Thomas Mundy III has been a commercial real estate agent with Strategic Sites Clifford Commercial since it opened in August 2005.
BEFORE THERE?
He was at Coldwell Banker Commercial Real Estate as Kate Clifford’s assistant for a year and a half (Clifford is now the broker/owner of Strategic Sites Clifford Commercial). After college, he worked at Merrill Lynch for six months and then Coastal Capital Mortgage for six months.
COLLEGE?
He has a bachelor’s degree in finance and banking from the University of North Florida.
WHY GO INTO COMMERCIAL REAL ESTATE?
He was working at Coastal Capital Mortgage and heard about an opportunity at Coldwell Banker Commercial to be an assistant to Clifford. He went to work for her and when she opened her company, she invited him to come along, so he did.
SPECIALITY?
He focuses on tenant and landlord representation for retail in Northeast Florida.
WHY FOCUS ON RETAIL?
“The beaches area was kind of a training area for me and I did a lot of office work. But when Jeffrie Hood left, I had the opportunity to work with Office Depot, and that’s how I got into the tenant representation for retail.”
Hood used to handle the site selection and tenant representation for retail at Strategic Sites, but he left for a different opportunity and left the door open for Mundy to step in and learn more about retail.
“She did tenant representative work for Office Depot, and when she left, she turned it over to us. That’s one thing we’ve worked on for the last year and a half. I’ve been trying to find them new sites in Jacksonville. Retail is more challenging.”
WHAT DO YOU LIKE ABOUT COMMERCIAL REAL ESTATE?
“I love it. It’s dynamic. You never do the same thing twice. No two deals are ever the same. People say to try and learn something new every day, and in this business you do. Flexibility is another great aspect. You pretty much set your own schedule. We all work as a team here and share information. I like that aspect of it.”
MENTOR?
Kate Clifford was his main mentor. “She hired me with zero experience and no license. She took me under her wing and taught me the business. Her reputation and her word are what make her. She taught me that you may not do every deal, but you need to be honest, work hard and do what you say you are going to do when you say you are going to do it.
“The thing with Kate is, is that her door is always open. You can always go to her and ask her a question. Chances are she has run into a similar type situation and she can help.”
HOW HAS A DEGREE HELPED HIM?
“I’m good with numbers. You have to look at the property and put a value on it and then decide what is the highest and best use of it. You look at how much it cost to build, how much can it rent it for or how much can it sell it for based on the capitalization rate?”
HAS THE SLOWDOWN IN THE RESIDENTIAL MARKET AFFECTED COMMERCIAL AS WELL?
“The housing market has obviously slowed down. We do a lot with office condominiums. The office condominium market is very sluggish. There is a lot of product and there are office condominium projects everywhere. The office condominium buyer is the same type of buyer as for residential. So, now instead of buying, tenants are leasing. The office condominium market is so slow, that it is cheaper to lease. The landlords know this, so the lease rates continue to go up.”
MOST CHALLENGING ASPECT OF COMMERCIAL REAL ESTATE?
“The most challenging thing is staying on top of the deals and pushing them through the pipeline.”
BEST PROFESSIONAL ADVICE RECEIVED?
“Your reputation and your word are the two most important things, so don’t break them.”
ADVICE FOR A NEW COMMERCIAL REALTOR?
Since commercial deals typically take a long time to pan out, Mundy suggests doing an internship first. “The internship will allow you to typically work under a higher level associate. You get paid a small amount to keep you going. It allows you to learn the business and kind of evolve until you start making money.”
-by Michele Newbern Gillis