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Meet Denis Shank
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WHAT DO YOU KNOW NOW THAT YOU WISH YOU KNEW WHEN YOU STARTED?
There is tremendous value in focusing on building long-term relationships. This industry is all about relationships and working hard. So knowing how to build trust by being knowledgeable, working hard and servicing the client is crucial and one of the most essential formulas to commit to heart in CRE.
What do you love most about commercial real estate?
I love the fact that each file or project is unique. There are never two that are exactly the same. This aspect makes CRE exciting and a challenge, which keeps me on my toes all the time.
What has been your biggest career win?
When I sold a massive office complex in downtown Ottawa and reached over the half-a billion-dollar value mark in sales. I learned through those experiences that people like dealing with people they want to deal with, meaning being someone that is approachable and that they trust. I show up as myself no matter how big or small the deal; doing this shows authenticity and helps build trust, and clients respond to that.
How has the industry changed since you started?
Having databases that are professionally run and up-to-date like Spacelist are a game-changer. Historically we’d have to hire internal people who would try to gather stats by calling all landlords, brokers, etc. Knowing that the information is accurate and that we have one source of trust boosts my confidence systems. Being able to trust the tech that supports us is huge.
What are the industry trends you’re seeing?
I see tenants taking less space and being more efficient with their space, cap rates being low in Canada because of Canada’s stability as a country and economy. With Covid, people are rethinking their business models and realize they need to adapt. I don’t see people or companies ‘disappearing’ from downtown cores, but a re-thinking is happening, and many people are questioning the status quo. People need to gather as teams; it’s biological. I don’t see that disappearing. Even the traditional brokerage model is changing, and the reason is local companies’ emergence. The whole model of the large national/international firms needs to be rethought since local brokerage companies have more flexibility when making decisions (adapted to their local business trends), and the agents have more autonomy. Also, splits for agents are usually more competitive in local firms.
What do you like best about Spacelist?
What I genuinely enjoy about Spacelist is the exposure to the population. I have appreciated the personable services I get as a client, and the results are excellent regarding new clients reaching me through the platform.
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