EVER WONDER IF YOUR BROKER WAS GOOD, BAD OR UGLY?
I was working with a client last week to understand and quantify their purchase requirement for an industrial property and God willing get a commission. This requirement is really tough in our market, a building with a little extra land for equipment and vehicle storage.
Now before Rick Perry and a posy of Texas brokers come saddling up to me and my client and start telling me about the joys of relocating to Texas and the mind-numbing amount of open land. Their business is servicing locations in the So Cal area and are not moving to Texas…. Now Git!!!
On this project I’m working with a client to help them make an educated plan on what size property they need now and in 5 years. This will give them the best chance that, when they do purchase it is a good business decision for them and the purchase won’t be an albatross around their necks. I mean who the hell wants to have a bird with an 11’ wingspan hanging from their neck. I mean even if it was dipped in gold I don’t think even Mr. T would want that. But I digress. This exercise made me think about how CRE Agents approach their clients.
A good broker asks questions and tries to understand their client needs and understand their underlying business so that they can steer them to a property that will meet their needs. If also find this method helps limit the surprise requirement changes, or use conflicts while you are in the middle of an escrow or lease negotiation, that really really REALLY waste everyone’s time and make the agent look like an ass who doesn’t know what he is doing.
I once talked to a listing agent that said and I quote: “I knew they can’t afford this building when I helped them buy it, and now I get to sell it again.” While what he did wasn’t criminal, it demonstrated he had the scruples of a con man (my apologies to con men everywhere). While I don’t think our industry has many of these rat bastards, they do exist and most of us in a market know who they are and are not overly enthusiastic about doing business with them. If your broker makes you feel like you should pull a CarFax report on a property and you check to make sure you still have your wallet after meeting with them, you might want to drop old Angel Eyes and look for a Clint Eastwood.
Okay, the Ugly really isn’t ugly… it’s more accurate to say “The Average”, but The Good, The Bad and the Average just does not have the same ring to it in the title and apparently blogging is all about the eyeballs, so yeah… Ugly.
The Average is where many brokers fall, they get a requirement or a listing and try to fill it without thinking too much about anything other than the commercial real estate aspects of the project. They do a reasonable job for their client. But they miss the opportunity to bring their experience and expertise to the client and really create a great experience for all parties involved. My experience has taught me that I typically waste more time with missteps and requirement changes when I am a going through motions. I also typically have much happier clients at the end of a project, and a higher chance of actually getting that brass ring (commission) on the merry-go-round (I fondly call client projects).
Photo Credit: The movie “The Good, the Bad and the Ugly”, directed by Sergio Leone. Seen here, Clint Eastwood as Blondie, (The Good). Initial USA theatrical release December 23, 1967. Screen capture. © 1966 Alberto Grimaldi Prod. Credit: © 1966 Alberto Grimaldi Prod. / Courtesy Pyxurz. Original title: Il Buono, Il Brutto, Il Cattivo.