Realty Exec Quits to Start Her Own Firm

Tere Blanca is a Miami, Fla., commercial real estate executive and entrepreneur with more than 20 years of industry experience. She left Cushman & Wakefield in 2009 to found brokerage and advisory firmBlanca Commercial Real Estate. In addition to managing her growing firm, Blanca is immediate past chair of The Beacon Council, Miami Dade County's official economic development partner.

Blanca reports that more women than ever before are entering the previously male-dominated industry. We asked Blanca to share some of her insights on the industry, women's growing role in the field, and how she has quickly become on of the most active firms in South Florida.

Is the fact that more women are finding opportunity in this field just a sign of the times? Women, after all, are finding more opportunity in most fields, from construction and clergy to law enforcement.
It's true that women in many historically male-dominated fields are gaining ground, bit by bit. However, commercial real estate is seeing not only an influx of women into the field but also -- and more important -- into leadership positions within the field. Women are entering the industry at a faster pace -- 43 percent of the field's professionals are women today, compared with 36 percent five years ago, according to a recent study byCommercial Real Estate Women Network (CREW). And the wage gap is closing, slowly but surely.

Professional organizations such as CREW are doing their part to bring more women into the industry. Our Miami chapter reaches out not only to college students, but even to high school students, educating them about opportunities in the field and helping them build a network when they're ready to enter the job market.

The challenge remaining is the lack of women in C-suite positions. However, we're starting to see a change here; even at the biggest firms, women are leading major regions.

Why did you leave Cushman & Wakefield to start Blanca Commercial Real Estate? And why did you choose to do so in the midst of the 2009 real estate meltdown?
I wanted to get back to my roots and build an entrepreneurial firm from the ground up. At Cushman & Wakefield, I was senior managing director and branch manager, an executive post that involved overseeing operations in three different offices. I wanted to get back to the strategy and execution that goes into working with clients day to day -- so I decided to focus on building my own firm brand.

Downturns offer great opportunities for smaller firms to capture market share by bringing value to clients. We have done so through our experience, accessibility, innovation and commitment to client service. Despite financial volatility, our first year was very strong -- we added senior-level talent, completed two large lease transactions and were one of the most active commercial real estate firms in South Florida.

Did the recession factor into the decisions you made and the way you set up the business?
I have been disciplined to keep fixed costs low and have invested in areas that support revenue generation. Fortunately, there was -- as there is today -- ample top talent available, so I didn't need to bring ancillary functions in-house. I have leveraged the market climate by hiring financial analysts, graphic designers, IT providers and a media/marketing agency on a contract basis.

What initial steps did you take before launch? I noticed that you hired your executive vice president even before launching. What's your hiring philosophy?
The first move was to effectively communicate my decision to leave to Cushman & Wakefield with the goal of ensuring a smooth transition at the firm. Next, I found an office location, hired an IT consultant, and had a logo and graphic identity developed. After leaving Cushman & Wakefield, I engaged a public relations and marketing firm to communicate my reasons for starting my own firm to the business community and, moving forward, to ensure Blanca Commercial Real Estate was top of mind among key audiences. Then we got to work on behalf of the clients who sought us out, and we began closing deals.

In doing all this, I wanted to surround myself with the best senior-level talent in the industry -- people who would be a good fit in an entrepreneurial setting. I have known Executive Vice President Danet Linares for many years, and we work well together. A year later, two more senior-level professionals with whom I had long-term relationships joined us: Hank Klein and David Valdez. My main goal has been to partner with professionals who share my vision for the firm and my emphasis on a strong culture focused on client service.

Shortly after our launch, we were selected as exclusive leasing agent for two of Miami's newest Class A office buildings: 1450 Brickell and One Park Square at Doral. We were also hired as exclusive advisors representing tenants for various assignments. In 2010, our firm closed more than 600,000 square feet of leasing transactions.

What's different about having your own firm compared with working in a corporate environment?
I like being able to take a "blank canvas" approach to our work, approaching a situation or challenge with the goal of developing a customized solution that fits. I'm surrounded by top talent that sees eye to eye, but I've enjoyed the efficacy of not having to make every decision by committee. We can develop strategy to implement our short- and mid-term goals, but we can be nimble .

