Developing Negotiation Skills in Commercial Real Estate Pt. 1 | Investors Round Table

The gang discuss negotiation strategies in commercial real estate deals, emphasizing the importance of understanding the other party's perspective, motivations, and numbers. They highlight the need to research the prospect beforehand, ask uncomfortable questions, and practice key questions to understand the client's needs. Knowing one's numbers and having non-negotiables are crucial in negotiations. The conversation covered various negotiation techniques, including setting clear goals, gathering information through calibrated questions, and eliciting feedback from property owners.

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Key Takeaways:

• Gather specific market data and property information to strengthen your negotiating position

• Determine your walkaway price and other non-negotiable terms before entering negotiations

• Use strategic questioning to uncover the other party's motivations and find common ground

• Employ tactics like tactical empathy, flipping the script, and asking "how am I supposed to do that?" to change the dynamics of a negotiation

• Be transparent and willing to share your experiences, both successes and failures, to help others learn

About Your Host:

Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.

Episode Transcript:

0:00

Are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level, cre Central has the resources you need. Visit www dot cre central.com. To learn more. Welcome back to the commercial real estate investor podcast today with another investors Roundtable. We'll be diving into negotiating commercial real estate deals. How do you become a better negotiator? How do you better position yourself with more leverage as you're going into these deals? And what do you need to keep in mind as you're doing that? So stick around if that's what you want to learn more about? Logan, and I were out in Kansas City. Well, Logan was already there. He happens to live in Kansas City, which is why I happen to be there. Last Thursday and Friday. And Logan, what were we working on?

1:18

Man, you know what worked on a lot of different things. But the main focus of the trip was really to hone in on the brokers mastermind. Look, I'm a huge reader. I love putting myself around people doing the same thing and trying to increase their efficiency and effectiveness. And kind of what we've seen throughout the marketplace is a need for some brown hair, some blonde hair, and maybe not so much gray hair teaching and focusing on the new technologies, the new systems and the new way to do commercial real estate, everyone is tracking everything that's going on with artificial intelligence with the blockchain with basically the consumer furcation I'll call that I don't know if that's a word or not, but the consumer furcation of everything, right, like, used to have to, you know, wave down a taxi on the road, you know, now it's like, I'm gonna get on my phone, and I'm going to order a car that's going to come pick me up at this specific time. Right? Well, you can't do that, in regards to buying commercial real estate brokerage, commercial real estate. And I would be stupid to say that in 25 years, there's not a consumer application or faster right then than that of the commercial real estate. How was transacted? How do you find it? How do you add value in these in these types of transactions? It wasn't that long ago, 70s 80s where there wasn't the loop nets and the costars and online, you have to go physically in locations to go get property information. And you had to make phone calls, right? Well, that's all being changed, you know, I think the damping put it best in his book. To sell as human right, we went from information asymmetry. So one party had all the information to information parity, which is basically your your your clientele could have more information about what they're trying to do, than you currently have, right. And so we have to figure out as brokers in this industry, how to stay relevant, and how to continue to add value to these transactions. And so we've we've decided, you know, in October, October 1, we're going to launch the brokers mastermind, and for the first 50 people, there is going to be an incredible, incredible amount of value added time with Tyler time with me, one on one calls time physically, if you choose to come to Kansas City, or Nashville, or both, or whatever it is, you know, we've got a lot of goodies for people who are going to sign up, basically looking for folks that are working to, you know, put themselves around people who are thinking differently about brokers, how do you stand out? How do you negotiate better? How do you market better? How do you bring value to every single transaction? And then how do you stay accountable to doing that, but it's not just the old school, you need to make 150 calls a day, you need to have a market presence. And you need to do this, this and this on a regular basis. It's really, how are you building lead funnels online a brand presence online, that's going to add value to your customers, your prospects, that at some point, they're going to ring that phone, and when you I like to? I heard this the other day, I love this. It's like the the refrigerator magnet, right? You know, it's like people used to sell refrigerator magnets. Meaning when your heating or your cooling goes out, you go to the refrigerator, and there's a refrigerator magnet and that's the person you call. Well, as a broker in this industry. If somebody is thinking about selling, thinking about buying, thinking about leasing, thinking about valuing their property, are you the person that they're trying to call and that's what we're going to teach people. And we're gonna bring that to the masses, and I'm super excited about it. Yeah,

