What actually keeps a commercial real estate deal alive when the market turns against you?

In this episode of When Real Estate Gets Real, Stephen Lee Thomas sits down with Will Curtis, a commercial real estate broker out of San Antonio who has been involved in more than $1 billion in transactions and is known as the “Property Operations Whisperer.”

This conversation goes beyond surface-level real estate advice and gets into the real drivers of long-term success: disciplined underwriting, smart leverage, operational awareness, and the kind of leadership that only comes from experience.

Will also shares how his military background shaped his perspective, what he learned from watching seasoned investors survive past crashes, and why he hopes to eventually create a real estate fund for veterans. What You'll Learn

• Why debt and leverage management matter in every market cycle
• What operators can and cannot fix through property operations
• How the office market changed after COVID
• Why San Antonio has performed differently than Austin
• Leadership lessons from commercial real estate and the military
• The importance of humility, team building, and learning from mistakes

Key Highlights:

• Why managing leverage is the #1 factor in surviving real estate downturns
• Lessons from investors who survived the 2008 financial crisis
• The real impact of COVID on the office real estate market
• Why San Antonio outperformed other major Texas markets like Austin
• The importance of buying right—before operations even begin
• How experienced operators stay competitive during market declines
• Emerging trends like flexible office and third-space environments
• The concept of the “labor leverage ratio” and what it reveals about office demand
• Leadership lessons from both military and commercial real estate experience
• Why humility and team-building are critical for long-term success

Ways to connect with Will Curtis Website: https://www.vetsinrealestate.com/ LinkedIn: https://www.linkedin.com/in/willcurtisccim/ Facebook: https://www.facebook.com/willcurtisccim/ Instagram: https://www.instagram.com/willcurtisccim/ Youtube: www.youtube.com/@vetsinre

Listen now and book your spot to be our next guest: https://whenrealestategetsreal.com/podcast-booking