Featured

Broker on the Move: Dennis Wheelock Can Relate to the Needs of Small Businesses in Maine

Keller Williams | Magnusson Balfour Broker, Dennis Wheelock, has been a business owner and member of the Gardiner community for most of his adult life. Owning Dennis’ Pizza in Gardiner for 30 years, Dennis connects on a personal level with the small business owners and entrepreneurs he works with because he has lived it. He understands what it takes to run a business, the struggles business owners face, and what it takes to develop an exit strategy. He greatly enjoys the guidance and help he can give to entrepreneurs looking to start a business, owners expanding their businesses, and those ready to sell.

How long have you been a commercial real estate broker, how did you get started?

I’ve been a full time Commercial real estate and business broker for five years. I have an accounting background, graduating from Bentley College, and am very detail-oriented. When I knew I was ready to transition out of owning such a demanding business as Dennis’ Pizza, I got my appraiser’s license as it was something I could do part-time on my own schedule while still running Dennis’. Along the way I met Scott Balfour. When I was ready to sell Dennis’ I listed it with him, and it was a very smooth, professional transaction. I was impressed, and he encouraged me to get my real estate license. The rest is history!

What type of car do you drive?

A 2015 4-door Chevy Truck

What items are in your car?

Living where I do, preparation is everything! I always carry a flashlight, raingear, and my camera. I also keep a 100-ft tape measure, screw gun, stakes, and extra signs and sign riders with me.

What paperwork do you have with you at all times?

My briefcase is always with me which has all the required disclosure forms, listing agreements, as well as my business cards, and a bio sheet for more info about me.

How many business cards do you hand out in the course of a week?

Less than I used to as so much business is just done electronically these days, but I still hand out 10 or so every week.

Do you attend formal networking events? How do you get out and build your business?

I do. I think it’s really important to get out into the community and talk to people. How else do you really know what’s going on with businesses? I attend monthly Business After Hours events, and I’m a member of the Kennebec Valley Chamber of Commerce and the Gardiner Maine Street program.

What technology could you not live without? Do you have a favorite App that helps you with your business?

My smart phone! It really does everything I need by way of communication, paperwork, and research when I’m out of the office.

One of my favorite apps is Trello. I use it to keep listings and projects organized with my office assistant, Trent, so we know what each other is doing at any time, no matter where I am.

How many miles do you travel in your car in a week? What is the farthest you have travelled to list or show a property?

I put a good 400 – 500 miles a week on my truck, last year I recorded 20,000 miles.

I’ve gone to the Rangeley area a few times, and although I’m in the Gardiner/Central Maine area, I travel to Portland at least once a week to be at the main office.

How many phone calls, emails and text messages do you receive daily?

You have to stay in communication constantly in this business, so between clients, other brokers, and the other professionals involved in transactions, I have 30-40 phone calls a day, and about the same number of emails and texts. It’s a busy business!

What’s your area of specialty or expertise, geographic territory, and why did you choose it?

My area of expertise is the Central Maine market, particularly the Augusta-Gardiner area. Having lived in the area so long, raised my family here, owned a local business for 30 years, I know so many business people in the area, as well members of the community. It’s great to work close to home, where I know the area and the needs of businesses so well.

What is the most important personal attribute that you bring to your job?

As they say, it takes a long time to build a reputation, and only a short time to lose it. I believe I bring honesty, sincerity, and integrity to my relationships with all the people I work with. I’ve had a lot of clients say to me, “thank you for being so honest with me”, and I take that as a big compliment. I want what is best for them, and I won’t just go along with them to sell something.

After being a business owner and entrepreneur for so many years, I don’t think of myself as just a broker, or just a salesperson, because I’ve faced the same challenges. Whether it’s staffing, or cashflow, or how to go about selling a business. I just feel I can have discussions at a different level with clients. We speak the same language because I’ve been where they are.

What are you most excited about in relation to your job this year?

I’m a Tier 3 Broker at MB, and I’ve been asked to be on the Leadership Team. I greatly enjoy being part of helping the company move forward, setting growth strategy, team building, mentoring newer brokers. I enjoy looking at the bigger picture, not just my own listings, but what is on the horizon for Magnusson Balfour.

What’s the greatest bit of advice a parent or mentor has given you?

My parents were my first mentors, and they always told me to follow the ‘golden rule’ – be honest, work hard, stand by your word and do what you say you are going to do. That’s still good advice in my mind.

What is a professional development goal you have for this year?

I consistently take courses on investing, business turnaround strategies, and courses from the International Business Brokers Association. I’m getting ready to advance my license to full Broker designation as well.

How do you prefer to relax after a tough day in real estate?

I love being home with my family. My boys are grown, but my wife and I enjoy relaxing together, taking walks with our dog, Bella, and I love to be in the outdoors hunting and fishing.

250-unit Augusta ‘medical workforce’ development gets initial approval

Victor Tedford and I are representing the seller at 371-395 Civic Center Drive. This Augusta project — now four large single-family lots on 15 acres that was originally rolling farmland — got contract zone approval for the rental units from the city’s planning board a year ago. Read the article via MaineBiz.

