Key Strategies for Commercial Real Estate
At the 2013 Spring Conference in Las Vegas earlier this month, Chris Lee of CEL & Associates covered a variety of topics related to the economy and real estate, including Real Estate and Psychology. He also gave an overview of the state of the economy, and how he sees the industry changing by 2020.
According to Lee, The Real Estate Industry Is…
- Shifting from a Founder- to a Successor-based industry. – 60% of today’s CEOs will be gone by 2020.
- Consolidating. – By 2020 there will be 30% fewer firms than in 2000.
- Becoming very specialized. – Only 20% of Building Owners consider their service provider to be Best-In-Class. – Facing $1.7 trillion in loan maturities during the period 2012 – 2016. 29% are considered underwater.
- Facing a talent shortage. – There could be a shortage of 15,000 or more professionals by 2015. Compensation and succession are becoming top priorities.
There are some key strategies you can being to icorporate into your business in 2013 so that you are ready for the changes to come. In 2013 your company should:
- Set Your Vision & Reset Your Priorities.
- Create A Winning Growth Strategy
- Implement A Collaborative Business Model.
- Strengthen Your Brand & Differentiating Story.
- Become More Customer-Centric & Knowledge-Driven.
- Improve Internal Systems & Processes.
- Focus On Specialization & Niche Dominance.
- Embrace Succession Planning For All Mission Critical Positions.
- Expand Your Specializations.
- Strengthen Your Capital Base.
- Protect Your Most Valuable Asset…Your People.
And that’s not all! Your brokers also need to start evolving. You (and your brokers) need to:
- Get Closer To Your Customers.
- Focus On Clients & Opportunities In Which You Have The Greatest Chance To Win.
- Overcome/Answer Your Weaknesses Before They Are Questioned.
- Create A “Leave Behind” That Becomes Your Voice In The Room Once You Have Left.
- Communicate, Respond & Follow-Through.
- Increase The Cost Of Disengagement.
- Discard Commodity Selling & Solutions.
- Valued Relationships, Not Events, Accumulate.
- Treat Every Client As If It Was Your First, Only, And Last Transaction.
Get more from Lee, including his e-newsletter, on his website: http://celassociates.com/