Growing a Top Performing Industrial Brokerage Team in New Jersey | Troy Wisse

Troy Wisse 00:48

thanks a lot, Justin. It's a pleasure. And obviously our relationship goes back years now. I think it was probably about seven years ago or so. I think we worked on our first thing together, maybe like two thousand eighteen, two thousand nineteen, and our both of our team's relationships have just, you know, blossomed from there. And it's you know, can't say how great it is to have a West Coast counterpoint port and you guys have an East Coast team. We're almost extensions of each other. And it's been super fruitful for you know our book of business and helping our clients. on the national stage as well as

Troy Wisse 01:19

vice versa with you guys. Being able to count on somebody like you and your team, Chris and Grant, has been amazing for us and just I enjoy working with you guys. So when you invited me on today, I was super excited, couldn't say yes fast enough. So thanks

Troy Wisse 01:32

for having me on.

Troy Wisse 01:44

Oh, a hundred percent. You know, not having to pause on that and be like, nope, I got a guy, that's perfect, we work great together, you're in good hands and you know, it's a seamless transition every time.

Troy Wisse 02:01

Oh, it's

Troy Wisse 02:04

Oh, it's as local as it gets. So my hometown, my house that I grew up in is five minutes from where our office is. now I live eight minutes from our office and the market that I cover is within about a fifteen minute radius of our office. So it's as hyper local as it can get, which helped really play a huge part in the beginning of my career as you can imagine just knowing the geographic landscape day one. so it's really born and bred northern New Jersey guy, stuck around in this area and just been able to play on my strengths, especially in those beginning years

Troy Wisse 02:38

when it's as we all know how much of a challenge it is in this industry. So it's a North Jersey guy born and raised and you know, probably be here my whole life.

Troy Wisse 03:02

Mm-hmm. Yeah, it's it really is great and just, you know, being able to, you know, be able to launch my career where I was in this place, you know, in northern New Jersey has just been you know, I don't take it for granted. It's just, you know, it really was, you know, a catalyst for what I needed in the beginning when, you know, you don't know what you know. So can't speak more than that. That's for

Troy Wisse 03:34

So it was actually, you know, I kinda stumbled into this business, my college roommate, my junior year, his father is was a broker on the national level for retail sites all across the country and trying to figure out what I wanted to do with my career and as a business major in college, you know, kind of talking it over with one of my good friends, my roommate, and he's like, Hey, you should speak to my father You know, he's like it's you know It's really, you know, could be a very lucrative business, rewarding business and just, you know, there's a lot of, you know, great things

Troy Wisse 04:04

that can come about, you know, in this industry in terms of quality of life as well as, you know, the potential, you know, to earn. So I was like, all right, like I'll pick his brain on it. He kinda helped give me a little bit of an idea of like how to go about breaking into the industry, which you know, if it wasn't for Bobby Trainum, you know, I don't think I'd be in this spot that I'm in now. So he helped, you know. Provide me with an idea of a path that I had to forge myself. You know, he kind of gave me some insights

Troy Wisse 04:28

on how to go about it. He's like, you know, you're gonna get an internship. Most likely it's gonna be unpaid. You know, you're gonna you know, you're gonna learn everything you can in that, you know, amount of time that summer, you know, make a great first impression, try to say yes to everything and be as helpful as you can be. And what I did after, you know, having a couple conversations with Bobby was I then just started going online, looking through different publications of brokerage firms in New Jersey and with him saying, you know, listen, it's gonna be unpaid internship most likely. Try to, you know,

Troy Wisse 04:57

stay with, you know, stay close to where you're located at home, you know what I mean? So it's, you know, you can kind of, you know, make this work. So if you need to

Troy Wisse 05:03

do something part time, you know what I mean, you can balance it out. And luckily, you know, as you know, northern New Jersey with the industrial market, you know, there's all the major brokerage shops, all the players are

Troy Wisse 05:13

all

Troy Wisse 05:13

here in our backyard.

Troy Wisse 05:15

So I actually just pick up the phone and started cold calling them. You know, but little did I know that that's really like, you know, the foun the foundational piece of this business. I call one of the cold calls was to Lee & Associates and actually, you know, I was a little late in the game in like spring of junior year and Jason Lynch, one of the principals in our office, was like, Hey, he's like, the fact that you cold called me and you know, are, you know, interested in taking

Troy Wisse 05:38

on an

Troy Wisse 05:38

unpaid

Troy Wisse 05:39

internship.

