The Art of the Deal Begins with Client Trust
2/9/2015 9:01 AM
The commercial real estate brokerage business is very competitive. Regardless of the specific market or size of the agency, all commercial real estate brokerage firms are busy chasing clients and deals. In many cases, multiple brokerages are chasing the same client and same deal. It’s just the nature of the business and not unlike most successful businesses in any sector. However, the culture and business model of commercial real estate firms varies greatly and is a function of the firm’s leadership and history. Obviously, all of us want “the win”---we want to successfully close deals. That’s how we get paid and stay in business. But, how we go about representing our clients and get “wins” is important to those of us who place a value on integrity and honesty. Integrity and honesty are the cornerstones of developing client trust which, in turn, generates a mutually cooperative long term relationship.
For many of us in the commercial real estate brokerage business, the “win” is helping people solve their real estate problems, whether it’s settling an estate, selling an asset under duress or buying property to expand an operation. It’s important for us to insure that every client gets the attention to detail they deserve. This practice allows us to prepare comprehensive, objective and well organized information which enables our clients to make intelligent decisions in a relatively short time.
Developing client trust means telling the truth, the whole truth all the time! Seems simple enough but it’s a virtue that not all agencies adhere to “all the time.” Once we’ve earned the trust of our clients, our experience suggests that the transaction (the deal) tends to move along more quickly and generally has a better outcome for our client. And, better outcomes for our clients makes for happier clients and solidifies the long term relationships we so value. Given the competitive nature of our business, better outcomes for our clients also enhances our reputation in the marketplace and fosters our firm’s continued growth and prosperity. It all begins with trust.