At the beginning of the Covid-19 Pandemic, there was plenty of uncertainty as to where the market would go. After having one of our best years as a company in 2019, and a record 1st Quarter of 2020, we were struck with a scenario that had no instruction manual and no precedent in our lifetimes. At Latitude, we utilize several analytic systems following every statistic we can. One of the most frightening statistics was a 90% drop in inbound office calls in April 2020 compared to April 2019. Going into May and June of 2020, we continued to see a decline in inbound call volume but as days went on the numbers slowly recovered.
We’re now wrapped up with September of 2020. The inbound call numbers are only down 15% when compared to September 2019, but the workload has returned. Brokers are showing properties, getting new listings, getting leases signed, and getting properties under contract. The end of the year appears promising (knock on wood!) and it finally doesn’t feel much different from 2019.
These observations led to an interesting conversation between brokers in the office: who’s not calling us? After talking for a few minutes, we came to the unanimous conclusion that the tire kickers must still be in quarantine. That’s right. Those notorious inquiries from someone who wants to lease/buy a building but isn’t sure what kind of business they want to open (just send them everything you’ve got!). They’re still in quarantine. We’re finding that even though the inbound calls are fewer, the quality of new leads is proportionately better.
This leads to another observation. Every cloud has a silver lining. If the scale tips to one side, the other side rises. Keep track of your clients, follow all leads, and reach out to new clients. Whatever the next few years bring, there will always be opportunities out there for brokers willing to answer the phone and make the calls.
Director of Office Group
Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and property management throughout Northwest Indiana and the Chicago Suburbs. To find out how we can help you, call us today at (219) 864-0200.