Monday, April 27, 2009
Brokers in Detroit not as fazed by tough market?
I'm sure that most people look at Detroit and think that this Midwest city is one tough place to work as a commercial real estate broker.
They'd be right. But there's also an advantage to working in a city like Detroit: Doing well in it means that you've already mastered the difficult art of succeeding in a challenging market.
That's one of the factors that Steve Chaben, first vice president and regional manager for the Detroit and Grand Rapids, Mich., offices of Marcus & Millichap Real Estate Investment Services, points to when explaining why the commercial brokers in his office are not struggling quite as much as you'd expect during the real estate slump.
I interviewed Chaben for the upcoming issue of Midwest Real Estate News. Here's what he said about the resiliency his brokers have built up over the years in Detroit:
"Our market in Southwest Michigan has been struggling in terms of economic growth for several years now. My brokers here in Detroit have had to learn how to work and be successful in a difficult market. They've learned a lot in having to face those chlalenges. Much of the rest of the country was experiencing economic growth for the better part of the last decade. Now, the rest of the country is facing difficulties that it hasn't seen for some time. We, on the other hand, are several years into learning how to work in a difficult market."
You'll have to wait until the May/June issue of Midwest Real Estate News to read the rest of my interview with Chaben. But I thought you'd appreciate this teaser from it while you wait.