Client Q&A Feature: MarketOne Builders |
Recently, we had an opportunity to chat with James Fitzgerald, Director of Project Development for MarketOne Builders, about the commercial real estate and building sectors, as well as his predictions for the industry in 2021. |
Q: The pandemic left no industry untouched, including the commercial real estate/building sectors. Tell us what you think the commercial building industry looks like in 2021.
A: I wish that I had a more positive outlook. While there are some very strong sectors like multi-family and industrial, which our company is a part of, there are several markets like retail and commercial office that look like they will lag due to COVID-19 restrictions, and the timing to get business and landlords confident again. Our word from designers and commercial brokers is cautiously optimistic and that some are beginning to dust off plans and re-engage. I would predict not a lot happens until summer and most likely by the end of 2021 we'll see measurable traction.
Q: How does this affect the City of Sacramento? California as a whole?
A: Locally, there are a few factors in play. First, the remote work environment created by the pandemic, fueled by the high real estate prices in the Bay Area, has made Sacramento a desirable spot to relocate for many people. But on the contrast, we're also seeing a high percentage of people and businesses move across state borders for less expensive real estate and lower taxes in other states. The second factor, which we have not seen play out yet, is what does the commercial office space look like in 2022 and beyond? We anticipate there will be functional changes to the design of post-COVID office space, but we don’t know how that impacts the rentable area of the typical user. Will the remote work environment be here to stay, or are people looking to get back to the more typical business day routine with coworkers and colleagues? There have been exhaustive studies that have concluded either scenario is possible. The state of California is of course reeling from the business disruptions, pressure on the health networks and hospitals, homelessness, vaccination deployment, and so on. They are also making some big decisions on their real estate to measure up their needs “post-pandemic”. That could put a lot of pressure locally on their state leased real estate, and the negative effects that could have on our local real estate.
Q: When partnering with Jeanne Reaves Consulting, what services were provided for MarketOne Builders? What were the benefits and positive outcomes of working with Jeanne Reaves Consulting?
A: Jeanne Reaves Consulting worked with MarketOne Builders on business planning and helped us with our short term and mid-term strategies for growth, opportunities and operations to support those changes. Jeanne was great at challenging our management team to build on areas that we are very strong in, and come up with some goals to develop the areas where we needed some improvement.
Q: Do you think those services, or others provided by Jeanne Reaves Consulting, could be helpful to your business moving forward?
A: We are experts at what we do, and we take pride in the successful projects that we deliver. But we can sometimes get caught working “in” our business, and not enough time working “on” our business. Jeanne and her team helped us navigate through that process. We plan to use the tools that Jeanne provided as we continue to navigate through these challenging times. I am sure we will be calling on Jeanne again in the future.
To inquire about working with Jeanne Reaves and her team, we encourage you to reach out today. We can't wait to hear from you!
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What Should You Prioritize For Your Business This Year? |
COVID-19 continues to dominate the headlines. Some of the news continues to be devastating, but we’re also starting to see a shift, a hopeful tone, as the vaccine becomes more readily available.
Truthfully it would be nice if we could flip a switch and make things go back to “normal." But what is considered “normal” nowadays? As we embrace 2021 and keep moving forward, we may also need to change how we define what’s “normal.” For some of us, we may need to establish new norms and make a pivot in our businesses. For others, this year may look like adopting both new norms and transitioning back to traditional business strategies.
We have seen changes in the first quarter of the year and as we navigate through the rest of 2021, we want to share some things we are seeing and offer a prediction about three things your company needs to prioritize this year.
Not all companies will continue offering work from home opportunities as we know it today.
There are many reasons why businesses will want their employees to return to work, and why some positions need to return, including:
- Senior executives need to be accessed more on a personal level, not just through email, phone calls and video meetings.
- Although video platforms were okay in the beginning, and they are still valuable, they don’t provide a personal touch. Some employees are finding it difficult to work as a team because they can’t ask quick questions or for feedback on projects. Employees are also feeling siloed, collaboration is stalled, and as new hires join the team creating friendships and establishing a baseline of trust is increasingly difficult. Because of this isolation, employees are becoming agitated and teams negatively impacted.
Business Need #1: Building an inclusive culture that provides clear expectations. Providing employees with opportunities to develop both individually and as a team will help strengthen your company’s culture. For teams that have been remote, team trainings can benefit bringing employees back together in person, strengthen collaboration and improve the overall culture.
Organizational strategic planning to clearly communicate priority decisions for the team.
Employees have felt the changes in 2020, so let them be a part of understanding the new information you have, and the need to be flexible as things change. Reassessing your strategic plan, and including flexible understandings built-in will help the company meet its objectives. Specifically:
- Be willing to think through the “what ifs” and be willing to adapt decisions when things change. But understand that changes in decisions should not be taken lightly. Communicating why there is a change, why the change is needed, and how changes will affect the company and employees is critical. We recommend a strategic planning session to work through changes and create an updated business plan.
- Include some of your employees in the planning session. Getting staff involved in decisions being made for 2021, will help them recognize the challenges and remind them they helped to work through the challenges.
- Share what the top priorities of the company are and ask everyone for help to achieve them. Employees will be much more engaged when knowing what the priorities are, and how they can help the company reach decisions made in the planning session. This also helps with employee buy-in.
Business Need #2: Host a strategic planning session and put pen to paper to create an updated business plan for 2021.
Prepare a marketing plan based on the strategic plan (this too should be flexible).
Often times, marketing seems to be the first thing cut from the budget, and the last item brought back into the budget. As you revise your marketing plan keep the following in mind:
- Marketing is needed more when times are tough. Why? You don’t want customer relationships to be lost, and for many businesses the relationship you had last year with customers has changed because of the pandemic. Leaders are responsible to make sure the brand, culture and ethics of the company are out in the public eye and to assure customers and employees the company is viable and effectively operating in this environment and operating to exceed everyone’s expectations.
- This is the time to make sure your marketing tactics fit your company’s direction, reaching the right people and are finding the right prospects.
- There are so many different ways to market your company today, even compared to last year or the year before. Be willing to experiment while crafting your plan – you may be surprised.
Business Need #3: Craft a marketing plan relevant for 2021.
These are just three things to consider this year, but we feel they are critical to keep your company going in the right direction for you, your employees and the customers or clients you desire. At Jeanne Reaves Consulting, we are equipped with the knowledge and skill set to help both you and your company succeed. Email us today, your first consultation is free!
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