Q+A: BRIAN FIKE:

‘It’s a good time to sell,’ but for buyers, value ‘is still out there if you turn over all the rocks’

Brian Fike is vice president of investment sales at Colliers International and stands about some of the undeveloped property they have for sale/lease along E. Craig Road on Wednesday, April 6, 2016.

Brian Fike is vice president of investment sales at Colliers International, a global commercial and residential real estate services firm. In October, he shifted his focus from the vacant land market to investment sales, which he calls the “true essence of commercial real estate.”

What is the best business advice you’ve received?

Work half-days: 7 a.m. to 7 p.m. Also, consistency and persistency. Randy Black told me that when I started in the business in 1986.

Where do you see the valley’s commercial real estate industry headed in 2016?

Las Vegas always will be a safe bet for investment real estate. I think interest rates are pinned down right now, and we will see them tick up this year. Buyers with disciplined investment criteria will do well; speculators, on the other hand, will have a tougher way to go, unless they really buy at a great value.

What’s your best advice for buyers?

Shop value; it’s still out there if you turn over all the rocks.

What’s your best advice for sellers?

Don’t hold out for the last dollar. The run-up of values in the early millennium contaminated sellers’ opinion of value for their assets. If they didn’t sell at that time, they still refer to the “I coulda, shoulda” phraseology of a time that was and isn’t coming back any time soon, especially in the land market. Simply put, they missed the boat, and their property isn’t worth what it was 10 years ago.

Cap rates have been suppressed for a bit now and are, in my opinion, wanting to make a move upward. As interest rates move up, so will cap rates. If you own investment real estate, the climate is still good to capture a sale at a lower cap-rate, thus equating to a higher value.

The good news is the Las Vegas market still is loaded with a ton of investors who want a piece of the pie.

You’ve lived in Las Vegas for 57 years. How has the city changed?

When I was a kid growing up here, you could drive across town in 15 minutes. Now, it can take up to an hour. The town was comprised of individuals and families who had come here for the opportunity that the post-war boom had promised, with an added ingredient of intrigue: gaming. A man’s handshake was his word.

Fast-forward to now, Las Vegas is an international city that has gone through a tremendous amount of growth in a very short period of time. Can you say growing pains? There exists a much more diverse cross section of players in the real estate industry from all over the world. Gaming once stood as the primary economic stalwart and obviously remains a top contender; however, there are many other industries and international businesses that now make Las Vegas home.

If you could change one thing about Southern Nevada, what would it be?

Better forward planning. I feel the city and county are doing better, but infrastructure development seems to be an afterthought and is considered only once we have reached a crisis. This is especially evident in our roads and highways. Traffic is at an all-time high, and everywhere you look you see cones, cones, cones.

It would be nice to see a highly-efficient public transportation system developed that locals would embrace and use, as opposed to driving everywhere. There are so many cars here, and unless an alternative is offered to get to and fro, it will only get worse.

What are you reading?

“The Way of the SEAL,” by former U.S. Navy SEAL Mark Divine.

What do you do after work?

Usually, I go home and hang out with my wife, Kelli, and my 9-year-old little girl, Gabbi. You know, homework and stuff.

Describe your management style.

I used to micro-manage and want to do everything myself. There were a few contributing factors to that: One was insecurity, and the other was not trusting in others’ ability. Today, I’m more apt to delegate and leverage my resources to maximize time. I work at a much more productive and efficient mode when practicing the latter.

What is your dream job, outside of your current field?

Playing the guitar and performing in a fine dining establishment at a beautiful ski resort. Ski all day and play music all night.

Whom do you admire and why?

My mother and father. To observe them go through the financial wipe-out my father endured, then pick up the pieces, re-engineer their lives and be willing to live within their means, and most importantly be happy, is absolutely admirable. They basically have lived two lives in one lifetime. They’re both tremendously impressive, and I applaud them for who they are and what they continue to be.

What is your biggest pet peeve?

People and their hand-held devices, especially if they’ve invited you to lunch or dinner and are on it as opposed to being present with you. It’s possibly one of the most self-centered, rude acts a person can do in the presence of company.

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