We Have Tenants and Buyers for Your Building…So, Hire Us As Your Agent!

“We have tenants and buyers for your building….so, hire us as your agent!”  That’s the kind of low-level pedestrian trash that some commercial real estate brokers still sling when pursuing opportunities to represent properties for lease, sublease, sale, or otherwise.  What’s really amazing is that some property owners and sublandlords actually still buy that load of garbage!  Professional landlords most often see right through this lame old excuse for a pitch.

It is most unfortunate when brokers use this approach, because it perpetuates many of the stereotypes of the commercial real estate brokerage industry, including those about brokers being liars, cheats, and thieves.

When approached by a broker making such claims, property owners may wish to turn and run, or at least ask the following questions:

  • Since we would pay you a commission whether you represent us or your tenants, why haven’t you brought us your tenants already?
  • Are you holding your tenants hostage until we hire you?
  • Are your buyers so focused on you that they won’t even visit buildings until you get hired by those buildings?
  • Will your buyers only acquire buildings when you represent their opponents?
  • If you represent tenants and then you get hired by us, wouldn’t that pose conflicts of interest and create a serious impediment to your ability to protect either of us?

Forget this tired approach!  When seeking to engage a real estate professional to lease or sell your buildings, find the service provider who can prove that they:

  • Have recent success in leasing / selling buildings like yours
  • Have completed multiple transactions (sublease, lease, sale, other), similar to what you seek to achieve
  • Understand how your building can effectively compete in the local market
  • Recognize how to price your building against comparable buildings to ensure a timely and profitable transaction(s)
  • Are sufficiently versed in current issues about leases, capital markets, lending, and more
  • Can uncover value and exploit the unique benefits of your building to accomplish your objectives
  • Can devise and execute a marketing approach that will place your building ahead of its competitors
  • Will dedicate the needed resources to execute your project in a timely and profitable way
  • Will communicate with you, and to others on your behalf, frequently and effectively
  • Will work diligently and honestly to achieve your objectives
  • Are respected in the local market
  • Can and will guide you about how best to achieve your objectives

Forget the BS.  Select a representative who is competent, who knows your type of property and your market, who can prove both their previous successes and how they will work hard to accomplish your objectives.  It’s that simple!

And, for those times when a broker says that the reason you should hire him is because he’ll share with you the leads he gets on other buildings he represents…see last week’s post!

Follow me at http://Twitter.com/RealStrat

Where is Andrew Zezas?

(Watch for news on a series of 12 webinars on timely commercial real estate topics that we’ll present in conjunction with NAR Commercial, beginning on February 24, 2009!)

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