a reasonable request or not. My advice to newcomers in the field would be to act like a sponge - really listen to and absorb both sides of the argument. Being able to anticipate responses and/or requests goes a long way to cutting down the amount of needless negotiation, cutting to the heart of the matter, and helping to keep the cost to the client low. Of course, this does not mean we always give in before being asked for something; knowing when to stand firm is critical. This knowledge comes from both listening to your client and anticipating their needs.
Cindy Hamada is a senior associate for Moritt Hock Hamroff & Horowitz LLP, Garden City, N.Y.