Its Not Just Cold Calling Anymore….

Posted by Clarke on March 17, 2009 under Good Info - Read It | Be the First to Comment

By: Robert Pitts, Florida Real Estate Journal – With office leasing down significantly and more pain yet to come, leasing agents and the people who manage them are getting creative and getting back to basics. It’s the best way, they say, to survive and even thrive in the current economic climate. “This year (2008) has not been a stellar year for a lot of properties, unfortunately. Next year is going to be even a little worse. That’s not fun to say or think about,” said Paula Buffa, senior director of office services for GVA Advantis in Tampa. “That said, I came into the business….. in the late ’80s and early ’90s when we went through a downturn in the market. It’s cyclical. You have to know it’s going to happen. You just have to use your basic broker skills – like cold calling and targeted prospecting.” Some business types – like medical, technology and engineering – are still doing well enough to warrant special attention from leasing agents, Buffa said. “You just have to look at those types of businesses and try to tap into them to bring new prospects to your owners’ buildings,” she said. Tenant retention, Buffa added, becomes a higher priority when times are tough. “You want to keep the tenants you have in the building. Really work to make sure they are happy. If they’re coming up for renewal, you certainly want to be as creative and flexible as you can be to keep those tenants in the space,” she said. Advantis is compensating for the downturn by doing more broker training on prospecting for tenants and marketing of buildings, Buffa said. She is encouraging brokers to network in both real estate and general business groups – and to make use of the down time to get reacquainted with former clients. Buffa added that landlords bear some responsibility in the quest to keep their buildings occupied. Little things like maintaining the landscaping and keeping the windows clean can make the difference between a contract and a dark office, she said. “I’ve been encouraging my owners to keep the properties in tip-top shape. When you do have those prospects, you want the building to shine,” she said. “A lot of people cut back on their advertising budget. I still encourage my owners to think about advertising to targeted prospects.” Fran Pepis, a senior vice president at Colliers Dickinson in Jacksonville, said the economy provides landlord representatives with the perfect opportunity to secure their listings. Landlord reps are needed now more than ever, she said. “The landlords are experiencing reductions in rent rolls. We can educate them on the market and let them know how their rents need to be structured and what concessions to offer,” she said. For example, many landlords seeking long-term contracts when they should be focused on three-year or even one-year deals, Pepis said, in order to avoid being locked into a low rental rate. Pepis said Colliers Dickinson maintains a database on tenant leases, and brokers are using it to contact tenants six or even 12 months from lease expiration to help them reposition themselves back into the market. Brokers can also work the company’s database of fax numbers, she said, adding that prospects will often take a fax when they won’t take a call or respond to e-mail. Established brokers have resources and relationships to fall back on in tough times, Pepis said, but those new to the business simply have to get back to basics. “Go to functions. Get involved in events. It’s not just cold calling,” she said.