4:52

I mean, there's nothing really like this out there, which is part of why Logan and I want to do it. It's something that we wish we had when we were first getting started as commercial real estate brokers. Look, you may not be a commercial real estate broker maybe want to get started as one or, you know, maybe this is for the commercial real estate broker in your life because we as investors know a lot of commercial real estate brokers that probably need better education. That being said, on our annual calendar, we're talking about weekly group coaching calls monthly one on one coaching sessions with either Logan or myself, that is only for the founding 50 Members, we are not going to be offering that moving forward, quarterly in person workshops, either here in Nashville or out in Kansas City, you will have weekly accountability pod meetings, you will be broken out into small groups. And you will all be sharing your goals and working through that with each other. And of course, we'll have additional events and initiatives we were talking about. You know, like January kickstart your year setting SMART goals. You know, Logan's gonna run that and absolutely kick ass at it. And of course, we'll have experts come in and talk about their commercial real estate brokerage experience, and how you can go and mimic that as well. So yeah, go to brokers mastermind.com, if you want to sign up for the waitlist you'll be hearing from us here pretty soon because we will start to actually formalize that, shortly that those incentives for the founding 50 You'll get half off the first year, as well as those one on one coaching sessions with Logan and myself, which again, we will not be offering to anybody else moving forward. But it's going to be good. Anyways, let's dive in to negotiating commercial real estate developing those negotiating skills. I mean, Logan, this is one of the most important things, one of the most important assets that you can have as a commercial real estate investor. And, you know, when you're preparing to negotiate a deal, like what specific market data, what property information, do you gather to strengthen your position? Because we all know, it's all about leverage? Yep,

6:46

it is about leverage and the taking it one step back, I use a tool from never split the difference called the negotiation, one sheet breakdown. All right, so let me just walk you guys through what this looks like. And, by the way, this is the type of stuff that in the mastermind you're going to get. If you want, you can go on to chat GPT, you can find a custom GPT that is already trained on never split the difference. And you can actually run analysis with that. But in regards to the negotiation, once you break down, right, you got to have a goal, you need to define your optimal outcome clearly. And specifically. So for example, right, we're talking about, you know, securing a new lease. So this in this scenario, secure a five year lease at a renewal at a rental rate 10% below the current market rate with minimal annual increases, right, so you're gonna set your goal, what are you trying to accomplish? Right? And you got your summary, right, you got to summarize the key facts and background information relevant to negotiation, I cannot stress this enough. We forget the facts. Everyone forgets facts. If these negotiations can go on for 3060 90 120 240, whatever it can, it can go on for a long time. So you'd have to summarize these key facts to make sure that you remember all of that and the background information. And then we go into labels and accusation audits. And now we're getting to the meat and potatoes of actually negotiation. We can dive into those here shortly if we want to, but labeling and accusation audits, if you don't know what those are, you know, you need to go read the book and or get trained up on the GBT. Right? And then it's calibrated questions? What questions are you asking throughout this negotiation, and you need to be armed with those questions, because you're going to get caught off guard and or there's going to be silence, and you can use silence in your favor as well. You know, and so that's, that's kind of the negotiation one sheet that I like to have before I go into any negotiation. And I'll tell you a quick story. When I was reading this book, I used to say, How can I apply this not only to business, but to my relationship with my wife, you know, we negotiate all the time. And this is Dan Pink's old tendency of his book To Sell Is Human, you know, selling, negotiating, right? We're in communication. I'm trying to get my little kids to go to bed, right? I got to negotiate with them to get up to bed to stay in bed, right? Well, it came up, you know, one time that my wife and I were like, man, where are we going to have dinner? What are we going to have? What are we going to have? You know, and, and she's like, you know, I really want Mexican housing, and I really one Chinese, right. And so I've literally worked through, and negotiation, once she created some calibrated questions, you know, around which, which started with what and how to try to grab some more information. I said, Well, why, you know, what do you want to have for dinner? Or how do you want to come together in regards to what we're going to eat tonight? Right, just these little tweaks? Because previously, I would say, you know, no, just I don't have time to think about what we're gonna have for dinner. You just figure out something. I don't care what it is, but I want it to be, you know, Chinese, you know. And so that just wouldn't necessarily work very well. And so you can apply this whole framework to your whole life in regards to this, but you got to have a goal. You got to have the background in the facts. You got to have your labels and your mirrors and your accusation audit and you got to have your calibrated questions, but Before you're walking into that, and so those are the types of not market data, but data that I would want to have listed out and reframed in my mind going into any type of negotiation. Tyler?

