First Commercial Deal As Agent- HELP
Hello everyone,

I am an agent at a boutique residential firm in a large TX market but I have a background in CRE (RE degree, CRE appraiser 1yr, CRE retail investment sales analyst 1yr) and I have my first CRE client that  I have the opportunity to work for. I have kind of branded myself as the CRE guy at my firm even though I am just starting out in sales and have not completed a transaction of any kind besides a couple of home leases. I am very eager to break into CRE as an agent but now that I have my first deal coming to me I feel I am in over my head since I don't have anyone to really coach me through this within my firm.

I was hoping you guys could give me some pointers, a walkthrough, checklist, resources on this, or advice on how to handle this client and make sure I do a great job for him.

I appreciate any responses you all are willing to provide!
[{"id": "fs59502", "text": "Knowing the zoning, and what type of business can be there is a key one.", "replies": [], "depth": 1}, {"id": "fs59q4y", "text": "Whats the property type? Your checklist is gonna look way different depending...", "replies": [], "depth": 1}, {"id": "fs5ny69", "text": "Can\u2019t do a lot without details", "replies": [], "depth": 1}, {"id": "fs5xc5k", "text": "I can add some details as well since I was a little vague. \n\nA buyer with a budget of $500k-1MM looking for a retail fast food or drugstore at around a 7% cap. I think I found something that might work well for him but am unsure of how to go about vetting, getting his end and my end lined up, presenting my client or calling about a listing. \n\nVery rookie stuff here but I'm eager to learn so throw the book at me if you have to.", "replies": [{"id": "fs5xgqw", "text": "&gt;I added some details in a comment, I realize how vague that was.\n\nu/sektrONE, u/tpm319, u/whitejp4", "replies": [{"id": "fs79gty", "text": "Lease term, what entity is guaranteeing the lease and the financials of that entity.\n\nPlenty of other stuff too but those are three things that will save your client if everything goes belly up", "replies": [], "depth": 3}], "depth": 2}, {"id": "fs61aol", "text": "Is he looking at buying a property that is already leased?\n\nIf the business is already on and operational, it will be more about that, cash flow and the lease than anything else (1 year remaining, vs 9 years).\n\n&amp;#x200B;\n\nBuild condition comes into play as well.", "replies": [], "depth": 2}, {"id": "fspptfz", "text": "There are still 7% caps out there? Saw a Starbucks just now asking a 4.75%. \n\nYou may want to check out NAIOP, CCIM, or Investopedia for some references. \n\nI would recommend calling a commercial banker and chatting with them about what they are seeing in terms of the lending market on these types of deals. \n\nCushman and Wakefield has some good retail research which may be helpful.", "replies": [], "depth": 2}], "depth": 1}, {"id": "fssxldl", "text": "Recommend an attorney to review the lease and financials\n\n&amp;#x200B;\n\nor...hire the attorney to educate you", "replies": [], "depth": 1}, {"id": "fsszufr", "text": "Getting totally dragged on Instagram right now, and you probably deserve it. We all make mistakes: brokers work very hard to make a career of this, fighting off a litany of things that can tank a career, including the reputation of brokers. You're contributing to the idea that brokers don't know what they are doing and are overpaid. So from the bottom of my heart: fuck you.\n\nAlso, stick with it. Go find a job at a commercial firm and a mentor. But stop dicking around with this poor investor.", "replies": [{"id": "fst0ql7", "text": "This.", "replies": [], "depth": 2}, {"id": "fstoz0o", "text": "Who hurt you", "replies": [{"id": "fsvv5d2", "text": "Did I not encourage you to stick with it? I'm just saying you need to stop fucking around and doing things that give brokers a bad name.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ft4exl9", "text": "7 cap on a NNN fast food? Won\u2019t happen anywhere unless it\u2019s a shit tenant. I\u2019ve never seen a drug store go anywhere near 1m. Might be best to stick to residential. Commercial is a whole different animal. \n\n\nEdit: is it 500-1m he can leverage or is that a gross budget?", "replies": [{"id": "ftdo5ht", "text": "Nah commercial is a niche of mine just getting more experience on the transaction side! I'm young and learning but I actually found an advertised deal in a great submarket for under $1MM and at a 7 cap with a great tenant and operator! I was as surprised as you probably are", "replies": [], "depth": 2}], "depth": 1}]