Moving from Defense to Offense

from Lynn Thurber
Chairman, LaSalle Investment Management and ULI Trustee

We all agree that the recession is over. Now real estate organizations can shift their emphasis from defense to offense.

Making that move was the topic of today’s full-day roundtable on leading a real estate organization into the next decade. Overall this crowd was engaged and ready for the next challenge. There was lots of energy in the room. Although we all agreed that there are many constraints on organizational decisions, the participants were anxious to leave the defensive mindset of the last two years and begin mounting an offense again.

This suggestion was offered for starters- don’t ignore the legacy issues and systems that brought you success in the first place. Also, stick to your core competencies. Do what you do best. Don’t be distracted by opportunities that aren’t in your wheelhouse. 

There was also a lot of discussion about the resources of people and capital. This is the time to assemble the right team. There is plenty of “A-team” talent available right now that can quickly strengthen your platform. But, budgets have been cut so you must be strategic, selective, and prudent about where you spend. 

Simplify the way your firm is structured. Be sure that all lines of reporting and communication are crystal clear. 

Someone asked if this is a good time to start a real estate company. The answer was yes, but be sure your competitive advantage is well defined. Be distinctive. Take time to know your clients. Market a process and expertise that they can’t get anywhere else. 

There was agreement that there is no single magic formula for success coming out of this trough. Take decisive action but seize the right opportunities. Don’t do things quickly, do them right. 

It’s time put your toe back in the water again.

- Lynn

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