A New Breed of Land Developer Emerging

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IRVINE, CA—With land scarcer than ever, developers today must offer a trifecta of understanding development risk, offering technical skills and delivering actionable solutions, WD Land partners Sal Provenza and Curt Crandall tell GlobeSt.com. The two joined the firm, formerly known as Whittlesey Doyle, in 2014 as senior land advisors and recently became partners. We spoke exclusively with them about trends, challenges and opportunities in land brokerage today.

GlobeSt.com: What do you hope to accomplish in your new roles at WD Land?

Provenza: The company has been in business for nearly 20 years and is a leading land-brokerage firm in Southern California. We intend to capitalize on the existing culture of collaboration and the stellar reputation that made WD Land the company it is today. We recently refreshed the WD Land brand by launching a new website and redesigning our marketing packages and other collateral materials. Now, recruiting is a top priority. We've added experienced land brokers, and we are aggressively seeking new candidates for our land-advisor training program. The comprehensive two-year training program is an opportunity for smart young professionals to learn how to be a successful land broker and provide best-in-class service to clients.

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Crandall:I hope to grow that business while maintaining best-in-class service to our clients. The more we can do to help our existing team increase production, the better. We definitely want to add experienced land brokers who can hit the ground running, too. However, we are actively seeking smart young professionals for our land-advisor training program. Recruiting experience and growing the team organically will position our team and our clients for success.

GlobeSt.com: What are the biggest challenges land brokers face in today's real estate market?

Provenza: From my perspective, land brokerage is very similar to development. Having had the experience building and developing new communities, I know development is a difficult business. A developer is constantly solving a wide variety of technical challenges while navigating political and market forces that impact the success of a new project. We believe the new breed of land broker is one who understands development risk, offers some technical skills and delivers actionable solutions for clients to consider.

Crandall: Selling land for development comes with a unique set of challenges. Land advisors need to be in tune with forces that affect clients, from land-use changes and increased construction costs to changing home prices and the availability of financing. The most difficult aspect is setting and maintaining realistic expectations for buyers and sellers since these forces test original underwriting assumptions.

GlobeSt.com: How are brokers overcoming these challenges?

Provenza: Knowledge is the best way to meet the challenges we face as land brokers today. We expect our land advisors to be knowledgeable on the market and the forces that may impact the value of land. For example, the recent water restrictions imposed by the state affect usage and availability of water, which will directly impact the viability of a new subdivision. Each of our advisors knows they must remain a student of the business whether a trainee or an experienced broker.

Crandall: In a post-Great-Recession world, we find successful land brokers have technical expertise that helps them navigate this new era of complexities. A land broker with experience as a civil engineer, architect, builder or developer is uniquely qualified to advise a landowner or institutional investor. Those technical skills are valuable to clients who may not be in the business of developing land, especially if the expertise can reduce the time it takes to get regulatory agencies' approvals.

GlobeSt.com: What else should our readers know about land brokerage?

Provenza: While a great deal of time is spent marketing exclusive listings, we have a passion for identifying off-market opportunities. Clients know our ability to scour property data, triage potential sites and identify viable development opportunities creates tremendous value for them. In fact, not every seller wants to broadcast their willingness to sell, and many buyers appreciate the chance to work directly toward a hassle-free off-market transaction.

Crandall: Selling land for development takes vision. Unlike a leased investment that can be compared side-by-side with another, land buyers are looking for opportunistic opportunities. Our ability to understand the vision and how we communicate that vision is how we add value for our clients.