Dave Harrington

@Jaspell Thank you. To be fair, it was always her choice. I had to stay out of that. I am happy she chose her team. And yes, she is already moving on to an ECNL team.

@daveharrington You made the right choice. ODP isn't what it once was. If your kid has college protentional, find an ECNL tryout near you and make that team.

Proud dad post. Fair warning… My daughter had a tough choice to make this weekend. Her club soccer team had fought their way to the State Cup finals, playing up a year against older girls. It was the last game this group of teammates would ever play together before going their separate ways. The same Saturday morning, she was supposed to be at day 1 of a 2 day tryout for the Olympic Development Program in California. ODP is invitation only and selects a handful of girls from all over California. Missing a day meant fewer chances to be seen and a real risk of not making it. She chose her team without hesitating. They lost a tough final on Saturday, but she showed up for the people who had been showing up for her all season. Yesterday we made it to the ODP tryout and she gave everything she had (and balled out)! She made the team…. I'm proud of the result. I'm more proud of the choice. At 11 years old she understood the importance of loyalty and commitment to her teammates. It was an unbelievably emotional weekend with highs and lows. Glad I was able to be a part of it.

Fonz is the man!

In a recent GlobeSt.com article, Matthews™ President David Harrington discusses how 2026 is set to bring a recovery that will aid investor sentiment. 🤝 🔗 Read more here: matthews.com/press-release/… #Matthews #CRE #RealEstate #GlobeSt

The sub-institutional space in CRE is imperfect, nuanced and filled with opportunity. When I think about the need for brokers in this CRE world, the story of my first investment property illustrates this theme in a way that still applies today. @kylematthewsceo and I started our real estate investing career many moons ago, by purchasing a 4-unit apartment building in LA. While not a pure CRE deal, it is still an investment that shows just how different our world is when it comes to analysis and valuation. In this little neighborhood of smaller apartment buildings, most were built in the 1950’s and by the same developer. In typical fashion, when we started doing something that worked, we wanted to do more of it, so naturally we started looking to acquire more. That’s when we had a chance to buy the building next door to the building we owned. When it comes to the actual physical real estate, you couldn’t get more similar than: next door, same year build, same floor plans, same square footage. So, the value should be the same, right?? Wrong. This is where the imperfection of the marketplace, the nuance and the opportunity come in to play. While the buildings were the same, nothing else was. Over the course of years of different ownership, the properties took two divergent paths. This is where the impact on value becomes meaningful: Deferred maintenance Overall property condition Unit interior condition and upgrades (or lack thereof) Unit size Gross Income - Current tenant rent levels Number of tenants per unit (huge impact on expenses) Property insurance claim history Especially in a city like Los Angeles with rent control, current rents matter. Even without rent regulations, the rest of these important items can significantly impact the value of an asset. This is the case for CRE across the country and across asset types. The condition matters, the leases matter, the operations matter. And… And… they all affect value. The interpretation of these factors and how to position an asset in the right way, requires a broker to understand all of this, make a market for the opporutnity, create competition and yield the optimal outcome for the owner. The valuation of CRE (particularly in the private client and middle market space), has been and remains to be an art form and not a science. 👊

Everyone please join me in celebrating a very special agent at @Matthews_CRE, Ryan Garveigh, who is based out of our Atlanta, GA office. This past June, in his first year in brokerage, at 24 years old, Ryan was diagnosed with Hodgkins Lymphoma, a type of blood cancer that affects the lymphatic system, and Ryan was immediately started on a chemotherapy plan to treat the disease. I heard about Ryan’s diagnosis shortly after he received it so I called his cell phone to check in on him and tell him we were all thinking of him, and get this… When I was talking to him I asked him “what are you up to right now?” And he replied, “well to be honest, I am currently sitting here getting my first treatment of chemo while making cold calls”… I couldn’t believe it. Dude was getting chemo injected into his veins and yet was still hitting the phones trying to talk to owners, set meetings, and build his business. Ryan was not going to let his cancer diagnosis get in the way of him building the life he envisioned for himself. Needless to say I was beyond inspired and impressed with his mental toughness, and while I told him I appreciated the hustle, I did encourage him to focus on his health, and not let the stress of making “coldies” affect his recovery. Regardless, he ensured me he would take it easy if it became too much… Well fast forward six months, and here is a video Ryan just sent me this morning of him leaving the hospital after completing his full chemotherapy treatment, and I wanted to share the video and good news with all of you. This is a reminder to be grateful for things we take for granted, like our health, it is a reminder that “fair” in life is all a matter of perspective, and it is an example of the mental toughness and lack of victim mentality we are all capable of. Congrats to Ryan. Chemo and coldies, there has been no greater embodiment of the “Matthews Mentality” than this young man. God is good.