Troy Wisse 05:40

He's like, Exactly. He's like, When can you come in for an interview? I was like, How about Friday? And Came in actually on the holiday weekend on Easter weekend and came met with him. The office was empty, it was Good Friday, but he's like, listen, he's like, I'm taking the time to meet with you and made

Troy Wisse 05:55

a good impression. Wound up getting offered the internship opportunity. That was in the summer of 2015. Summer came to an end, and they said when you graduate in May of 2016, we'd love to take you on as a broker. And I've been with this firm since July of 2016. So a little over ten years now. Started interning here and then they couldn't get rid of me. And

Troy Wisse 06:15

it's a nice clearly homegrown story of, you know, like bringing in, you know, young talent as an intern, bring them in as a broker, and then, you know, Lee & Associates does such a great job across the board in all of our offices of, you know, developing talent and putting them in positions to, you know, be linked up with a mentor or be part of a team and really, you know, learn the business. So I couldn't be more fortunate and I'm just super gracious to, you know, Lee & Associates as a whole and, you know, the faith they put into me, you know, and you know, the work

Troy Wisse 06:45

ethic that I put into it as well. But to really go from, you know, being a twenty one year old college kid to now being thirty three years old and really seeing the whole arc of, you know, what this company can offer, it's been very fulfilling up to this point for me.

Troy Wisse 07:02

Yes, partner. So I've been a partner it'll be four years this January. So I was at twenty nine years old I hit partner at the company, which was a great achievement, you know, one of the younger people in our firm's history to get to that level at that mark at the time that I did, which you know I'm super gracious about that

Troy Wisse 07:19

and

Troy Wisse 07:20

you know, with and it's

Troy Wisse 07:21

the best, you know, very you know, it was a great achievement that I had personally that I wanted to hit and move up to the ranks and you know, really just, you know couldn't be more appreciative of my business partner now, Michael Schaible, who took me in as a twenty two year old, you know, right out of college, as his junior slash runner, you know what I mean? Just and learning every little thing that I could from him to work myself up to now me and him being, you know, full on partners and running our team together. It's been an awesome experience and like it's just

Troy Wisse 07:51

so very couldn't be happier of how things have worked out so far and the runway that now we have going forward 'cause that's I got a long time to go in this business and what I've been able to accomplish in ten years, I just look at it as a great

Troy Wisse 08:02

like

Troy Wisse 08:03

table

Troy Wisse 08:03

setter. Mm-hmm.

Troy Wisse 08:08

Mm-hmm. Exactly. So it's you know, I've learned a lot, have a lot more to learn, obviously, because you always have to be learning, you know what I mean, and be innovating. But it's been a great journey. And you know, Lee & Associates, you know, our platform has just been amazing for growth and just for you know helping clients in any market of the country, as you know, and just it really gives you they put you in a good position to win. You have to, you know, do the work and the hustle, but they give you that opportunity with the resources And if you're motivated and you

Troy Wisse 08:35

know you can get through that grind in the first two or three years, you know, there really is, you know, very much uncapped potential here.

Troy Wisse 08:46

So I was just towards the end of year one in the business. So as

Troy Wisse 08:50

I went

Troy Wisse 08:51

through

Troy Wisse 08:51

yeah, so yeah, early on, so I was, you know, kinda trying to find my footing here at the company. You know, I always I came in knowing I was doing industrial. So, you know, I was kinda follow shadowing people all throughout the internship. So kinda just, you know, getting my legs underneath me honestly, 'cause it could be a bit overwhelming when you first start. And you know, we both knew each other already from me interning here, but it really went I approached Michael and I was like, Hey, he's like, you know You're really good at what you do, you know, you're a you're an experienced veteran

Troy Wisse 09:18

in this industry in our state, you know.

Troy Wisse 09:20

I

Troy Wisse 09:20

would

Troy Wisse 09:23

exactly. Anything you don't you maybe might not have the time to do or can't do or anything, like let I'll pass out flyers, I'll do whatever you need. If you're you know, if you're going away for the weekend, I'll show your buildings on Friday, I'll even show 'em on a Saturday if you want, you know, like anything like that. And at first he was like, Okay, like, let me think about it, you know, kind of and then like eventually kind of broke through that mold of me being persistent but not annoying, you know, which is kinda, you know, a big thing in our business too when

Troy Wisse 09:47

you're prospecting, but got him to, you know, embrace that role of being a mentor. Because that's also, you know, when you sign up to do something like that, you know, you can't cut corners with it. You have to be all in. You know, if you're taking on that responsibility, you know, wanting you know, mentor somebody and help mold them in this business, you know, it's a hands-on effort. And I really, you know, appreciate him making that choice and taking a shot with me on that. And it's blossomed into, you know, not only a great partnership, but a great friendship. Like outside of work, you know, everything

Troy Wisse 10:17

like that. He's one of the more important people in my life, which just makes just coming to work, working even just like I love this job to begin with, but when you're working with good people that you know, very much enjoy being around and talking

Troy Wisse 10:29

about and can just talk openly directly to each other, it just unlocks another level. You know, I mean that trust that every there's nothing between us that, you know, We know where we stand on everything together, the loyalty, the respect. And even when I was, you know, young in the business, he showed that respect to me and that graciousness, you know, when a lot of times people might be dismissive of you. And it really helped build that confidence in me and give me a seat to a front row seat to the show on how this business, you know, works because you really have to be in

Troy Wisse 10:56

it to, you know, really grasp, you know. I mean, you could be told a lot of things, but you need to be sitting on the calls, you need to be in the meetings, you know, meeting the players in the market. And you know, that really helped too, you know. We're going out to tours, lunches, whatever with all the, you know, the institutional landlords and he's like, Hey, like this is Troy, he's working with me now. You know, it almost gives you a little notch

Troy Wisse 11:15

in the belt of when you make those phone calls. It's like, Okay, this is the new guy that works at Michael. You know what I mean? Let's, you know, well,

Troy Wisse 11:21

you know, we'll give him the time of day or things like that, or even brokers in the industry 'cause, you know, a new guy comes in, you don't really know him, you know, it's like it's tough to kind of crack and get those relationships going. So

Troy Wisse 11:30

it just it really helped give me a footing for me to then, you know, take the reins and try to, you know, run with it as best as I can and pretty happy with where I've been able to get to it to this point.