What differentiates Blanca Commercial?
It all starts with our people, and the fact that we are senior-level professionals committed to engage with clients whether we're working with a user, an owner, or a prospective buyer or seller. The sheer amount of market intelligence, industry expertise, and community and industry relationships present at our firm allows us to deliver a high level of client service. We maintain a relentless focus on what's best for the client, customizing solutions to meet their specific business objectives. Nothing about our approach is formulaic or predetermined.

What actions have you taken to build the business so quickly? How do you market the company and secure clients?
We're finding success by demonstrating results on our assignments -- and success breeds success. We also have a vast network of relationships to bring on new business and make new contacts. But our best assets are our existing clients, who are our ambassadors.

Has it helped that you're chairman of the Beacon Council and well-known in the industry?
I'm a big believer in civic service. It gives me great personal satisfaction to stay engaged in the community civically and philanthropically. I also value this involvement for our business success. It gives me great joy to give back, and some of my long-time mentors, closest friends and best business relationships have been born out of friendships forged in the community.

The Beacon Council has also given me an opportunity to publicly promote the virtues of Miami as a world-class business center, allowing me to be a part of something bigger than myself. As chair of The Beacon Council in 2009, I had a chance to connect with Miami's vibrant entrepreneurial business base. This certainly fueled my own entrepreneurial spirit.

How did you grab leasing assignments at Brickell and One Park Square within weeks of getting started?
Both owners had been my clients at Codina Klein Realty, followed me to Cushman & Wakefield and decided to work with us when I launched my own firm in 2009. It all goes back to the power of long-term relationships.

What's your client niche?
We work primarily within the office sector, as brokers and advisors (on behalf of both landlords and tenants) as well as on the sale and leasing of office properties and land. We have clients of all sizes -- corporate, entrepreneurial, institutional, etc.

Are you seeing more upsizing or downsizing? Are companies looking for bargains? Are companies moving to obtain cheaper rent?
We're seeing heightened interest among new-to-market office users, both large and small, international and domestic. Major corporations are looking three and five years down the road, seeing the potential here in Miami and across the Americas, and deciding to invest for the long-term. Most important, users are not contracting as they were during 2008-09. Instead, we're seeing commitments for the opening of new offices and expansions. Users are, however, finding ways to use space more efficiently than during the past decade and making sure leases provide flexibility to navigate more effectively through cycles.

What are your clients most interested in finding when it comes to commercial space?
Many factors (economic and subjective) are considered when clients are seeking space. They want a workplace that aligns well with their brand and that fits their business goals and objectives, a convenient location for clients and employees, strong ownership, and a competitive overall cost of occupancy. Lately we've been seeing more interest in environmentally sustainable space, as well.

How does the present and future of commercial real estate in Miami look to you?
We're seeing more interest from new-to-market companies, especially those who see the potential in Miami and the Americas over the next decade. Miami has some very valuable assets to offer -- notably the diversity of our population and business base, both in terms of the type and size of companies that call Florida home. The expansion and renovation of Miami International Airport and the Port of Miami will also drive our continued growth.

A majority of Miami businesses are actually small and mid-size entrepreneurial companies, complemented by more than 1,000 multinational firms with a local presence. In many cases, Miami serves as those global firms' stepping stone to Latin America and the Caribbean. We've also seen a recent burst of activity in our urban core with new residents and retailers moving in at record pace. Needless to say, I'm bullish on Miami -- and our real estate market.

Tips for women who want to start their own companies
Women entrepreneurs should place a high priority on relationships. That means taking advantage of professional networking opportunities, developing internal and external mentors, and taking the time and effort to build networks.

What do you know now that you wish you'd known when you started the firm last year?
I should have caught up on sleep before I got started! Building a company from the ground up is hard work, and the responsibility for its success is on your shoulders -- so women entrepreneurs should know that they're going to be working long hours and putting all of their heart, soul, and muscle into growing their business at first.

Hank Klein was a mentor of yours -- and now he works for you. How did that come about?
I'm delighted to have Hank on our team. I've learned from him and his expertise over the years, so when the opportunity to have him join us surfaced in early 2010, I jumped on the chance.

How long did it take you to reach profitability? Can you provide a ballpark figure for revenue?
We reached profitability in six months. Our total transaction volume this year is about $180 million, making us one of the most active firms in all of South Florida.