Also reminds me of my “maturity” in the business. I get some kind of outreach every month about a friend or connection’s kid who is looking to start full-time or intern with us. The opportunity is a great one, but I too feel a sense of responsibility given the challenges. However, you have to earn it. As you mention, we train that from the very start and provide more training and support than anyone can get anywhere else in the brokerage business.

Very few things affect my heart rate at work anymore. Going through multiple cycles will do that to you. The lows, especially early in my career, and the highs, especially recently, gives you perspective to not worry too much. However there is one thing that gives me anxiety... I was in NYC this week for meetings and a conference and ran into an old client and friend of mine. He says to me "Kyle, my son-in-law just started in your XXX office, and my son starts in your XXX (redacted name of offices for privacy reasons) next spring." This makes me nervous, and here is why: 80%+ of out of college new hires to brokerage wont make it, and while Matthews™ has a materially higher success rate, and arguably has developed more talent in the industry than anyone else over the past decade, even here a majority will be out of the business in 5 years. Most will quit during months 12-18, when they are down in what we call "The Valley of Despair", where they lose hope that "it" will ever happen for them, and almost all leave the industry entirely. But no matter how much I caution the candidate about how hard the business is, and to go a step further I often will take time to speak to the parent (who is the person I may know) about how hard the job is and how an overwhelming majority give up, and that how no matter how hard it gets and how tough it is my best piece of advice is to never quit, most do. And when they do, while my experience is most dont hold animosity towards the company, as the business just wasn't "for them", it always seems to affect my relationship with the parent/uncle/in-law/etc. It's almost impossible for them to accept that their kid failed, as it is for all parents, including myself, and I can feel the blame they lay at my feet as to why their kid didn't make it. When kids are young, as parents we naturally want to project our anger/sadness/disappointment that comes with their failures at their teacher, or their sports coach. But at work, its projected at their boss, and and unfortunate side affect of me being a founder & CEO of arguably the most active hiring company in the entire commercial real estate industry over the past decade is that a lot of old clients and friends don't like me as much as they used to because their kids tried brokerage and it just didn't work out. And while this will never stop us from offering aspiring commercial real estate professionals an opportunity, I get anxious when I hear an old friend or client's "kid" is starting in one of our offices. It is a small side effect, but an unfortunate one, of being in the position and I am in. Coming up in the business people told me "it's lonely at the top", perhaps this is one of the reasons why. Nobody twists my arm to do what I do. I am beyond blessed, and my cup runneth over, however if you one day your kid starts at a company of someone you know, or at Matthews for that matter, I ask for your patience, understanding and forgiveness in advance...

The Kaufmans strike again!

Just now • Edited • Visible to anyone on or off LinkedIn Shoutout to Jeff Enck for hosting a great conversation at the annual Strip Center Roundtable. 👏 🔗 Watch the full discussion here: youtube.com/watch?v=tyeDNN… Thank you to our panelists! StripMallGuy, Luke Fox, Adam Greenbaum, John M C., Derek Waltchack, Kristen Neyland, Dusty Batsell, Robert Holuba, John Morgan, Anthony Danizio, Taylor Brown, Ron Chanin, & Randy Keith.

@MenInBlazers How old are these kids? Looks scripted. These boys are just standing around watching a play happen.

The most remarkable goal you’ll see scored by someone born after the iPhone 4 was released 😅

@SahilBloom Same concept as Bulgarian Squats. Burning out on one leg and then having to do the other is just as or more mind bending than walking lunges. Both great and horrible.

What’s the most underrated exercise? I’ll start: Heavy weighted lunges. Full body impact, balance and stability, cardio at higher rep ranges.

Rate was 4.8% No buy down! 💥

@NetRSF @UNLBRIC You focus on in-person meetings will continue to set you apart and will result in real long-term relationships.

Just wrapped up my quarterly trip to Nebraska where I had the opportunity to speak with two incredible groups: the University of Nebraska–Lincoln’s Big Red Investment Club (@UNLBRIC) and the Nebraska Self Storage Owners Association (NSSOA) at their annual fall conference. It is energizing to spend time with both sides of the industry’s future. One evening, I am in a lecture hall discussing capital markets and real estate careers with sharp, motivated undergraduate students. The next morning I'm standing in front of seasoned operators talking through market trends, interest rate dynamics, and strategies to build long-term value in self storage. Grateful to Bill Lange for the chance to deliver another State of the Nebraska Self Storage Market presentation and to participate in a panel Q&A with some incredible operators including Ryan Steele of Cornerstone Storage, Geoff McGregor of LockBox Storage/McGregor Interests Inc, and Doug Graham of U-Haul. Congratulations to Geoff McGregor on being named the new President of NSSOA! Thank you as well to Matt Ligeski and the Big Red Investment Club for inviting me to speak and spend time with a group of students who will no doubt make their mark in the industry in the years ahead. Looking forward to continuing to invest time in the GREAT State of Nebraska and to supporting both the next generation of professionals and the current generation of operators building strong businesses across the state. @Matthews_CRE @UNLincoln

Several thoughts… here are a few: Choose your words carefully. Avoid “I want / I think” No one cares about what you want, think or feel. They need to hear about what they want and what you know. You’re utilizing a step back technique with a consultant approach. That’s great. Don’t bury it. Lead with it. People have a hard enough time reading a full email. You are more likely to engage them by starting with a quick intro and then saying, “This is my recommendation and here’s why…” and then proceed to lay out the options. Finally, your closing needs to be a statement and not a question. Rather than saying: “would you have time to get together?” Try: “it would be very beneficial for us to get together to review this in more detail. Let’s get together next week in person. I will call you on Friday to coordinate a time.”

