At MWM we are focused on all things commercial real estate and property development. The focus of our Broker Spotlight segment is to highlight the personal goals and achievements of Kansas City’s up-and-coming brokers and to tap into their coveted, first-hand industry knowledge on current and future market conditions. The August Broker Spotlight is on Alex Olson, real estate agent with Clemons Real Estate.
MWM: Let’s start from the beginning - when and why did you choose real estate as your career path?
OLSON: I started as a real estate investor in 2018. Real estate has always intrigued me but I didn’t really fall in love with it until I built our dream home in 2017. Reading ‘Rich Dad Poor Dad’ at the age of 14 piqued my interest also, but I didn’t completely understand the concepts. Once I understood my appreciation for physical structures, the economics of real estate, and how it propels the US Economy, I was hooked. Then, a mentor recommended that I get my real estate license and I welcomed the challenge.
MWM: What asset class in CRE do you focus on?
OLSON: Multifamily sales and net leased property sales. In particular, representing 1031 exchange buyers who need cash-flowing assets in Kansas City {Editor’s note: A 1031 exchange allows you to sell one investment or business property and buy another without incurring capital gains taxes – as long as the exchange is completed according to IRS rules and the new property is of the same nature or character (like-kind).}
MWM: What are the market trends you are experiencing with your clients currently?
OLSON: Multifamily prices continue to soar in Kansas City, but still, investors are divesting on the west coast and moving their money to Kansas City.
MWM: What’s your forecast for the local and national CRE market?
OLSON: Multifamily will continue to thrive in Kansas City as the cost of construction remains high and home affordability continues to be an issue for some. In addition, net-leased properties that are more recession-resistant (medical office, veterinary/pet care, dental, national credits with online presence) are more attractive as a more passive investment vehicle for out-of-state buyers.
MWM: What are your biggest challenges right now?
OLSON: Finding great deals in multifamily is challenging for some clients but a great deal is in the eye of the beholder. Understanding their primary objective is a way to understand what aspects of any deal are best for them for the moment. In addition, showing 1031 exchange buyers that a net leased property may be a better option; in particular, if they are out of state or want a more hands-off approach to cash flow.
MWM: From your perspective, what can KC do to push ahead of the curve?
Olson: I am very optimistic about Kansas City. We need city leaders and economic development groups to continue to push jobs into the Kansas City metro market. Jobs are what drive activity and Kansas City has the resources (space, affordability, labor force, and employers) to propel the Midwest forward.
MWM: How can prospects contact you for more information?
Olson: Reach me at alex@clemonsrealestate.com, on LinkedIn or mobile at 816-591-0825.