Troy Wisse 11:53

It really is. And it's just like it's one of the most important things I say to, you know, younger people looking to get into the business. You know, I'm always happy to like hop on calls or meet, you know, men or women that are in college, you know, trying to figure out a path, you know, find out what to do. And I always say like if you're looking to get into this industry, one of the main things you should be asking or talking to when you're in these interviews or informal meetings with people is, you know, what kind of structure is there for me to get

Troy Wisse 12:18

started with? You know, is this will I be coming and working on a team? Like, What is the role for me so you don't get caught up in that first 12 months of kind of being in limbo and almost losing like your first year in the business because you feel like you don't know which way is up. So I've always tried to, you know, be make that a major point when I'm trying to be helpful to the next younger group of people coming into the business. Try to have try to as best as you can have a defined, you know, kind of role or, you know,

Troy Wisse 12:45

what the expectation of you is coming in, because it'll only help you hit the ground running. And you know, you don't waste any time and you have that sense of direction. That's the that's a key thing for me when I'm talking to younger people.

Troy Wisse 12:59

There

Troy Wisse 13:00

is. Mm-hmm. Eddie or Eduardo Lopez on our team. He's coming up on this December will be two years with the team and we couldn't be happier with him. It was Michael and I were, you know, at the point where we wanted to start expanding the team, you

Troy Wisse 13:12

know, aside

Troy Wisse 13:13

from you know our research and marketing department that we have, but also just to be you know, we would really like to get a third guy in the mix here. It's the right time where we are in both of our careers and he's been amazing. You know, it's one of the things is you know, he came in, you know. with, you know, the plan like I talked about, knowing that he was coming in to work with us and, you know, kinda, you know, really set those ground rules and expectations right off the bat. And one of the things with me now as being ten years in

Troy Wisse 13:39

is, you know, I'm starting to take more leadership roles within our team or our company. And I've really made it a you know my responsibility to really be there for Eddie to help accelerate his timeline in this business as best as I can. Just

Troy Wisse 13:53

be that person for him there. You know, he sits right outside my office. So we keep the office door open. We're talking constantly, you know, running things past each other. And

Troy Wisse 14:01

yeah, exactly. Like I'm like looking out the door looking out my window, like yelling to him about something he's yelling back to me. And like it's just it's really been like for me also just selfishly a very you know, fruitful experience 'cause, you know, you learn like I I've known that I've learned a lot and I've done well the past ten years, but when you take on a mentor role, it

Troy Wisse 14:20

really, you know It really shows you wha how far you've come and what you know and teaching somebody else or you know, helping them learn something. It's

Troy Wisse 14:29

fulfilling, but also it helps sharpen your skills of everything that you know, everything I have in the tool bag from the past ten years, really kind of like going through all over again just sharpens everything. And it's been like it's been helpful to me just as a broker myself, but also for the team. And I can't see say can't say any, you know, any bad things about this guy. He's into the work ethic, he's in, you know, first thing in the morning. out late with the you know, staying here late with me and him, first one's in every morning, last one's out, you know, and it's

Troy Wisse 14:56

like one of those things that you didn't I didn't have to tell him that he knew, you know what I mean, from the

Troy Wisse 15:00

beginning, you know, like and you know, you could see right away sometimes in this business, people that might be cut out for it from a personality standpoint, or you know, just the way that they can handle the adversity of this business. And he stepped up to the plate every time and with you know the hands-on approach that I've taken with him of really trying to help mold him. to how we like to do our business, but also, you know, hey, you everybody has their own individual way of doing things. It's

Troy Wisse 15:24

really helped in year two for him take that step that, you know, I didn't really see maybe for twelve months after that. You know what I mean? What I did in year three, you know, I'm seeing that he's already doing now, like twelve months ahead of schedule, at least in my mind, which

Troy Wisse 15:38

is awesome. You know what I mean? Happy for him, happy for the team, you know, growing the revenue for all of us and, you know, being a contributor to, you know, some meaningful deals that we've done this year, which I could talk about later on as we get through this. But he's been a great catalyst to the team and for parts of our, you know, prospecting and things like that you know, maybe that, you know, we needed to get better on or really like pivot hard towards, you know, kind of, you know, the social media or digital marketing that, you know, everybody knows is so important.

Troy Wisse 16:06

But, you know, being able to help him get into that lane and really just bring another element to our team, which, you know, I can expand on that further as you probably see his presence on LinkedIn. You know, he's

Troy Wisse 16:17

very

Troy Wisse 16:17

active.

