Commercial Real Estate is all about long-term relationships.
While what you know is important, who you know and – who trusts you – is paramount. Relationships take time, sometimes years, to develop. When you have been in the CRE business for a long time, and you have done your job right, clients you worked with many years ago will gladly work with you again. They may even refer you to some new business! Whenever I am looking for an expert, say an attorney, I always go to someone I know and trust.
Building Trust Brick by Brick
In commercial real estate, trust is everything. Whether you’re a buyer, seller, landlord, tenant, or broker, you build trust with every interaction. Consistency, reliability, transparency, and a common cause, build trust one brick at a time.
Commercial Real Estate is Complex
The commercial real estate business can be a maze of complexities, zoning, environmental issues, financing, tenant improvement costs, and personalities. Having trusted allies by your side can make all the difference. Whether it’s seeking advice on navigating a tricky lease agreement or tapping into your network for market insights, long-term relationships are key. As a broker, you can provide all the trusted experts for any situation. For example, I was representing a business in a significantly regulated industry. The Lender nixed the deal because of nuances associated with my client’s financial reporting – essentially, the lender did not understand the nuances. So, I had a CPA friend (and Rotarian) from Gilbert Accounting provide a written explanation about the financial reporting, which eliminated the lender’s objection to the deal. BTW- If you want to give back to the community and expand your network, Rotary is a great place to be!
Weathering the Storms
Long-term relationships serve as a lifeline. With a strong network of trusted partners, tough times are easier because you have a built-in support group and, hopefully, the possibility of referral business. As a commercial real estate broker, I spend over half my time developing solutions based on the needs of the parties concerned, and I couldn’t do it without the help of my network.
Unlocking Opportunities, Together
But long-term relationships aren’t just about weathering storms but also about thriving. Whether it’s a referral from a past client or collaboration with another broker, your long-term relationships will open up opportunities you may have yet to see. Early in my career, I considered other commercial agents my competition. In 1990, I was moving to Sacramento and considering a few great CRE firms. After deciding, I called the broker, Bryan Woods, and told him I was going with a different company.
I told Bryan, “Bryan, the biggest regret about this decision is that I will have to compete with you.” He answered, “Tom, it’s not about competing. We are all in this together. I look forward to working with you.”
So, while we compete for business, I treat every agent as if they were sitting in the “cube” next to me.
Remember the power of long-term relationships. Nurture connections and cultivate trust; the relationships will become the cornerstone of your success. Because in the end, it’s not just about buildings and transactions—it’s about the people who make it happen.
Need an expert? Please contact me at 916-761-1202 or [email protected]. If I can’t help, I bet I have someone who can!