10:11

Yeah, I mean, take advantage of the resources that you have out there. If you're on LinkedIn, which everybody should be, look that person up on LinkedIn before you get into a room with them, see who else you have shared contacts in common. If you know those people call them, ask some questions, get to know who your prospect is, before you're sitting down with them, it'll help you frame some of your questions. The other thing is to don't be afraid to ask uncomfortable questions, right, and then sit there in silence, like Logan said, because sometimes we as salesmen, you know, anybody in sales, right? You want to ask a question, and then you almost feel awkward. So you want to continue to talk and fill the void? Shut the hell up.

10:53

Right?

10:55

Let the silence fill the air. Because sometimes people just need to sit there and think about how to respond to your question. It's not that you asked a weird question or anything like that. I mean, I do it all the time. I love just practicing these questions in random parts of my day, because the more of a habit you get into it, the better it is. I mean, you know, take for example, like, what does this mean for you? What does having this space in this location? How does that change your business? What would you what would your business look like in five years? If you get this deal done? Right? These questions are really good, because what it gives you an idea of what they're actually looking to do, but to it puts them into selling themselves on why this location works, right? There's little, you know, some psychology there that you can kind of use to your advantage as well. I mean, Logan, when you're when you're also preparing for negotiating a commercial real estate deal, I mean, you've got to know your walkaway price, and some other key terms, right? I mean, every landlord has whatever their own key terms are based on what that deal is based on their experiences, whatever that is, before you're entering, you know, a negotiation, how do you determine what those are? And what are yours.

12:00

I mean, you got to know your numbers. Because at the end of the day, there's got to be a point in this negotiation where you're willing to walk away, right, and I was trained really early on is like, the person who wins in negotiation is the one that's willing to walk away. And I know that we all want to get the deal done, we want to get all these things done. But you might walk into a negotiation unprepared without the number that you know, you have to stick to. And you go over that, because some other concession has been granted to you in this negotiation. But then you walk back and you're like, that's not a deal. I want to do you know, this is this doesn't work for me, you know. And so I like to call them non negotiables. Right? And yeah, that has the price of the property. But it also has, you know, frameworks around timing of due diligence, and any other type of earnest money deposits that have to go on to the deal, right, it's like, there was a time in 2019 2020, maybe a little bit of 2021, where every single deposit seemed to be non refundable. And it was like 5% of the purchase price, right? It's like, those were just non negotiables, because I'm not playing with, you know, that I'm playing with my own money. And I play with just house money here, right. And so those were really important in regards to understanding what those non negotiables are. So when you hear those, that's like a little red flag that goes up in your in your head, right? And, for me, I always like to also say, Look, you know, I mean, in regards to when somebody's saying, Hey, I've got to have this, and you're like, Okay, well, the market data, right, we were talking about market data, what market data do you have? Or do you need to have? Well, sure, there's the easy ones. In regards to lease comparables, sale comparables, right? All these different things that you need to know. Right? And that's, that's important. But there's also ones that are, you know, not, as, you know, upfront, I would write it's like, well, you know, who's going to pay for this? Or who's going to pay for that? Or what documents are you going to provide? Here's a good one, you know, it's like, hey, when does due diligence actually start? Well, is it the time that we sign the contract? Or is it the time that all of those due diligence materials come? And we say, yes, we've signed off on we've received all these now, due diligence starts, I can't tell you how many times that has not been negotiated upfront, and there's been offices from buyer and seller, because, you know, it's like, man, we're 14 days into this thing. We don't have this one document, maybe it's like a, you know, a utility document from five years past. But we agreed upon that in the PSA. And so due diligence now really didn't start until two weeks later, that can really change the dynamics of a negotiation. So there's a lot of those intricacy, you know, on these details in regards to negotiating these things. And so, I mean, what I'm trying to prepare myself for is, what are my non negotiables? What's the price I'm willing to work on? What's my timing? Because timing is everything, right? I mean, we're in a very volatile market. I've heard many stories recently of people having 345 lenders involved so another one would be financing contingency You know, there was a lot of deals done, you know, in 2021 2020, that said, you know, there is no financing contingency Good luck, you know, like, you got to place the debt, and we're not gonna, if you've got a financing contingency in this, then we're not going to move forward with you as a as a buyer, right. And so that was a non negotiable for me, because there's certain things that happen if we don't get the financing lined up, and that we've got a decent sizable, you know, earnest money deposit out, and that doesn't happen, are they going to be willing to actually extend the deal? And if so, what are those extensions going to cost the parties to the transaction, right, so these are all non negotiables. And I was like, if that happens, I'm just not willing to go under contract legally, on this transaction, because it's going to put myself in a bad deal. And a bad situation to try to rush to get something done. I would say that is a that is kind of an intangible marker to always keep in mind, if you feel rushed, and you feel like the timing of it is just really rushed. That's when bad decisions can really start to happen.

