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BIGGEST RISK with Eric Voyles

Commercial Real Estate Pro Network

Release Date: 05/04/2021

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I think, for me personally, in what we do, by far, the largest risk is overpaying for an asset. You could take a good investment and make it a poor one, by paying the wrong price. Or vice versa, you could take a mediocre investment and make it a wonderful one by paying the right price. So we focus diligently on not overpaying. And the way we do that.

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Right now, I still think COVID. And just the environment we're in is the biggest risk, especially if you're dealing with C class properties, you tend to deal with residents who are on the lower end of the socio economic scale. So these are the people that you know, their servers, waitresses, receptionist, they actually have to go into work. So if there's a shutdown, like, they're not going into work, or if they get COVID, like, and they may not have a job anymore. So I think that is a huge risk,

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Three, three ways to manage to kind of risk avoided. mitigate it and obviously transferred. I when I grew up being a mathematician, so we've looked at risk too. And I've learned there's two elements to risk. Number one, it's likelihood. Number two is impact. So what what I do is I look at risks and try to figure that figure that out. So likelihood, and impact are the two key variables that drive all the decisions.

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I think the biggest risk is failing to budget for asset protection. When you are an owner of commercial real estate, you know the numbers you know how much it's going to cost you for your your garden or how much it's going to cost you if you're if you're including the heat, how much it's going to cost you and to budget for all of these things to figure out what the cash flow is going to be on on the business and I think you need to budget for asset protection.

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J. Darrin Gross:

I'd like to ask you, Eric Voyles. What is the biggest risk?

Eric Voyles  

For you? No, I'm looking at it from the perspective of my clients, you know, the people I work with their biggest risk is potential for failure. And if you fail, when you expand many times you drag your entire company down with you. And so I always try to help people understand that not only is being in charge of an expansion if you're in a larger company, a potential career limiting assignment. But, you know, you you could you could actually if it's your own company, you know, you could have complete financial failure of your business, if you make the wrong choice. And so that's why we focus most of what we do. I'm trying to help people drive down that risk of relocation. You know, we began the process I mentioned I come out of economic development. So we began the process of once I got here of assessing the property. We looked at what are our costs, and really have tried to understand our cost structure. Then we've and we've tried to understand what companies need that structure. Then we've tried to understand what, you know, the political risks that might be involved with our property. And so there weren't really incentives available. So we have worked aggressively to put incentives on the footprint that you can get access to. And again, that that kind of ties back to financial. But you know, it also demonstrates that we are 100% committed to your company, to work with you, in the long run to achieve not just profitability, but stabilization in the shortest time frame possible, then we'll work with you to grow profitability. So all of this is really important when people are making decisions, we try to understand our market so that you can build a business plan that you can have confidence in, you can take it to the bank, you can take it to your board of directors. So you know, we many times are helping people collect the data that they need to put into their business plan. And you know, if it's good, and you can make your decision favorable for us, that's great. If if it doesn't match up to something else, that's great, too, because we've helped you make a decision. So you can move on, it allows us to focus on other things. So my entire our entire thought process in this is risk mitigation. And by doing this, when someone decides that we're the right place, what we've seen is those companies tend to be successful, they usually are willing to come back and provide testimonials for us about what we've done, that they didn't realize they needed help with at the time, but the things we did made a difference in their startup and their stabilization and in their long term profitability. So that that's what we focus on. I think that is the biggest issue that that corporate executive or that business owner has to address when they're trying to expand, they need to think about what are the risks associated with making this decision, and they need to choose the right place.