It’s not nearly as much fun being a commercial real estate broker as it was this time last summer. While the sub-prime mortgage meltdown was well underway on the residential side, there was still hope going into the second quarter of 2008 that the commercial sector would not feel the same level of pain. Hope springs eternal and that’s caused a stalemate, with buyers sitting on the sideline, waiting for prices to fall farther (and for lenders to loosen up a bit) while on the other side sellers are gritting their teeth, refusing to accept the lower offers they’re receiving. That’s taking some getting used to by the newly minted brokers who over the last five years have been very successful feeding off of “the scraps of senior brokers,” as Colliers veteran John DeGrinis put it. “We (the senior brokers) benefited, and they had something to chase without having to hunt for themselves.” Now, he added, “We have to eat what we kill.” That means everyone is going back to the basics of cold calling and lots of follow-up, said DeGrinis, and focusing on those businesses that are still doing well. That means avoiding mortgage or home improvement companies and focusing on export, high-tech, consumer goods, and food service. There are other bright spots, but he’s not giving away his trade secrets. Team DeGrinis as his group is known, is also putting their efforts on the selling side versus the listing side at this point. “My view is that listings are very time intensive,” DeGrinis said. “In a market like this you have to be careful about what assignments you take.” There are better ways to spend time than explaining to landlords why their building hasn’t sold yet, he concluded. Cutting back Brokerages are also cutting expenses to help boost the bottom line. At Lee & Associates, they’re likely not going to have the same level of luxury at their seasonal festivities. “In years past, we spent $30,000 to $40,000 on a holiday party,” said Mike Tingus, president of Lee & Associates LA/Ventura North office. “This year it may be a potluck.” They also reviewed their telephone system and saved about $25,000 just by changing their carrier and renegotiating terms. But staff cuts at Lee are not in the picture, Tingus said, and neither is any reduction to what he calls “deliverables.” “Mapping and graphics and surveys and brochures, flyers, and great support staff,” Tingus clarified. “Basically, I always look at those as deliverables for the brokers to be able to go out and execute their business.” The basics, Tingus agrees with DeGrinis, are what will get brokers through the slow time. “It’s back to blocking and tackling; canvassing and cold calling,” he said. Featured Brokers The brokers highlighted in this special report were chosen not on the basis of the dollar volume of deals they have generated; rather, we identified those who exemplified the creativity and tenacity that are absolutely necessary to succeed in a challenging market. These five represent the geographic breadth of our region and the array of available commercial product types. They come from a variety of firms and range from battle-scarred veterans to baby-faced newbies. So without further ado, we introduce our Outstanding Commercial Real Estate Brokers of 2008.