What are the steps to mitigate risk

By: Larry Feldman

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Larry Feldman: Making sure that we create a beautiful product that is better than the competition, that is reinvented so that there are things about it that differentiate it from our competition. Then, aggressively follow the renovation with an amazing marketing campaign, which is way in excess of every one of our competitors. We are known in this marketplace as the most aggressive marketer.

This all recession-proofs our buildings because, even in good times, we stay as hungry as we need to, by outflowing, outflowing, outflowing. The more we outflow, the more leads come in, and the more leases that we sign. It’s such a simple … It’s underrated, the importance of this concept of the more you flow out, the more you get back. We apply that to everything we do. It’s particularly something that safeguards us, and, I would say, gets us to survive because I’ve now survived three recessions.

I would say that one single thing that we do of out-marketing our competitors is a key. We put big budgets on marketing on all of our buildings, and when there is a recession, we increase that budget. Now that’s the last thing a developer does in the middle of a recession, by the way. The first thing he does is, “Oh my God! Let’s slash all the things that are not important, like marketing!”

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