15:58

Yeah, I mean, I've got my standard deal, right. For every building that we do, here's our standard loi, right, if you're going to lease space for me, for every property that I'm acquiring, here's our standard PSA, right? So I mean, my first move is anything that they're redlining, or countering me back on, I sit there, and I'm like, what are all the things that could go wrong? Because this has been changed. Because you'd be amazed what some of those things could be, you know, we've had a couple of deals fall apart here recently, because they just took too long. It, it just took too long time kills all deals, we should have had better stoppage points in there, where it was like, hey, you know what, we're done wasting time on this, you're moving the needle forward, right? Like, it's just not happening. And we didn't do that, right. And so you know, as a as a commercial real estate investor, it's also very important that you are urging your brokerage team to continue exploring any and all options with tenants. Even if you're at least negotiations with somebody, in my opinion, like the thing that I've always said is a deal is not done until everything is signed. And the check is in my hand, I don't care if we're negotiating a lease, if somebody comes up and says, Hey, I want to lease it, and they're willing to sign a lease right there. sign our other guy, whoever gets to it. First. It's this is a first come first serve, no feelings hurt. This is just business. The other thing I want to say too, is like, you know, we talked about your walkaway price. I mean, in my opinion, like until you get to really an institutional level. That's kind of more of an art than a science. And and I say that, because, you know, we've had some deals where it's like, yeah, here's what we would like to get, here's what we probably realistically get. And then we just kind of have a conversation as partners of I mean, you know, if somebody comes in and offers us this, what are we going to do? And I always, you know, we've talked about this before, it's pulling levers, if somebody's going to come in, and they're going to offer us our bottom price, or walkaway price, basically, but they're willing to say, I'll close tomorrow, that totally changes the number, right? So there's all these different levers that you want to think of when you're getting into these negotiations that can completely change how you feel about something, you might be willing to lose $200,000 of value from what you think it's worth, if somebody's gonna give you that money in 24 hours, right? Because then you don't have to go through the heartache of waiting and due diligence and hoping that they get their financing and dealing with all this stuff. Let me talk about negotiation strategies. I mean, Logan, when it comes to, like, unique strategies, that you have found effective when you're dealing with acquisitions or dispositions. I mean, what are some really interesting tactics that you've used that have worked? And maybe some that haven't? Yeah,