The 1% Rule for Real Estate Investing

If you are interested in Real Estate investing, you’ve probably heard about the so called 1% rule. It is used by a lot of investors and should be a tool at every real estate investor’s disposal. But what exactly is this rule? This article from Your Financial Toolkit is a great read for anyone looking to invest in real estate. Contact me when you’re ready and I’ll help you find the investment property that fits your needs.

Five takeaways on the emerging cannabis market in Maine

I was invited to be one of the panelists at the Central Maine Business Breakfast about the emerging adult-use marijuana retail market held at the Holocaust and Human Rights Center at the University of Maine at Augusta on Wednesday. This article in the Kennebec Journal covers what to expect when the adult-use marijuana market launches later this year.

MaineBiz 2019 Fact Book

The 2019 MaineBiz Fact Book was released yesterday! “Fact Book: Doing Business in Maine showcases Maine’s many economic development opportunities and the attributes that make Maine a special place to work, live and play. For companies in Maine, and for companies who are looking to relocate or expand into Maine, the Fact Book: Doing Business in Maine is a great resource on Maine market stats and facts”. Get the digital copy here via Mainebiz.

Magnusson Balfour Brings its Commercial Business Expertise to Keller Williams

I am excited to share with you that Magnusson Balfour Commercial & Business Brokers has moved over to Keller Williams Reality. As part of this transition Magnusson Balfour has been restructured with me, along with two others, heading the leadership team. This was a carefully thought-out decision that was based on sound business reasons that I have outlined below.

As a small business, we at Magnusson Balfour, found much of our time and effort was spent managing back-end technology and day-to-day administration work that was taking time away from our most important job function: servicing our clients. By moving over to Keller Williams Commercial, we have formed a strong partnership that allows us to benefit from their national exposure, industry leading technology and training systems, and the capability to collaborate with other Keller Williams commercial agents. This allows us the ability to expand our network while continuing to focus our time and energy on our clients.

The services offered by us are still the same, ranging from commercial real estate sales and leasing, business brokerage, and buyer representation. If you or someone you know is in need of assistance please contact me, and I will be happy to help you.

I look forward to continuing to work with you and will be in touch again soon. Should an immediate need arise, please call or email me at your earliest convenience.

First-time real estate investors buy Farmingdale car wash

(Note: this article was written by Laurie Schreiber and appears on the Mainebiz website.)

FARMINGDALE — A Brunswick couple making a first-time real estate investment settled on the purchase of a high-profile car wash.

Trailside Car Wash is just outside of Augusta and could be positioned to draw from the thousands of commuters who travel between the state’s capital and its surrounding bedroom communities. The facility is comprised of one automatic and three self-serve bays plus coin-op vacuums. The property, on three-quarters of an acre, includes a separate retail building that will provide rental income.

Thomas and Kimberly Scott from Tidal Investments bought the property for $300,000 in a deal that closed Sept. 28. Dennis Wheelock of Magnusson Balfour Commercial & Business Brokers brokered the deal for both the buyer and seller.

“They were looking for an opportunity to have a business that could somewhat run itself and diversify their portfolio,” said Wheelock. One of the great advantages of the carwash is its automatic bay, which can run 24/7 without requiring a full-time attendant, according to Wheelock.

The Scotts have lived in Brunswick for 10 years and were in the market for an investment.

“I always thought a car wash would be a good idea,” Thomas Scott told Mainebiz. “It seems to be in a good location, and we got a fair price on it.”

The location is on a busy corridor that runs from Brunswick to Jackman. And Augusta is hotspot central, according to Wheelock.

“Augusta is the local area employment center. Its population is 18,000-plus but increases to 40,000-plus during the workweek with the addition of state workers,” said Wheelock. “So on the west shore of the Kennebec River, you’ve got this corridor for everybody south of Augusta — Hallowell, Farmingdale, Gardiner are all bedroom communities for Augusta — heading to work and then back home each day. Roughly 13,800 cars go by [the car wash] every day.”

The car wash, which dates to 1986, has been in continuous operation, said Wheelock. The property is in good shape and the seller was simply looking to shed this item from his portfolio in order to concentrate on his other businesses, according to Wheelock.

“The carwash was one of the last businesses he bought, and he didn’t have any time to work with all of his businesses, so he chose to sell this one,” said Wheelock.

Upgrades by the seller includes $228,000 worth of equipment and building improvements, including a new roof.

Scott said he and his wife are looking at whether they’ll do any further upgrades.

“The separate retail building is in need of a new tenant, but has generally been occupied over the years,” said Wheelock.

The most recent tenant, who moved out-of-state mid-summer, ran a tattoo parlor. Other tenants have included U.S. Cellular, which outgrew the space.

“So it’s a great little spot for an entrepreneur or for someone who wants to start a business,” Wheelock said. “It’s such a high-visibility spot.”

5 Property Maintenance Tips for Spring

Business owners know that the first impression is everything! Now that the Maine winter is finally behind us, it is time to take a walk around your commercial property to assess any winter damage, and spruce things up for spring. Besides always wanting your business to look inviting to your customers, it’s important to make sure your building and grounds are safe and accessible. Even if you lease your business location, you know your surroundings better than anyone, so alert your property manager of these important issues.

