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Philip Okun
Author
Back of The napkin
Inspired by the Laffer curve, which simply demonstrated the value of tax cuts on a napkin, this book simplifies all aspects of commercial real estate. Additionally there is a section on sales technique that would benefit someone in any industry.
Reviews
Okun sets out to coach readers on the ins and outs of commercial real estate development in this down-to-earth debut, covering areas such as net operating income, capitalization rates, upside potential, and more. Drawing inspiration from the impromptu, “back of the napkin” analytics that often happen when colleagues casually discuss property values, Okun—in a refreshingly direct and plain-spoken style—shares step-by-step instructions to assigning value while breaking down how that process differs from land purchases to owner/user properties to a range of investment properties (office complexes, shopping malls, and the like).

Decades of experience and a knack for simplifying complex topics make Okun’s advice easy to digest as well as informative. He spices the material with hands-on examples, useful checklists, and careful attention to jargon that readers may be unfamiliar with, including a particularly helpful outline of the language commonly used in lease clauses. His advice is technical, straightforward, and applicable to a range of situations, as in his summary of the important points to research before jumping into different leases (retail spaces should always be tailored to location, he writes, while industrial areas can focus more on specifics like ceiling height or access to roll-up doors).

For readers who want to move into sales techniques, Okun delves into those waters as well, sharing his own sales training and a five-step model—complete with sample open and closed-ended questions—to help followers close deals more effectively. He wraps each chapter with a mini quiz designed to enhance information retention (answers are included at the end of the book) and closes with an exhaustive glossary of relevant terms. Throughout, his central emphasis on setup as the key to success—“for every type of property, there are specific items that you will need BEFORE you try to assess and value a property”—is persuasive, and readers will leave feeling knowledgeable, capable, and prepared.

Takeaway: Down-to-earth guidance on commercial real estate development.

Comparable Titles: Robert A. Wehrmeyer’s The Complete Guide to Developing Commercial Real Estate, Rob Finlay’s Beyond the Building.

Production grades
Cover: B+
Design and typography: A
Illustrations: N/A
Editing: A-
Marketing copy: B

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