Personal Touch is Still Key

I was just perusing the February 2008 Issue of Commercial Property News (CPN) when I came across an article that hit home for me: Lost Connection, Technology May Enhance Business; Industry Still Wants Human Touch. My mentor, a 30 year veteran in the real estate community, has always told me to pick up the phone and make an appointment for lunch, coffee, whatever; just connect face to face. I have to admit, it makes all the difference.

This week, I've been incredibly sick, yet still needed to move things along for clients. I've used technology as a primary source for communication. Emails come to my phone, which is next to me at all times. My computer is not far away as I need to pass along vital information for negotiation. Yet when my client said I need you at this meeting, I showed up. And that connection brought value to my client. As a result, the loyalty ticker just shot up with this client. On the other hand, because my voice sounds like a frog, I've avoided the phone at all costs. Information was communicated using technology. It was prompt and efficient. Nevertheless, another client was incredibly annoyed that I wasn't available via phone for that real-time interaction.

To sum it up, I concurr with the article. Technology has made commercial real estate more efficient. But it's the face to face that makes the deal.

Tenant Rep Loyalty: Priceless and Entitled by Law

As a tenant representative for small to mid-sized businesses, I find that business owners are very wary of taking advantage of Illinois State Law that entitles them to a Buyer Agency Agreement. Essentially, this agreement stipulates the activities and responsibilities the business owner should expect from the broker in finding the appropriate property for purchase or rent. Furthermore, typically there is no charge associated with this agreement, as the buyer's broker is paid a co-operating commission from the seller's broker.

So why is there a hiccup? I find business owners are hesitant to work exclusively with one broker. However, that does not perpetuate good customer service, let alone loyalty.

Good real estate brokers are hard to find. But when you do, it's not about the deal closing today or in 60 days. It's about building a realtionship that understands the business owners needs, so that the appropriate space is found at the appropriate time.