Troy Wisse 16:30

great energy. And I remember like I'm it was probably about like a year or two ago when I was talking to Chris on your team and he was saying, you know, how you were as the leader of your team, like really expressing to them how important, you know, the social media marketing is. And like, you know, just to like kind of like rip that band-aid off of maybe being like self-conscious about posting or you know putting yourself out there, creating content that, you know, it could become very fruitful. And we really tried to implement it in the beginning of this year. And it's paid off, you

Troy Wisse 16:57

know, the warehouse of the week videos, you know, we're up to the fiftieth edition today. So fifty straight weeks of posting.

Troy Wisse 17:13

Uh-huh.

Troy Wisse 17:24

huh.

Troy Wisse 17:41

then

Troy Wisse 17:41

it takes

Troy Wisse 17:42

off.

Troy Wisse 17:44

Mm-hmm. You know, doing things that, you know, can make you uncomfortable, you know, that's a main thing for me with growth. You know what I mean? Like growing as an individual or anything, you

Troy Wisse 17:52

know, like so willing to put yourself in, you know, situations that might seem uncomfortable to you, but then in reality after you start to get in the reps and you're like, Oh, this isn't so bad. Like, I should you know, we I should have tried this a while ago. But you know, that like there's it's never too late to try something new and get involved in it. And it's that social media aspect to us has really been a great additional lane of prospecting for us that you know we're gonna just continue to keep, you know, drilling that in, obviously along with the fundamental aspects of the

Troy Wisse 18:20

business, foot canvassing, you know, cold calling work in the phones, but having that

Troy Wisse 18:24

in the toolbox as well, you know, it's a mu it's honestly a must in the in nowadays in, you know, the digital age. You know, if you're not doing that, you know, you're kind of, you know, you're a step behind in my opinion.

Troy Wisse 19:22

Oh for sure. Everybody know, everybody's got their own recipe or the method to the madness and you know our way is working for us right now. That doesn't mean that we don't pivot and you know, the all of us be more incorporated into it. So we're kinda, you know, feeling it out as we go. You know, this is really our first year of doing it. like really putting an emphasis on it. So I'm

Troy Wisse 19:38

excited to see how we expand, you know, that avenue of our team.

Troy Wisse 19:50

Exactly.

Troy Wisse 20:04

So, you know, historically we're pretty heavily on the landlord rep side, with you know a very strong percentage of it being tenant rep as well. But by trade, you know, I've learned the business through Michael being, you know, a landlord rep broker for thirty years before you know joining Lee & Associates when this office opened. So that really is our bread and butter. we're you know, we have the relationships, you know, buildings that we've had well dating way before that I've been even in the business that we still have the relationships with some of these, you know, landlords or clients

Troy Wisse 20:33

where, you know, being able to fall back on the landlord rep is very important in this industry. You know, tenant rep, I love it, but it could be the Wild West sometimes. You know what I

Troy Wisse 20:42

mean? Like it's you know, so we we're we do a lot of leasing, you know, on landlord and tenant rep, as well as, you know, investment sales baked in here and there throughout the year, or as of late, you know, some owner user. you know, place here be people being able to kinda break into the market, which is extremely high barrier to entry to purchase in a in northern New Jersey. It's just it's they compete with, you know, all the institutions. But the past year or two with the rates where they've been, things like that, a lot of these guys have been able to get opportunities

Troy Wisse 21:11

to kinda be able to purchase, you know, a quality asset to grow their business or new put a new, you know, corporate headquarters where they need to be, things like that

Troy Wisse 21:19

And so we're seeing a lot, you know, owner occupiers being able to get the opportunity to break into the Meadowlands and port markets. we're seeing, you know, food users into the market, you

Troy Wisse 21:29

know, doing deals. We're also seeing, you know, right now a lot of the big box inventory in our market, class A big box has been really the biggest the one of the most positive things we're seeing right now. We're seeing,

Troy Wisse 21:40

you

Troy Wisse 21:40

know,

Troy Wisse 21:41

it's moving. Yep. The past two

Troy Wisse 21:42

quarters we've been seeing A lot of the bigger space is coming off the board, which is great, you know, because you know, one of the things, you know, when me and you were kind of reviewing, talking, you know, leading up to the call is about, you know, like what are we seeing in terms of the market with its growth, with any redevelopment, or is stuff come up? So the construction pipeline, you know, that has, you know, that has tailed off, which has been helpful to get this inventory off the board. And so we're seeing, you know, in the past I think two weeks, we saw a

Troy Wisse 22:07

three hundred thirty thousand square footer come off the board. We're just I think eight hundred thousand square feet just came off. There's a lease out on two hundred thousand square feet in our market right now. So like we're starting to see a lot of activity and really like post Labor Day, the we the all

Troy Wisse 22:23

of us have been super

Troy Wisse 22:24

busy.

