Real Estate

 Real Estate

Ric Moody now working for Coldwell Banker Commercial Heritage

Eric Spangler

For more than a year officials at Coldwell Banker Commercial Heritage, seeking to boost its commercial real estate footprint, tried to convince Ric Moody, broker/owner of Dayton Commercial Realty, to join their team.

Moody declined each and every request. “They approached me for over a year and a half and kept trying to tempt me,” says Moody.

But he resisted the temptation to bring his team at Dayton Commercial Realty, which was started in 1949, over to Coldwell Banker. “I didn’t want to come over,” says Moody, who has worked in the commercial real estate business for nearly 40 years.

So, in the meantime, Moody says officials at Coldwell Banker hired a commercial broker to help boost its commercial real estate business. “They didn’t have anybody, a commercial broker, with them,” he says.

However, that arrangement didn’t pan out, says Moody, and Coldwell Banker officials soon came back to him with another offer. This time Moody agreed to join the Coldwell Banker Commercial Heritage team.

So what was it about the latest offer that convinced Moody to finally make the move over to Coldwell Banker Commercial Heritage? “They made me an offer I couldn’t refuse,” he says.

So Moody agreed to join the Coldwell Banker Dayton team in January and brought his three commercial real estate agents along with him. Moody is now the managing broker of Coldwell Banker Commercial Heritage. His office remains at 2360 W. Dorothy Lane in Moraine.

“I oversee nine offices of residential Realtors totaling 370 Realtors,” he says. The offices run from Springfield to Springboro and everywhere in between in the Dayton region, Moody says. “It’s a big area. It gives me an opportunity to oversee a lot of people in a lot of geographic area and help direct them,” he says.

In addition to overseeing nearly 400 Realtors Moody handles all of the commercial real estate inquiries that those agents receive, says Moody. That’s meant a significant increase in his workload. “We probably tripled the amount of business that we work on just because of all the things that they do,” he says.

Moody says he’s now handling about 25 commercial real estate leads in addition to his current listings, all while he’s managing and teaching others about the commercial real estate business.

Those leads from the residential real estate agents he oversees at Coldwell Banker Commercial Heritage include clients seeking to buy, sell or lease real estate, he says.

That extra business can make work a little hectic at times. “I’m always on call, either text or call, for questions from the residential/commercial agents about helping them do their deals because they’re getting into more things that they didn’t have any place to contact before,” he says.

Not that he’s complaining. “It’s been a good problem to have,” Mooney says. “People always complain about not having business. Well we’ve got, I don’t want to say too much, we’ve got enough to where it’s a challenge to manage that much.”

Although it’s been hectic, Moody admits all the extra work has also been stimulating.

“It’s been an exciting three months,” says Mooney. “It’s been absolutely fantastic. It’s really worked out well.”

That positive trend has been buoyed by consumer confidence since the presidential election in November, he says. “The consumer confidence has just gone through the roof,” says Moody.

That’s because more businesses are hiring and unemployment is low, he says. That has encouraged people who have been sitting on the sidelines for years to enter the home-buying market, says Moody.

But those new home-buyers may have trouble finding a house they want to buy. That’s because there aren’t as many houses on the market, says Moody. The reason is that people don’t want to put their house up for sale until they find a new house to buy, he says. “It’s kind of a catch-22,” says Moody.

There’s also a tight market in the commercial real estate market, particularly in the industrial segment, he says. “We’re under 5 percent vacancy in industrial in the greater Dayton area so it’s as hot as a firecracker,” says Moody. “It’s tough to find space.”

If businesses need industrial space it has to be built, he says. No longer are buildings for industrial use being built without a signed lease, says Moody. “Buildings are being built on an as-needed basis compared to a speculative basis,” he says.

The good news is that the industrial commercial real estate is increasing at a slow, conservative pace, Moody says. The bad news is if someone needs industrial space there’s nothing available, he says.

There’s a brighter outlook for retail commercial real estate. Moody says the vacancy rate for retail real estate is down to about 12 percent vacancy. “Retail its being absorbed little by little,” he says.

As hot as the industrial market is for real estate just the opposite is the case for office space in the area, says Moody. The vacancy rate for office real estate is about 22 percent, he says.

Although Moody is now working for Coldwell Banker that doesn’t mean that his Dayton Commercial Realty business no longer exists. The business will continue to operate because that’s where Moody, who is also an auctioneer, will conduct his auction business.

“My auctioneer’s license is still with Dayton Commercial Realty which is still my company,” says Moody.

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