Assess & Prioritize

The first thing to do is walk your entire property, notepad and camera in hand, and inspect the buildings and grounds for any damage or hazardous issues. Common building issues include damaged siding and roofing, missing or damaged window screens and entrance doors, and peeling paint. Landscaping always takes a beating in the winter, so look for loose walkway pavers, fallen debris, and missing chunks of ground. These items not only look bad, but affect the longevity of the building materials, so addressing them on an annual basis is good risk management.

Make a list of things that need to be repaired or replaced, and get on the schedules of your contractors. Of course, any safety hazard is a top priority to get resolved quickly, but even landscaping has a big effect on your appeal and property value. You won’t be the only property owner facing a list of needs, so making your calls early ensures you will get on the schedules of repair companies in a reasonable timeframe.

Clean Up

Getting any debris such as branches, leaves and trash raked up is a quick and easy improvement, and also encourages healthy early grass growth. Most professional landscapers have a “spring cleanup” offering, and these professionals will come with all the right equipment, and can also sweep up the sand left from winter.

Make sure all your parking areas and walkways are clean, and in good condition. An annual power-washing of surfaces, of your building and hardscaped areas, will make your place look its best. When you make your business look like someone cares, you send a message to your customers about your level of attention to detail.

Safety First

Pay careful attention to the travel path of your clients – from car to footpath entrance – and make this your first focus of attention. Once walkways are clear of any debris, parking spaces should be made easily accessible. Also, consider the special needs of your customers by making sure paths are level, and that railings and other appropriate safety precautions are in place.

HVAC Inspection & Maintenance

With winter heating season behind us, attention now turns to air conditioning systems. These should be serviced annually to inspect the coils, drainage and replace filters. If your property has a sprinkler or irrigation system, this too needs an annual maintenance inspection for any leaks, blockages, or damage.

Plan Improvements

Sometimes, we don’t consider our commercial property’s “curb appeal” as much as we do our residences, but the visual impression you make on your customers says a world not only about how much you care about quality, but also about your worth (read: pricing and value).

If your exterior and landscaping has become run down over the years, or is minimalist, this may be the year to plan some exterior improvements. Really look at your property from an outsider’s viewpoint: what is messy, faded, or rundown looking? Re-sod your grassy areas and keep them mowed nicely. Grass needs annual fertilizing and weed/insect control measures, and during the spring growth is the perfect time to catch an issue early. Keep your shrubs and trees pruned and cut back from walkways and parking spots. Have landscaped beds cleaned of old mulch, and add a new layer. Don’t skimp on mulching – it not only makes everything look much better, but it cuts back on the need for weeding and watering. Adding some hardy perennials or annual flowers to your planting beds will provide the finishing touch of color to improving your visual appeal.

The Ballard Center: A Former Hospital is Repurposed

The Ballard Center, in the heart of Augusta, is a welcoming, newly renovated historical property, that has been thoughtfully restored and repurposed to provide much needed quality commercial space to local businesses and organizations. Already bustling with activity, this Class A building is well-located, professionally managed, and centrally located to provide easy access and care for local residents. Formerly an iconic hospital for over a century, the Ballard Center was sitting vacant since Maine General Medical Center moved to its new facility several years ago. Dirigo Capital Advisors, who specializes in revitalizing older buildings for new use, purchased the East Chestnut Street property in 2013. With plans to repurpose the historical facilities into much needed commercial facilities for the City of Augusta, this multi-purpose commercial complex is now home to several local businesses, academic institutions, and non-profit organizations.

While so many buildings sit vacant throughout the state, to see a large complex such as this be refashioned into one of the most coveted commercial spaces in Kennebec County is a testament to committed developers such as Dirigo Capital Advisors. Commercial real estate broker, Dennis Wheelock, who represent the property, says “This property fills a vital need for high-quality office space in Central Maine. The Ballard Center will keep necessary community businesses and services local for residents, and is a phenomenal representation of what can be done when there is a vision for an otherwise vacant building.”

The complex consists of over 300,000 square feet, housed in five floors of newly renovated spaces, and offers sunny office suites and offices of all sizes. The Class A development project is built of the highest quality and energy efficient materials, with the attention to detail you would expect in a project of this kind. Additional amenities include a fitness center, comfortable common spaces, a café, security, and plenty of free parking. The Ballard Center provides a modern, state-of-the-art facility, competitive with metropolitan areas of Maine.

Dirigo Capital Advisors President, Kevin Mattson, believes repurposing our vacant, historic buildings versus building new is essential when considering new development. His passion for projects such as the Ballard Center is clear. “Our hope for the future of the Ballard Center is to build on the past, because this structure has been a staple in the community for over 100 years, and now to create a future for it as an integral part of the fabric of the community for the next 100 years.”

Keller Williams | Magnusson Balfour is delighted to be part of the exceptional real estate offerings at the Ballard Center. Multi-purpose, commercial office space is currently available for lease, and the developer will build space to suit your specific needs. Please contact Dennis Wheelock for more information.