Attracting and Keeping Commercial Real Estate Clients

BY LEE NELSON

Eric Anderson is experiencing no shortage of buyers for commercial properties during the pandemic. However, finding the right property for the right price in the right location remains an issue.

All kinds of repurposing of buildings are happening,” said Anderson, CEO of Alexander-Anderson Real Estate Group in Hackensack. “Go into the ownership with your ideas. You build reference in your areas and become the one with knowledge and networks.

Pandemic or not, commercial real estate is “still all about networking,” said Anderson.

Keeping clients interested and keeping your name at the top of their list continue to be important steps for commercial Realtors® no matter what the market is doing. Clients want Realtors® they trust, can talk to, can advise them, who know their markets and nearby ones, and who can listen to their needs.

According to the National Association of Realtors® 2020 Commercial Specialty Report, only 2 percent of members in New Jersey specialize primarily in commercial real estate. For those with both commercial and residential specialties, it measures less than 1 percent. That leaves a lot of opportunity for someone to make their mark.

What’s Happening in New Jersey with Commercial Real Estate

Anderson’s company represents the owners of a 1930 bank with 30-foot ceilings.

Right now, all interested parties are scared to commit. 10 people in the past would have wanted the building,” says Anderson.

Things definitely are slightly different as COVID-19 problems continue—he sees larger, standalone restaurants having a tough time being sold.

However, people are looking for office buildings and smaller mixed-use products. It all depends on the area,” says Anderson.

Back when the mortgage crisis began in 2007, companies leasing space and building owners were turned upside down, says Michael Witko, Jr., founding member/broker of record at Chilmark Real Estate Services, LLC, in Morristown. “During that time, the commercial real estate industry just kind of limped along,” said Witko.

Now he has seen clients that have experienced their best year-to-date, and others who are suffering. His company works with a wide spectrum of clients from local logistic companies to law firms to global pharmaceutical organizations.

We need to remain optimistic and smart, and if we can do that along with a mass vaccine implementation, hopefully those who haven’t returned to work will do so in the near future,” said Witko.

Witko still believes to be successful in commercial real estate, you need to possess focus, professionalism, humor, and a hard-working attitude.

Advice for Life in Any Market

One of Jeremy Neuer’s mentors told him that in commercial real estate to never get too high or too low. “You will have a good existence and a good life. But if you live and die with every deal, you live and die every day,” he told him. What that meant to him was to make life balanced and do the best you can, but expect that things will fall apart from time to time.

Earlier this year, Neuer, Executive Vice President of Capital Markets in Saddle Brook, witnessed two of his deals perish within 10 minutes of each other. The aggregate value of each deal was over $150 million.

That was an unfortunate time on a Monday. One of those deals, I put back together, and the other one, well, another buyer came through,” said Neuer. “You can move through this crazy business with a smile on your face and stay even keel.

His father, who was a corporate real estate attorney, told him “It’s not a brick and mortar business. It’s a relationship business.”

These three commercial real estate experts share their tips for attracting and keeping your clients:

• Think outside the box. Know your markets completely and study the downtown, Anderson said.

• You want to become their trusted advisor. “Always put the client first and your needs second,” said Neuer. “I’ve done this for over 20 years, and the thing I can say about my career is that I’ve had unbelievable repeat clients.” He has done over 100 transactions with one client, and 50 with another on the leasing side.

• Looking someone in the eye and getting a sense of their current work environment are very beneficial, said Witko.

• Overcome your fear of virtual meetings. During the pandemic people don’t want to meet you. “I’m a faceto-face person, and I connect better that way,” Anderson said. But you have to overcome. Make your meetings more interesting and listen a lot. • The sales cycle is fairly long. “Continue to uncover opportunities and build relationships that cannot end,” said Witko.

• Morph to each client. “My mother has four children, and she said that different children have different needs,” said Neuer. “I believe that about clients. If you listen well, they tell you what they want and how they want it.”

• Keep clients at top of your to-do list. Every year Anderson plans an event for his clients. He believes in giving them value, giving them attention, and giving them knowledge.

The silver lining to COVID-19 is that it opened up the real estate industry to lots of other people,” Anderson says. “It’s a tough industry, but also amazing. You have to take it seriously, though. You are either all in or not.