Troy Wisse 22:25

Mm-hmm. It's like clockwork, that was it's great, you know what I mean? Like where we're so we're running like I feel like in all different directions. It's you know, I'll never be mad about being busy, but it's like okay, now we just need to make sure that you know we're not missing anything because you know, we have a lot going on. But yeah, so we've been seen the class A market has really been doing well for us in the past, you know, so you call it two quarters here in you know, the port and northern New Jersey market, as well as down into like South Jersey

Troy Wisse 22:50

into Burlington County. We're seeing a lot of the you know, the international three PLs taking space down there that are very rate driven that, you know, don't want to be paying, you know, the twenty plus

Troy Wisse 22:59

dollars triple net here in northern New Jersey. But then you're also seeing those come off the board because some of them are just, you know, hyperlocation based where they you need to be in that certain market. You know, we have a lease out on a class A building right now for about like call it like sixty thousand square feet. And this user of ours, you know, distribution business like prepackaged food, things of that nature,

Troy Wisse 23:21

he needs

Troy Wisse 23:22

to be in this specific geographic area within five miles of where he is now because you know the route trucks that come to him or who the all like the Costco's the restaurant depots of the world that he's selling to like they he needs to be near them. So it wasn't almost a function of like 'cause no one's ever gonna say cost doesn't matter because it does. You know what I mean? Like but he was

Troy Wisse 23:43

willing to, you know, pay more of a premium on the rent to be where he needed to keep his business going and, you know, to expand his business 'cause he's got a great business going. This is the next step for him to bump up into thirty six foot clear space from class B space. And we're excited about that one. That also just that came through from us just, you know, doing our foot canvassing, me and Eddie just out in the market. So We're getting, you know, we're getting a lot of traction here. But the class A stuff, definitely happy about how that stuff is moving at

Troy Wisse 24:11

the moment. Class B in the Meadowlands, where that's our specific really, like expertise market. You know, it's lagging a bit. You know, you're you'll see, you know, the stuff in like all like the forty thousand up to like seventy five thousand, eighty thousand square feet of class B. you know, it's stuff is sitting on the market for a little longer than people would like. You know, we are seeing some bit of a flight to quality. If someone's like, Well, I at least, you eighty or ninety thousand of class B if I could take, you know, the class A space and, you know, well, I'm getting, you

Troy Wisse 24:40

know, a great concession package of, you know, call, you seven, eight months free rent, TI, you know, now would be the time to make

Troy Wisse 24:46

that

Troy Wisse 24:46

jump.

Troy Wisse 24:47

that window is closing though with, you the class A stuff coming off the board. You know, just even seeing from last year to now, you know, how these landlords have been able to kind of, you know, really roll their sleeves up to make these deals happen. You know,

Troy Wisse 24:59

there's fewer and fewer opportunities out there now and you know, we

Troy Wisse 25:03

try

Troy Wisse 25:03

to stress that

Troy Wisse 25:06

On the class A,

Troy Wisse 25:07

you know, we're

Troy Wisse 25:08

seeing

Troy Wisse 25:08

the

Troy Wisse 25:08

rent

Troy Wisse 25:09

Yeah exactly. Well that's everyone's gonna be thinking now, you know, with these stuff coming off the board. But the class A rents, they're holding pretty strong. You know, we're seeing some growth in that in certain areas like around the port and up in northern New Jersey. So you're seeing like the lease that we have out, you know, it's north of twenty dollar triple net number. So we are seeing, you know, they are still achieving those space rents. So we're seeing that. On the class B product, you know, it's definitely leveled off a bit. You know, it's not nearly as ambitious as it was called 2022 or

Troy Wisse 25:38

2021 when things are just going gangbusters of just, you know, like everybody just needed space. So we're seeing that tail off a little bit. Nothing, you know, nothing of like crazy significance. But, you know, a lot of these, you know, the move, you know, of 40,000 class B right now in the Meadowlands, you know, you have, you know, 12, 13 properties that you know somebody a tenant's competing with. So

Troy Wisse 25:58

you have to, you know.

Troy Wisse 26:00

You have to be creative and those landlords that are nimble in that regard and can, you know, work with the tenant and figure out ways whether it's through teaser rates or really juicing up concessions, you know, they're the ones that we're seeing get deals done. And the ones that maybe bought, you know, in the last cycle that don't have as high of a basis, they, you know, they don't have to break records.

Troy Wisse 26:19

So

Troy Wisse 26:19

that's what we're kind

Troy Wisse 26:19

of

Troy Wisse 26:20

seeing.

Troy Wisse 26:25

So

Troy Wisse 26:26

I would say it's pretty much dominated by the institutional owners at this point,

Troy Wisse 26:30

really. in my ten

Troy Wisse 26:31

years here, ever you know, it's all been getting scooped up, especially in these core markets. It's really you know, 'cause it's you just can't really like it's so densely populated here, you just can't replace any of this stuff. And you know, even though some of them might be, you know, as we like to say sometimes like functionally obsolete, the location isn't. And you know, some of these tenants that need to service, you know, the five boroughs in New York or, you know, be within the tri state area They're taking these properties because, you know, they bring their product in from the port on fifty-three footers and

Troy Wisse 26:59

it's all out on box trucks. You know, we deal with a lot of these buildings in the Meadowlands that, you know, the truck courts, you know, when these buildings were built like in the sixties and whatnot, there weren't they weren't anticipating, you know, having, you know, 130

Troy Wisse 27:11

140 foot of swing room in the truck court. So it is a challenge,

Troy Wisse 27:14

but everybody seems to find a way around it if they need to be here. And that's and it's kind of what we're seeing in the Meadowlands for the Class B product. But definitely I would call it It's probably more like, you know, eighty percent institutional, twenty percent private at this point.

