GlobeSt.com: How will the business change with you as owners?

Oldham: A lot of the things are the same. Really, what Laura and I had decided was we really wanted to empower the team we had and make everyone's lives better. She's HR and basically runs the company. Her ownership and the way she inspires and motivates our group are great. We're now going back and really trying to focus on our clients' needs. We want to make it easier for them incorporate their format into ours so they don't have to copy and paste.

GlobeSt.com: What do you see as the biggest challenges in the commercial real estate realm today?

Oldham: Our main focus, 80%, has been residential, but one of the main challenges in commercial real estate for certain is the Internet. we now go to the Internet to purchase a lot of the things we used to go and buy. The CRE area of real estate really needs to focus on services and experiences. Those strip malls are changing. Anything you can find there, you can find on Amazon cheaper.

As for residential, Millennials are going to buy homes; they're just doing it a little later in life. We're used to having kids in their 20s buying homes, so there's a challenge there. There's a different product type that these age groups are looking for.

Another big challenge is the impact fees you pay to a municipality for services like police, fire, brokerage and thoroughfare. These can cost developers up to $50,000 a lot in California. Home buyers don't see those things, but you're passing that on to the consumer. One of the biggest line items we have in California are these fees now—that is the biggest line items in the budget. It doesn't get talked about a lot, and the developer goes and puts in improvements, but they also pay a fee for it. It's a big challenge in getting people to take the risk to entitle, develop and build houses.

GlobeSt.com: What else should our readers know about your acquisition and the direction of the company?

Oldham: We continue to provide the most detailed and accurate information about land development that we can. We're also, doing project-management services for tenant improvements and helping commercial companies with budgeting and timing.

IRVINE, CA—Impact fees can run developers upwards of $50,000 per lot in California, a fact that many home buyers don't know, Developers Research principal Scot Oldham tells GlobeSt.com. After being employees of the firm for nearly 20 years, Scot and his wife Laura purchased the consulting firm—which evaluates risk associated with commercial and residential real estate acquisition, development and disposition—in August 2016 from its founder, Barry Gross, and have launched a new website to reflect the changes taking place there.

The Oldhams are responsible for running all facets of the business. In addition to acting as the voice of the company, Scot is responsible for heading up sales and marketing efforts and overseeing the work product of the team, while Laura handles day-to-day operations. We spoke with Scot about their decision to purchase the company, how it has changed since the purchase and his view on the real estate industry.

GlobeSt.com: What made you and Laura choose to purchase the company?

Oldham: I worked with Barry, our former owner and president, for 20 years. I was the first employee at Developers Research. Barry wanted to move in a different direction, not consulting. We loved what we were doing and wanted to keep doing it. The group and our team wanted to continue as well.

GlobeSt.com: How will the business change with you as owners?

Oldham: A lot of the things are the same. Really, what Laura and I had decided was we really wanted to empower the team we had and make everyone's lives better. She's HR and basically runs the company. Her ownership and the way she inspires and motivates our group are great. We're now going back and really trying to focus on our clients' needs. We want to make it easier for them incorporate their format into ours so they don't have to copy and paste.

GlobeSt.com: What do you see as the biggest challenges in the commercial real estate realm today?

Oldham: Our main focus, 80%, has been residential, but one of the main challenges in commercial real estate for certain is the Internet. we now go to the Internet to purchase a lot of the things we used to go and buy. The CRE area of real estate really needs to focus on services and experiences. Those strip malls are changing. Anything you can find there, you can find on Amazon cheaper.

As for residential, Millennials are going to buy homes; they're just doing it a little later in life. We're used to having kids in their 20s buying homes, so there's a challenge there. There's a different product type that these age groups are looking for.

Another big challenge is the impact fees you pay to a municipality for services like police, fire, brokerage and thoroughfare. These can cost developers up to $50,000 a lot in California. Home buyers don't see those things, but you're passing that on to the consumer. One of the biggest line items we have in California are these fees now—that is the biggest line items in the budget. It doesn't get talked about a lot, and the developer goes and puts in improvements, but they also pay a fee for it. It's a big challenge in getting people to take the risk to entitle, develop and build houses.

GlobeSt.com: What else should our readers know about your acquisition and the direction of the company?

Oldham: We continue to provide the most detailed and accurate information about land development that we can. We're also, doing project-management services for tenant improvements and helping commercial companies with budgeting and timing.