- April 15, 2024
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A rumor circulating around the Sarasota commercial real estate community regarding the demise of Abbey Realty & Management is false, the firm's majority owner tells Coffee Talk.
Abbey is one of the more visible commercial real estate firms in the Sarasota-Manatee area, with a business model that combines leasing and sales with property management and maintenance. The firm's portfolio includes a significant amount of medical office space.
But while the firm isn't shutting down, it is making a significant change: It's outsourcing its leasing division to Michael Saunders & Co., a Sarasota firm with a residential and commercial unit. Dave Matthes, Abbey's majority owner, says he picked Michael Saunders after interviewing most of the area's other leading firms.
Abbey's quartet of leading brokers has left the firm as a result of the change. Janet Robinson, a past president of the commercial division of the Sarasota Association of Realtors and an Abbey agent since 2005, has joined the local office of Coldwell Banker Commercial. Diane Lawson, another well-known area broker, has joined Lakewood Ranch Commercial Realty. Brokers Stephen Taglione and William Rex are also leaving Abbey.
The exodus won't impact Abbey's ability to lease property successfully, says Matthes, a St. Petersburg resident who previously served as president and chief executive of Oncor International, a commercial realty networking organization.
“Abbey is as strong and viable as it has ever been,” Matthes says. “We are continuing to move forward in a struggling economy, just like everyone else.”
Still, some brokers around Sarasota wondered why a firm would outsource a low-cost operation now, considering the highly competitive nature of the industry and the lack of potential deals around town. Indeed, the leasing side of the business is normally a commission drivenenterprise, as opposed to property management, which can be more costly.
“Leasing is the least costly side of the business in dollars,” Matthes acknowledges, “but it's management intensive.”
Matthes says he hasn't ruled out returning to in-house brokers for leasing someday at Abbey. But for now he hopes that outsourcing property leasing to a leading firm such as Michael Saunders will both increase the exposure on Abbey's available properties and increase the amount of cold calling for prospective tenants.
The goal of that effort, says Matthes, is to “get our buildings back to their historic 95% occupancy rate.”