Troy Wisse 27:28

That's

Troy Wisse 27:29

what we're seeing, you know, all the off-market deals that we're doing selling to these institutions. It's you know, the low-hanging fruit of private owners, you know, it's dwindling, you know, almost, you know, like quarter by quarter. You know, you're seeing a couple of them picked

Troy Wisse 27:39

off every quarter, and it's harder and harder to break into that. And so they are trading at premiums as well because of that. You know, people want to plant a flag in the Meadowlands. they they're gonna have to pay up as long as you know their fund structure is, you know, if they have a long term hold, you know, bucket of money, then, you know, it makes sense. You know, the ones, you know, it might be flipping out in five years from now. It might be, you know, they might have a little bit more pause right now of purchasing, you know, at some of these numbers

Troy Wisse 28:04

that, you know, are trading for

Troy Wisse 28:30

Mm.

Troy Wisse 28:36

One

Troy Wisse 28:37

hundred

Troy Wisse 28:37

percent.

Troy Wisse 28:41

How are you seeing out you know in your market right now like in terms of you know what's the most popular, you know, where are you seeing deals in is it the class A stuff, class B? You know, where did like I guess in this pat in Q two, right before you know we got into this, you know, what were you guys really seeing, you know, that was you know, that looked for you positive or is something we have a positive outlook going forward?

Troy Wisse 30:31

Good.

Troy Wisse 32:16

Nice. And I know how you know, how active you guys are just, you know, and also staying on top of those trends or those, you know, new segments of the market coming in like you just spoke about, you know, being on the pulse of that and trying, you know, be ahead of the curve. as best as possible to get into like, you know, get in with some of those tenant rep customers or, you know, buyers, whatever it may be, is just super important and I know just, you know, me always in conversation with you guys and specifically Chris, who, you know, I'm a huge fan of

Troy Wisse 32:42

by the way. And I just saw that

Troy Wisse 32:44

he he's moving up in the ranks over there.

Troy Wisse 32:47

Sam

Troy Wisse 32:48

back there. My buddy I just spoke to him yesterday because as you know, we're all we're working on something together out in your market right now. We'll see where, you know, what comes of it. But yeah, it's That's interest I was interesting to hear your viewpoint on what you're seeing, so I appreciate that.

Troy Wisse 33:43

Well, one hundred percent.

Troy Wisse 33:44

You guys having trust in us to, you know, help identify a building and then really, you know, kind of like I think I've heard you say vers like concierge brokerage of being able to kind of help in any capacity that you can to help move a deal forward. It's not

Troy Wisse 33:58

just, hey, show them a building, get the deals arranged, and then just back off. You need to be fully hands-on with everything. Because

Troy Wisse 34:04

this deal

Troy Wisse 34:04

could have died ten

Troy Wisse 34:05

different times.

Troy Wisse 34:06

It could have died ten different times, but we were able to like keep, you know, keep the faith with the client. He saw the vision. He saw what we were doing actively to help make this a reality and he stuck by us, believed in us, and he's packed out that building and is doing great. You know, he couldn't be happier with the location. It serves his needs. And, you know, as much as, you know, deal fatigue we were all getting during it, well once the deal's done with and you're in there and you're up and running

Troy Wisse 34:31

and moving, it's all just a distant memory and you can kind of look back on it now and laugh like we were. But it was stressful during it. But that was one of the Crazier deals that I've been a part of, to say the least.

Troy Wisse 34:55

Mm.

Troy Wisse 35:00

Exactly. You know, if the client, you know, if you can show the client, not just tell them but show them that you're with them every step of the way. You know what I mean? When you know, it's always easy to deliver good news, but when you gotta deliver bad news or, you know, these types of hurdles that come along, you know, them knowing that, you know, you're just as engaged and you know, want the best result for them, you know, that proves itself time over time that, you know, being there, rolling up your sleeves with the client and really, you know, hearing what they want or

Troy Wisse 35:26

seeing what they need and helping them get to that end result. That's where you get those long term clients as well, as you know. they remember that.

