Emerging Broker of the Month August 2017 – Michael Krebsbach
For Michael Krebsbach, associate advisor at Pinnacle Real Estate Advisors, commercial real estate is in his DNA. Coming from a family who has owned every facet of CRE over the years, including a chain of banks in the Twin Cities, he received his education in the field long before he graduated from the University of Denver.
Michael is a commercial real estate broker, specializing in multifamily sales, with a concentration on the tertiary markets around Denver, such as Colorado Springs and Pueblo.
Before launching his career in the brokerage industry Michael majored in Real Estate and Construction Management, which equipped him with the knowledge and skill set to help his clients achieve their goals. His experience growing up in a family amerced in the industry, also provided him with a well-rounded experience that today helps him assist clients in other areas outside of multifamily. Working at his family-owned bank during his summers in college, provided him with valuable experience and understanding of the inner-workings of banks and how that relates to financing of real estate transactions.
Making the transition from college into the business remains the biggest challenge of his career thus far. “Starting in the business straight out of college and looking young was a challenge for me, in which I have overcome through hard work and persistence which has resulted in numerous loyal client relationships,” says Michael.
Following the mentorship he received at his previous brokerage firm, Pinnacle Senior Broker Jamie Mitchell has been very helpful in helping Michael continue his growth in the business. “The principals of Pinnacle along with the other senior brokers within the company have been very generous in offering advice on difficult situations that come up in every deal. I am very fortunate to be working with a company that is so collaborative and team oriented.”
Michael has had a lot of success selling working class apartment buildings in the Colorado Springs and Pueblo markets. “The majority of the apartment buildings that I sell are built in the 60’s and 70’s, typically in lower income neighborhoods,” he says. “Many of the properties I have sold to clients have undergone extensive renovations which have truly transformed many neighborhoods that were once on the decline.”
For Michael, specializing in one submarket of the industry has helped him make a name for himself and he would advise young brokers in the business to do the same. “Make it a priority to learn the business from the ground up. I also believe it is very wise to focus on one product type and specialize in a certain area to differentiate yourself from your competition,” he says.
This year he had a client reach out with the assignment of selling their 228-unit apartment complex in Pueblo, Colorado. “We conducted an extensive marketing campaign which resulted in numerous competing offers leading to a successful sale of $10,260,000 which was substantially over asking price. This was the largest single sale in my career thus far. It was a great sense of accomplishment in my career to have a client reach out to me directly for this assignment.”
So far in his career, Michael has sold in excess of $65,000.000 worth of commercial real estate — most of which were multifamily properties — but Michael and his team have also represented landlords of shopping centers, free standing buildings, single tenant and multi-tenant NNN retail investments, and other types of retail product that have resulted in numerous sales and leasing transactions.
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