The latest PRO Perspective explores 2020’s impact on commercial real estate so far with Mike Spears, Managing Principal at Lee & Associates-Houston.
Crexi’s PRO Perspective series explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the industry. In each episode, we feature a different guest to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate.
Crexi’s own Steve Narish and Matt Cors chat with Mike Spears and discuss how to adjust leadership strategy during a crisis, take advantage of CREtech to become a better broker and the potential future of commercial real estate’s industrial sector in the wake of the coronavirus.
Key takeaways
- As a leader, over-communication is crucial when it comes to navigating your team through a crisis. Reassure your team, keep them prepared and secure in the knowledge of what’s happening – this will go a long way to soothe their stress and fears, and minimize the impact on productivity.
- We’re here for the long run when it comes to COVID-19. CRE brokerages are stuck managing the crisis until they reach its end, so brokers need to navigate as a team and to the best of their ability to emerge successfully. Teams will be able to face future challenges more easily.
- The necessity of quarantine has created time for brokers to better themselves. Take this period to master CREtech, refine your processes, and clean out file cabinets that haven’t seen daylight for years. This is time to learn new things, study market trends, and improve.
- Seize the moment: being a broker isn’t easy. Countless hours of calling, advice-giving, and following up with prospects remain the best way to establish your reputation and relationships. There’s time to cultivate connections with clients and for brokers to emerge in a better position after the pandemic. People want to do business with people they like.
- If you’re working on a deal with other brokers, discuss the allocation of commission at the top of the process. Talk about work split expectations in the project and what each person will earn for their effort. Be explicit and try to cover all your bases long before the deal nears completion.
Check out the PRO Perspective episode here:
Mike Spears is a licensed broker with an established career in commercial real estate spanning over 19 years representing more than $1.1 billion in transaction value. Mike specializes in the greater Houston area, primarily focusing on the north and northwest submarkets. As the managing principal at Lee & Associates-Houston, Mike oversees daily operations and supervises a team of 40+ brokers and support staff. Before joining Lee & Associates, Mike worked 15 years with TNRG, serving as the company’s president for seven years. In this time, Mike was involved in over 700 transactions, including leasing, sales, and industrial project development, representing over $595 million in annual transactions.
Mike is an active member of the Society of Industrial and Office Realtors (SIOR), holds a CCIM (Certified Commercial Investment Member) designation, and is a part of the National Association of Industrial and Office Professionals (NAIOP). Mike also serves on the corporate board of directors for Lee and Associates, participating in the organization’s expansion across North America.
Mike obtained his Bachelor’s degree from Texas State University.
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