Troy Wisse 35:48

So what we've been where I'm at right now with you know the AI and all the other, you know, technological you know advancements that can help us here is you know, we've really, you know, in this calendar you have put the emphasis on, you know, helping, you know, really organize our team on the back end right now from you know whether it's data management, you know, another layer of our prospecting helping like that, where we've we started with implementing it to really just help clean up and you know, any of the clutter or anything like that, you know. you might say, Okay, I'll get to that,

Troy Wisse 36:17

but then the phone rings and, you know, the requirement starts and that's on the back burner. You know, and that's, you know, it's important stuff to be on top of, you know, making automate you know, having the a having whatever AI platform you're using, if you can automate it with your C R M or, you know, your master spreadsheets of, you know, other tenants and stuff like that, being able to, you know, help with that type of organization has been super helpful to us. And now, you know, we're every you know, ever our Monday meeting every morning at, you know, 9 a.m. we're talking about okay,

Troy Wisse 36:46

you know, like what should we be doing next with this? Okay, like what's

Troy Wisse 36:49

you know, how do we

Troy Wisse 36:50

build

Troy Wisse 36:50

on

Troy Wisse 36:50

this?

Troy Wisse 36:53

it's on the agenda every week. You know what I mean? It

Troy Wisse 36:56

cause it has to be, because you know, like if you know, you should be trying to, you know, utilize any tool possible to help, you know, just to help the team and to, you know, streamline to stuff that, you know, like I said, like might not seem in like priority, but it is a priority. And That's where we're really at right now with it, you know, and then Eddie is always, you know, he's always kinda like trying to be the one that's on the cutting edge of like bringing, you know, his thoughts to our meetings every week on all right, how can

Troy Wisse 37:23

we

Troy Wisse 37:23

implement,

Troy Wisse 37:24

you know.

Troy Wisse 37:27

he's it's and it's been awesome for me, 'cause obviously, you I'm technologically savvy, but like he is just, you know, just naturally he just enjoys just kind of just like continuing to learn, you know, all that stuff, which is great 'cause then it opens up things for me and then our senior partner who, you know, is now learning it, you know, as he needs to. It's just it's been a great kind of like, you know, add-on where when he's in our meetings, he's like, all right, this is what I'm thinking for, this, and this. How about if we try and implement it into this way that

Troy Wisse 37:54

we're prospecting for this specific building that might be more suited towards recreational users. Well, I've I pulled up a list or I pulled like whatever it may be of like these might be the right people that we need to start talking to. Or this is like kinda like on a deal by deal basis or, you know, whatever our one of our listings are, you can get very granular with it in

Troy Wisse 38:14

a short amount of time, as you know. And it's you know, we're definitely embracing it 'cause you need to. And, you know, for Eddie and I, it was more of an easy embracement. And then, you know, with you know a forty five year veteran on our team, it's okay, you know, this is you know, we got you all set up, this is what we're gonna do, you know, and we will walk you through everything, you know, we'll be the main guys carrying the torch with it, but You know, this is important, you know, like as I said earlier, you always have to keep learning and trying,

Troy Wisse 38:39

you know, the cutting edge technology 'cause you don't want to get left behind. And we all are in a like which is nice in agreement on that, you know, we need to stay ahead of this and Eddie's always bringing different ideas or different things. hey, did you see about this software that's going

Troy Wisse 38:52

out? Or like you know, like we should hop on a demo and see what it's about, you know, and so it's very good in that regard.

Troy Wisse 40:23

the scenario aspect that you just mentioned is huge. We owe you know, like just kind of just having another soundboard almost on your team of you know what I mean? Us running through scenarios is just great

Troy Wisse 40:32

and like we've you know, you train it to, you know, for like you said, all the different buckets of tenant rep, landlord rep, building specific, you know what I

Troy Wisse 40:40

mean? Of like, okay, like, you know, like we've done this and this in terms of prospecting, like to all these different groups. You know, who do you think we're missing here? Well, you know, who do we gloss over? You know what I mean? Where do you like And stuff like that, just you know, little things here and there, as well as the database cleanup, and then seeing just kind of how we're gonna dive even further into it. 'Cause two thousand twenty seven we've all been saying is like really when we're gonna you know, we've already put the pedal to the metal on it, but really kind

Troy Wisse 41:05

of, you know, really adapt that even further to it. So we're excited to kind of see what we can roll out and like towards, you know, the beginning or end of Q one of twenty seven.

Troy Wisse 41:33

it's exactly

Troy Wisse 41:34

something

Troy Wisse 41:34

that

Troy Wisse 41:36

something that you wouldn't might have even a bit on your radar. It's just like all these little things that can just help strengthen you as a person and whatever your thought process is. You know, you need to be using it as, you know, that tool of advancement, you know, in any way. You know, obviously, you know, you don't fully you know, it's just not the end all be all that you just rely on it totally, you know what I mean? There's obviously the manual aspect to it, but anybody that's not fully trying to embrace it right now, in my opinion, you know, is, you know, it's

Troy Wisse 42:03

a mistake. You need to be you need to be trying to adopt it, you know, whether it's a slow adoption and, you know, kind of getting used to it to, you know, but it needs thing all these need to be implemented from the office management level to the brokerage team level, one hundred percent.

Troy Wisse 42:32

I do not do the call screener.

Troy Wisse 42:45

Yeah. So for me it's, you know, I you know, like I said, when the phone rings, you gotta pick it up. You know what I mean? And I, you know, a lot of times and nowadays though, you know, you're gonna tons of spam calls, everything like that. There

Troy Wisse 42:56

is, you know, I can see why people, you know, put the screener

Troy Wisse 42:59

on there and whatnot.

