The great recession has had a tremendous impact on the commercial real estate market. Shaking market fundamentals to their core, corporate users and property owners are struggling to find confidence in the market once more. As the credit crisis locked down financing, all but saving the commercial real estate market from overbuilding during the months leading up to the recession, brokers have had to think outside the box to find financing for their clients. And with fewer tenants and buyers in the market, brokers are finding themselves working harder than ever, with little to show for it on their monthly bank statements.
The brokers in the industry today, those who are sticking through the recession, honing their skills and building those ever-important relationships with clients, will find themselves extremely successful once the market returns to a pre-2007 levels. What the industry is experiencing is a sifting period, where brokers who were never committed to the industry are leaving the market for good. And those who remain are building the skillset to help them achieve success once transaction velocity increases.
The junior brokers are learning a great deal, and senior brokers are remembering how they made it through similar downturns, as in the 1990s. Those who don’t have the skills to find business on their own are leaving for good, generally any broker who became reliant on waiting for their phone to ring for business to come to them. And others who are pounding the pavement, thinking outside the box and developing new strategies and business channels, they will be just fine when things get better.
This entry was posted by System Administrator on November 19, 2010 at 5:18 pm, and is filed under General. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.