Commercial real estate developers have an incredible opportunity to build a never ending pipeline of work by creating departments that can offer ancillary services to the businesses they work for from a position of building trust through value adds first. I say never ending because every year a ton of new businesses are formed and the majority of them are seeking office space.
Real estate is interesting because developers are rarely on the buy side, building relationships with potential tenets so that when new properties are completed they can then take down leads without too much discounting. WeWork has done a decent job with this, but they are one company in a sea of firms, and in many cases, they still go months after construction is completed before getting offices filled.
Supply and demand is an obvious factor. From an analytical point of view, there is usually more space available than companies to fill them. HOWEVER, this is why business development or rather developing businesses matters. If a big commercial realtor started competing with a big consulting firm (not likely) and could help grow client top line, then they could facilitate new office space leases or sales as needed.
This is where groundwork needs to be laid immediately by adding value to the community. Becoming a resource in the community not just a sales agent. To start, you need to push value adds out to the market with zero – absolutely zero – sales bullshit. Too many real estate companies are thinking about today or this month or even this year instead of this business or this person. The shift from thinking about self to thinking about serving others is a big one that can change the trajectory of any businesses, especially real estate.
Think. Add Value. Get to work.