Troy Wisse 43:00

It's and it's gets it's gotten crazier. And I don't know just because like in our business if we're you know, making a lot of calls, inquiring to a bunch of people, we make our way onto these lists that people are just, you know, but we get

Troy Wisse 43:10

you know, we're They're we're getting bombarded with them and it's annoying, it's frustrating, but I look at it as every phone call that comes in is, you know, a potential opportunity, you have to pick it up. Or, you know, sometimes, you know, it's somebody that is calling or you might not have the greatest news to them, but you still gotta pick it up and tell them. You know what I mean? So I'm all about not having the screen the screening on there. Some

Troy Wisse 43:32

people think differently, but for me, I I'm the old school approach of just, you know. let it ring any time of the day as long as I'm not, you know, with family

Troy Wisse 43:40

or doing things like that. You know, I always get back to them. But I do try, you know, we work long hours, you know how it is. So it's like when I get home and I'm, you know, eating dinner with my wife, you know, at seven PM or seven thirty PM, you know, like I'm taking some time out, you know, out of my evening to, you know, have

Troy Wisse 43:56

that, you know, one on one time and family time. But I'll always get back to You know what I mean? And sh and she's great about just kinda knowing too that the business we're in, the phone's always gonna be ringing. And it's

Troy Wisse 44:06

I try to, you know, do a re I have a respectful balance for,

Troy Wisse 44:10

you know, what this profession requires, as well as still feeling grounded, you know, at home or around, you know, family and all everything that comes along with that. You know, it's a balance, but you know, we all figure it out.

Troy Wisse 44:29

Uh-huh.

Troy Wisse 44:38

That's

Troy Wisse 44:40

Every

Troy Wisse 44:41

time

Troy Wisse 44:41

I'm

Troy Wisse 44:41

thinking

Troy Wisse 44:42

like

Troy Wisse 44:43

I like almost like for a second like pause like, oh crap, like what like you if it's like you gotta be on the fly with it. I'm usually like warehouse just sold next to your building, call me for comp. You know what I mean?

Troy Wisse 44:53

Or like give in the comp or new listing coming available, three buildings down. You know what I mean? Something like I try to just keep it real quick 'cause if I just go into it like that, next thing

Troy Wisse 45:01

you know the call's not getting picked up. But I try to be short, concise, and something like along like Try to give them a piece of information that might they might not have. I've

Troy Wisse 45:10

seen that gets me past a little bit, but whenever I hear that come up, I'm always like, oh man. And then I'm like in the moment like, oh man, like, all right, I gotta think quick of what I'm gonna say here.

Troy Wisse 45:20

We're

Troy Wisse 45:20

all

Troy Wisse 45:20

in

Troy Wisse 45:21

the

Troy Wisse 45:21

same boat.

Troy Wisse 45:28

Exactly.

Troy Wisse 45:38

it's

Troy Wisse 45:38

almost

Troy Wisse 45:39

it's almost now a new ver variation of, you know, like having like a cold call script. You know what I mean? you have to prepare for that nowadays

Troy Wisse 45:46

too. This like when you get that screen, like, why are you calling? You know, you need have some type of thought behind it, but it never fails. As soon as that happens, you're like, Okay, I'm on the thinking on the fly here, but it needs to be something that we could try to prepare around. You know what mean? There's no clear cut and everything is subjective, but

Troy Wisse 46:03

it's definitely something that, you know Eddie and I have had conversations with while we're working the phones and it's like, okay, like let's just try and let's try this approach this time. And then the next day be like, how about we try saying this? And you know, there's there might be no rhyme or reason to it, but we're

Troy Wisse 46:17

trying to see if we could crack a code. And if we get a better conversion rate, I will let you know, Justin, and let you know what

Troy Wisse 46:22

the recipe is.

Troy Wisse 47:02

Always.

Troy Wisse 47:06

No, this was awesome, Justin. This I can't believe the hour came and went like that. You know, when you're just chopping it up talking like this, it just you know flies by when you're just having you know great conversations about you know what we love doing. You know,

Troy Wisse 47:18

like guys like me and you can talk about this all day. But you know,

Troy Wisse 47:21

we got calls coming in, we got deals to get done, but always happy to come on and join you on your show. It's this was a this is an honor because you know, I think very highly of you. I know, you know, what you're capable of, what you've done in your career. and the individuals that work with you that, you know, I could see have just really just, you know, embraced the leadership that you've instilled in them to grow. And I can't say better things about your entire team. and I love that, you know, it seems like almost like every year now, like we're sending requirements

Troy Wisse 47:51

back and forth to each other to work on, which is great. You know, complex ones, some a little more simple, but you know, to be able to just pick up the phone, call you guys whenever I need to, it's awesome. And I'm hoping that next night we'll probably see each other at the you know the next summit. Yeah, that's

Troy Wisse 48:04

when we'll all get

Troy Wisse 48:05

together

Troy Wisse 48:05

again.

Troy Wisse 48:10

great to see you. Have a good day.

Troy Wisse 48:13

Bye.