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Add Power to Your Pitch!
Mid-Atlantic Real Estate Journal - March 4, 2011
In November of 2010, I wrote a piece for this publication in which I noted the obvious. “The universe has re-ordered and business objectives could not be clearer: spend as little money as possible and make money as quickly as possible.”
The message has not really changed in the last three months, but - something important has: there is a trickle of action in the market. Some companies are actually looking to make changes for a number of different reasons. Some have downsized and want to dump space. Some companies have disappeared, leaving building owners with excess space and vacant buildings. Some companies see opportunity in the market and want to move to take advantage of the down market. Whatever the reasons, real estate professionals need to take advantage of the shifts if and when they occur.
If we change the premise slightly from “spend little” to “spend a little,” building owners, managers and brokers can add significant power to the pitch! “Yep, right,” you might say, with a slight bit of sarcasm. But consider this for a moment. Walk into a building and look at it, smell it and think about it. If I am a prospective tenant, evaluating multiple properties, do I look twice at the one that smells bad, has peeling paint, and out-dated, sad, or worn carpet? How about the building that has the severely-downsized look, with cubes and office supply remains still evident?
The allocation of a small percentage of funds for property improvement can be the difference between a closing and a decline as the potential client compares the available properties. My company, among others, has developed cost effective strategies for turning buildings from eye-sores into undiscovered gems in the market. That converts into power with the pitch.
A pertinent analogy is the stage set. The audience sees a spectacular show because of thoughtful stage design. The power evolves from the team, including the set designers, the sound team, the musicians, along with the perception of the audience. “Easy,” you say, to use the analogy of a theater, but buildings are different. Are they?? Spend a little and team with an architect to define the state of the building for you - in advance of showing the property to your prospective buyers or tenants.
Add the power to your pitch by recognizing the key elements that can differentiate your property from the competitors. Does your building send the wrong message? Are you 1980's - still? Here are some fast tips.
- Recognize that “eco-friendly” and “sustainable” means something in 2011. Potential buyers and tenants want a healthy space so consider refreshing your building with materials that can pitch the environmental aspects of your building.
- Check the smell of your building. Does it still retain that lingering tobacco smell? Musty? Bad mop smell? There are ways of cleaning and freshening a space while also maintaining cost-sensitive strategies.
- If the layers of “slapped-on” paint on a building can be identified by layer, or if there are paint cracks combined with the cobwebs, it might be time to evaluate a strategy for refreshing the look of the building.
The difference between making the close on a new lease, retaining a tenant or making a sale could be the first impression your building gives your prospects. Provide power to your pitch by working with a team of appearance strategists that can recommend and provide a cost-effective refresh package.
Mary G. Severino, AIA, LEEDAP
Mary G. Z. Severino is the founder and President of MGZA (Zahn Incorporated) a certified Woman-Owned Business Enterprise, www.mgza.com. Ms. Severino is an accomplished architect and is a specialist in appearance strategies, strategic building assessment and project progress management. Currently serving as Vice President on the Board of AIA DE, she is a graduate of University of Michigan and University of California, Berkeley, with over 35 years as a practicing professional. Contact Ms. Severino at mgzs@mgza.com, for further information.
MGZA
“National Caliber with Local Sensitivity:”
MGZA is a multi-disciplinary architecture, facilities design and strategic consulting firm based in Wilmington, Delaware and Philadelphia, Pennsylvania, with a practice committed to ongoing urban revitalization along with a continued business philosophy of professional ethics, honesty and technical capability. Visit MGZA's appearance strategists and review our firm's capabilities at our website, www.mgza.com.
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