Thoughts on this evaluation email? I wanted to follow up with you regarding the evaluation I completed for your property at _______. Sales comps going back 12 months within a 1 mile radius are attached. After reviewing the income, expenses, and current market conditions, I’ve come up with a value range between $2,240,000 and $2,400,000. The suggested asking price of $2,400,000 would represent roughly a 5.95% cap rate—which is slightly aggressive in today’s environment, as most comparable multifamily properties are trading north of a 6% cap. That said, I think it’s close enough to test the market at that level if we wanted to, though I believe the property would more realistically trade around $2,300,000, reflecting about a 6.25% cap rate. While the income profile is strong and your rents are on the higher end, a $2.4 million valuation also equates to roughly $300,000 per unit, which is above where most recent sales are landing. Given today’s headwinds in the investment market—interest rate volatility, transaction volume, and buyer selectivity—I’d say we’re likely on the upper end of achievable pricing at that range. Refinance vs. Sale Considerations In speaking with _______ and _____ bank about refinance options, there are trade-offs on both sides: Sale: Achieving the high end of the value range ($2.4 million) may be challenging given market constraints and buyer return expectations. Refinance: Appraisal risk also exists, but lenders generally view a refinance valuation somewhat more favorably than an open-market sale, especially for stable, cash-flowing assets like yours. _____ quoted loan dollars in the $1,700,000 - $1,750,000 range, which is more aggressive than ____ bank could do right now. Most banks are lending around 70% LTV, with some going as high as 75%, depending on debt-coverage ratios. Given current rates, I believe you could comfortably achieve about 70% leverage on a refinance, though proceeds will ultimately depend on where the appraisal lands. If the building appraises for $2.3M, then 70% equates to a $1,610,000 loan amount. Again, it's all based on what it appraises for. My Recommendation: Keep in mind, my recommendation may change depending on your overall existing cash position outside of the equity in Lime. Based on where the asset sits today, your strong rent roll, and the ADU potential, I think the most ideal scenario would be to refinance and pull out as much cash as possible, continue to optimize rents, and consider building the ADUs over time. This strategy allows you to retain a well-performing property, tap existing equity, and use those proceeds toward another acquisition—rather than selling outright in an uncertain market. With a refinance, worst case you'd have +/- $1.6m to work with, allowing you to buy something in the $3-$3.5M range. Depending on the deal, that could get you something like 16-20 units, while still retaining your 8 units. Would you have time later this week or early next to discuss the valuation and next steps?

@DMAC_19 You’re not violating real estate law by merely calling a seller. You would be if you solicited that seller for business on that property while it is listed for sale by another broker. Not legal advice 😂

@DMAC_19 You certainly could just call the seller. I would just write up an offer representing myself, asking for no fee, and send it to the agent. That will get you a reply

Blatantly cannot get ahold of a listing agent when I want to buy a deal myself. Unrepresented as a principal. I know for a fact the person can be reached b/c I know a bottom feeder who has an offer on it. Should I go direct to the seller?

@Eli_Albrecht Yikes. Typo. Closed ended question. No value. Call to action (if you could call it that) is asking you to call him. Definitely not in sales.

No, I think not.

@HealthcareREguy I came up with a saying years ago to describe this: “ an inch wide and a mile deep…”

If you're starting off as an investment sales broker and you want to reach the top of this business: You NEED to have a very specific area of focus that you can pitch to clients. Being a "net lease" specialist is not that. I know it sounds appealing to say you're a specialist in "net lease" because you think it'll give you access to all different kinds of net lease deals (retail, industrial, healthcare, office, etc.), BUT I promise you when you're at the table for business and competing with a true specialist, it's going to be an uphill battle for you to win business. Over my career I've seen the trajectory of many high performing 7 and 8 figure agents. The ones at the top are always highly specialized.

What’s the latest on distress in CRE and the wall of maturities these days? Just had a convo with a large special servicer today: • Their book has exploded 3x in the last 12 months. • Multifamily dominates the majority of these deals • They’re grinding through workouts and foreclosures, many leading straight to sales. • Hundreds of assets in the pipeline to resolve. Below is a slide from a conference 2 years ago. The can has been kicked down the road on billions of these maturing loans. Many will get worked out, but many won’t… Expect a wave of more opportunities hitting markets near you soon.