18:43

I mean, I think that understanding what tactical empathy actually is, which is, you know, understanding acknowledging the other person's perspective and motivations. And this is where this act of listening really has to come in. Right? I mean, this is a, this is a transaction. Yes. But and one thing that kind of throws me off is when people say, Well, I'd rather I'd rather be in commercial real estate, there's not as many emotions in commercial real estate, I'm like, how many real estate deals have you done? Because, you know, maybe at the retail level, when they're just trading, you know, from retreat or something like that, there might not be a whole lot of emotions, right? This is kind of like a there's a there's the numbers work, okay, let's buy the deal. But, you know, when you're dealing with Mom and Pop owners who have owned something for 1015 20 years, their whole life, they developed it. There is emotions involved in this. And so I tried to really understand what were the motivations of this person, when they bought this property. Tell me the story about when you bought this thing, what are the changes that you've made? What is the changes in the area that you've seen? You know, if you were to hold this for another 25 years, what would you do with this property? Right, just trying to hear that story and try to try to elicit that feedback around the story around the deal. And you know, a lot of times there are brokers. involved, right. And so, I think that there is some certain scenarios that when meeting the buyer and the seller, especially if somebody has, you know, kind of this is their legacy that they're trying to, you know, pass on, they really might want it to go to the right person, right. And so it's like, okay, so if I understand the motivations of when this person bought this real estate deal, what they saw what their vision was, okay? Now, I can understand maybe who they're looking to, or they're not just going to sell to just anybody, because they really, truly want to see that property, do something cool and change the area, you know, in the future, right. So you have to understand those motivations. Now, there are some people that they just simply look, I bought this as an investment, and I'm selling as an investment. And here's my numbers. And that's really what I care about, right. And so those are harder to, to really understand. But at the end of the day, each person that's owned a piece of property for some time has some affiliation with that a relationship has been built, you know, it's like, tell me the biggest challenge that you had, while owning this property. Oh, you couldn't believe what happened in 1987? Right? It's like now you're, you're hearing back in 1987? What happened at this property? It's like, well, what do you see as the future opportunity for this property, and then if you understand that, then you can start to match your verbiage and your strategy to say, Oh, here's what I'm planning to do. And here's how that might be married up with what you wanted to see. Right. And so it's, again, just working through what motivations they had, and then what vision they have. And then figuring out if what you're planning on doing is that because a lot of these folks will have deep relationships with either the residents, or the tenants and the businesses that are in that building. So if your plan is to come in, wipe them all out and move on, if they are against that, that's going to be a hard sale, it's gonna be a hard negotiation, right. And so I think those things, that's one of the creative things is just trying to be personable, right, and just trying to understand what vision and motivations that the property owner had previously, is really important to helping when those deal points really get stuck, and say, you know, being able to relate, and then kind of go back to that common ground, and really negotiate from there.

22:10

This is a theme that we'll come back to every time we will ever talk about negotiations. We mentioned it earlier, it's all about the questions. Right. The strategies are in the questions, the tactics are in the questions. I mean, you know, I'm thinking like, they're, I mean, there are strategic reasons why you would ask certain questions, what are you going to do with the money that opens up? So I'm amazed at how many people don't ask that question. Because like, they feel weird. I don't you know, should I ask? Hell yeah, ask? Because they may say, actually, I don't know what I'm gonna deal with it. I just don't want to pay capital gains tax, well, cool. Maybe you can negotiate seller financing, maybe you can negotiate for them to stay in with a seller carry position. But like it opens up so many other doors and opportunities, just because you went on that fact finding mission? That's all it is. I think your goal should be how many questions can I ask to really uncover the story? You know, another one of my favorite questions to ask, especially in today's market, is would you pay that price for this property today? You know, Logan was talking about these owners having it for 1520 30 years, a lot of them would be like, Hell, no, I wouldn't pay that. I'm like, exactly. So it's tough for me to make that work. So like, let's let's find a common ground that's going to make, you know, the investment returns that you need, and something that's going to allow me to actually buy it in today's environment. And actually, that will help them frame it in a totally different way. Because it's one thing if all they're looking at is the check that I could get. If you reframe it into a, hey, if you're gonna buy this today, look at how difficult it is they start to realize like, I might not actually sell it for that. And so it starts to change things.

23:49

Seven, yeah, seven words that can change any negotiation. Okay? Hey, you first, understand their vision, their motivations, alright? And then they ask, well, what are you planning on doing? Well, here's what I need for this to work for me, I need to get an 8% cash on cash return in 24 months, I need to be able to return capital or have an equity multiple of two over five years, all those different things, right. And so that's, that gets you to the point of these returns, right? And you're getting this out, up front. Because when you get to the pricing conversation, and you ask, you know, would you pay that? And they say, Well, hell no. And then you say, here's the seven words, you ready for it? How am I supposed to do that? How am I supposed to do that? Right? You flip the script, and you say, How am I supposed to do that? And now you've got that other party thinking about how you can get the transaction to work, right? And so that's the two, the two words that you want to hear from the other side. And the negotiation is That's right. If you can get them to say that Right, because of all the facts, all the questions you've asked, and you summarize everything at the end, and they say that's right, you're headed in the right direction.

