How To Hire A Broker To Get The Most Value
September 09, 2011
After 25 years servicing a wide variety of corporate tenant clients in terms of size, industry, and style, I have noticed that there is solidarity in corporate tenant thinking regarding what they look for in hiring a broker to service their real estate needs. Here’s the hit list:
- Form a Partnership. The ability to partner with the client in a way that educates them on the issues they need to know about and creates an environment to jointly explore new situations while staying focused on business impact. Engage in an advisory capacity seeking better outcomes for the client – be proactive on behalf of the client and not act as just a messenger.
- Get the Timing Right. The ability to organize and execute the “right” discussions with the right people within the organization and orchestrate to occur at the right time.
- Deliver Value. Be able to deliver value while providing a customer experience that meets or exceeds expectations.
- Cultivate Relationships. Maintain multiple relationships at several levels with the client company to assure high quality client knowledge.
- Provide Data Smart. Don’t overwhelm clients with all of the data; make the effort to deliver concise financial analysis and meaningful data that help the client understand options and make decisions.
- Treat Time as a precious resource. In fact, treat the client’s time as a resource that is as precious as their money.
- Know thy market. Create leverage to maximize concessions on behalf of the client.
- Be as Trustworthy as a Scout. Always, always prove your trustworthiness to the client. One major method is to never represent landlords or institutions that lease space.
- Take a 360 view. In addition to drawing upon real estate expertise, the broker must be able to assess decisions informed by considerations of the broader business, employees, culture, community and image.
- Pick your Battles carefully, then win them. The ability to surface issues without sugar-coating them yet be a constant advocate for your client and a skillful negotiator.
What other factors do you believe are important in selecting your real estate partner?
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