Surviving the commercial real estate slowdown? Watch those costs
July 16, 2010 | Dan Rafter | Print Article | Email this Article
Larry Elbaum has no secret formula for how his company, Chicago-based commercial real estate firm Bradford Allen/TCN Worldwide, is surviving the commercial real estate slump.
But the firm, of which Elbaum is principal and co-founder, is surviving. And here’s how: Its brokers and staffers are frugal. They’re watching every cent that they’re spending.
That may not sound exciting. But it is a solid recipe for getting through a tough economic time.
“You watch all costs,” Elbaum told me. “You make sure that you don’t skip any of the steps that would take away from the qualify of the support that our client have gotten used to or the support that our brokers need to provide the best possible service to our clients. But at the same time, we need to make sure that we are watching how we are spending our money. During the recession, there was nothing extra going out the door.”
Elbaum gives credit to the brokers and other professionals at Bradford Allen/TCN Worldwide for this. The workers have put in the extra hours and made the sacrifices necessary to keep the company strong even during the worst recession anyone can remember.
“There was a significant sacrifice and some wonderful efforts on the part of our support staff,” Elbaum said. “They took on multiple responsibilities. They did a great job.”
Again, there is no secret to success here. But the importance of being careful with the money can’t be overstated today. Just ask Elbaum.
Tags | Bradford Allen/TCN Worldwide, company news, economy, recession
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