Indications are that the economy is improving. We are coming out of a very mild recession. The leasing companies that will make their volume goals for 2002 are the ones who come out strong right now.
When the economy swings fully back, you can count on the following:
- Funding sources will be clamoring for volume again.
- Funding sources will give the best deals to the brokers that stuck with them through this recession as opposed to all the start ups that will inevitably be there.
- The leasing market is changing. There is no question that we live in turbulent times. Everything is changing around us. The velocity of change is increasing.
- The past is behind you. Let it go. Concentrate on the present, with a strong focus on what the future holds for you. No leasing company will succeed in the future if it depends on how it operated--in the past. The future will be dramatically different, but manageable.
- Lessees won’t be compliant anymore. Customers demand quality, service, and value. They won't be quiet and accepting if they don't get what they want. Expect them to make noise, challenge you and stretch your resources to the limit.
- A "bigger" funding source is not necessarily a better funding source. Corporate size no longer equals corporate power. The age of building bigger and bigger to earn powerful positioning is over. "Battleship" companies may look impressive, but they'll lose one opportunity after another to "speed boat" competitors. Success will come from being nimble, agile, creative, and responsive. I know the big name funding sources have the money, but be careful of big name banks getting into the leasing game. They may be the ones to come back and request more information when you thought the deal was ready to fund.