25:08

That's brilliant as just pure sales right there. gamemaster saying nice kind of wive. Don't forget to hit the like Buck button. Whoo, I like that. Glad you're able to join us Game Master. This is good one as well. And Logan, this one's a bit off topic. But it's a question that's come in the live chat that I do want to address. So it's from Max. He's saying, as I'm watching commercial real estate videos and listening to these experts, I find myself wondering how much they aren't telling us. I imagine there was a lot they keep to themselves, otherwise they lose their advantage. curious to hear both your thoughts on this. Max, one thing I'll say, first off, you're in the right place. You're joining us live, you're able to ask these questions, ask whatever you want. And we will get to it unless it's like very inappropriate. But I mean, Logan and I are very candid. In our conversations around commercial real estate. If you go back through through the archives here, I mean, hell yesterday, I was talking about how I'm in the middle of a lawsuit right now. And my thoughts and opinions on that. I've talked before about how I lost a million dollars on a deal back in 2021. A million dollars. One single deal. So you know, those are learning lessons that we're able to bring to the table so that you don't have to make those same mistakes. I don't care to hide behind a shield. I mean, I think I'm a better investor, because I lost a million dollars, honestly, because now I know how to protect some of my downside risk a little bit better. But yeah, I mean, look, you know, I think that there are some people that will keep some things close to the vest. I think that there is no place for that in today's market. Because there are so many deals, there's so many opportunities out there, there's no way that I'm going to create so much competition, just by hosting a podcast and sharing our secrets and our tactics and how we operate, that I won't have a job anymore. If I do then I guess I'll have a job as a podcaster or YouTuber, because everybody will be hearing from me on how that works. But we're gonna be what's what are your thoughts on that?

27:08

I had a lot of thoughts. And I don't know, we only have three minutes. But my number one thought Max is that I'll give all the secrets away because 99% of everybody that listens and or is interested won't take action on it. Look, in commercial real estate in real estate alone. 80% of the transactions are done by 20% of the brokers. Okay, 100,000 people have already left the industry since the NAR settlement. So we have 1.5 million realtors, now we have 1.4 There's only 100,000 real estate brokers in commercial real estate brokers in the United States. I guarantee a lot of those have already left the industry, because they have all the knowledge, but knowledge alone is not power, knowledge plus action is power. So us getting on here giving these tactics and strategies of what's worked one, you're probably going to be able to see the genuine, you know, feedback, but to is that look 99% People aren't going to do anything with it anyways. And so there's a thing called dopamine. And dopamine is triggered when you are learning certain things and you feel like you're growth. But this is sort of the same methodology of being busy but not productive. Like, man, I got 1000 things done on my task list today, which one actually moved you forward to getting closer to your goals? Well, none of them, but I got I will taskmaster today. Right. And so I would say that There absolutely are individuals that she you know, don't want to share. And it's probably because their best information is behind a paywall. And that's just not been our, you know, methodology and never will be our methodology. And I think that anybody that reaches out to Tyler, anybody that reaches out to me, we've been very gracious with our time. So one marker is can you reach the person behind the screen? Can will they respond to you? Do they have free content? That's really good? And will they spend time with you if you have questions? And I'd say the biggest thing that's helped me, you know, build a brand is giving away the best secrets on LinkedIn, go follow me on LinkedIn, if you don't already, by the way, and just making sure that nothing is, you know, held back and sharing my time. And that's been hugely advantageous. So if somebody's not willing to do that, I think you're probably on the right path of saying they're probably holding their best stuff back.

29:28

Yeah, well, go follow Logan on LinkedIn, he does have one of the best LinkedIn I've ever seen. The Game Master saying if your money is relatively low for the area, and we've only got you know, 30 seconds, what are the best levers to negotiate besides price? What are your thoughts on that? I mean, why would be terms right? Maybe you get a walger due diligence period so you can make sure that your financing can get into place. Maybe you negotiate seller financing with them. Back to say I want to clarify I wasn't talking about you guys happen to love your videos. No, we didn't think you were but you know Uh, it's always it's, it's a good question because man, I feel that way about a lot of real estate. I don't know what it is about this industry. There's a lot of gurus out there and I can't stand that. Because it's just weird. Like, dude, we're just a couple of guys that invest in real estate and like talking to each other through a camera, right? Like, that's all this is at the end of the day. Anyway, we're out of time. We're going to do a part two, on on developing your negotiation tactics. Yeah, because I really want to get to this next part, which is overcoming common negotiation challenges in commercial real estate that can be its own episode. So let's do that. We'll make that a part two. And we will see you guys here back for the investors roundtable a couple weeks. So you guys, you guys, are you looking to take the next step toward investing in commercial real estate but don't know where to go? Series central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals. Whether you're a beginner or looking to take your career to the next level. Cre Central has the resources you need. Visit www dot cre central.com To learn