Showing posts from August, 2019

Know Your Competition

What you can learn from other property managers who lease space in their buildings? The answer is, a lot! Trading Information Getting to know your building colleagues can have benefits beyond learning the going rental rates. In spite of what you may think, in most cases your competition will be friendly. A fraternity/sorority of sorts results from sharing the same frustrations, the same gains and losses, the same pressures and rewards that you go through on a daily basis. People you have treated fairly will be more likely to pass on and trade information than people who feel that you have taken advantage of them. Getting to know the managers, vendors, and leasing agents of other buildings and brokerage firms will help you plug into the information circuit. Here are some examples: The real reason that your competition made a deal that you lost. The possibility of a deal (which your competition could not salvage) with a tenant who plans to vacate your competitor’s build