Many in the commercial real estate industry (CRE) are realizing now more than ever how important innovation is thanks to COVID-19. The industry is having to shift gears away from traditional marketing to survive. This is especially true for Mike Adams who suddenly had many tenants leave their leases in The Houston Energy Corridor.
As the senior asset manager, it is Mike’s responsibility to ensure that the properties cash flow and maintain their value.
As the price of oil dropped during the Covid-19 lockdown, many of Houston’s foundational businesses began to struggle. Some simply were not making enough revenue to justify the cost of the offices they were leasing. Mike Adams has been successfully leasing out spaces within the Houston Energy Corridor. Suddenly, his locations began to loose previously reliable tenants.
Mike knew he needed to market his leasing spaces in a more aggressive way if he wanted to successfully weather the storm of Covid-19. He picked EXPANSE as his tool of choice to create a competitive advantage in a down market.
The Solution: EXPANSE
Mike connected with the team at EXPANSE and set up the first of a few of his spaces with video tours to more easily showcase the spaces. This also allowed potential clients to see the full spaces without having to don a mask and risk exposure.
Setting up the professional and effective EXPANSE system gave Mike a competitive advantage over other similar listings on the market within The Energy Corridor. The cost was only a few thousand dollars for what his most pressing needs were.
Mike’s first exclamations upon seeing how the new technology showcased his spaces was “That was easy, I didn’t have to do anything” and,
“EXPANSE is so affordable! Why wouldn’t we put all our properties on the system?”.
Having 10 properties in Houston being leased by three brokerage houses, Mike mandated that all three brokerages adopt EXPANSE for his properties, which in turn encourage the brokerages to use EXPANSE in their other properties.
While COVID social adjustments may change, Mike has determined that EXPANSE is the sure way to guarantee healthy building and suite tours, regardless of the mandates.
The jury is still out on if Mike will be able to lease each and every one of his recently vacated spaces, but he can be sure that he did everything within his power to show them off in the most high-tech and affordable way with EXPANSE.
“EXPANSE is so affordable! Why wouldn’t we put all our properties on the system?”
DIRECTOR, ASSET MANAGEMENT – ACCESSO