At InSite Commercial Realty, we often speak of the difference between a good broker and a great broker. Our value proposition articulates the defining characteristics of a great broker. We maximize value by reviewing financials with a critical eye, we manage transactions every step of the way, we make markets rather than just participating in them, and we provide the information needed to make the best decision.
These are defining characteristics of an InSite broker, and today I want to identify another element that makes the list. This element, localized expertise, has been foundational in my success as a commercial real estate broker.
For many years I worked for a national lender. Understanding the critical financial elements of ownership has been instrumental in developing my approach as a broker. This background has always forced the question in my mind, “If I owned this property, what would I want my broker to bring to the table?” Localized expertise is one of the answers.
I have devoted substantial time and resources to cultivate relationships within my geographical region throughout my brokerage career. My services include the delivery of extensive, real-time market knowledge to my clients. Because projected demographic trends are estimates, and real-time data is largely elusive, absent the occasional quarterly market report, my clients rely on my field experience to guide their transactions.
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- Municipal relationships. Economic development directors care for their communities, and they want brokers to care for their communities, too. The more active you are in their market, the more available to answer questions, the more positive your communication – these factors lead to inherent trust and transparency. Newcomers to the marketplace are exposed to my listings through credible, reliable sources who know me.
- Local businesses. Initiating conversations with local businesses is not about merely asking for the sale. It involves truly listening to their needs and using your knowledge to solve problems, long before you ever represent them or their landlord. Understandably, the pandemic has made tenants more uncertain of their future space needs. But a great broker knows that “not right now” is a very different response than “not ever.” One interesting element that I am seeing right now is that people working from home are finding it an untenable situation and are looking for small office space. National articles say this will be the case, but how do I know it to be true in my market? My local conversations reinforce or refute the nationalized conversation.
- Broker referrals. Developing strong relationships with other great brokers who may have different specializations is an important tactic to growing business. Because my business is primarily landlord representation and investment sales, I maintain long-term, dedicated relationships with some firms who specialize in tenant representation. They know when their clients are looking to dispose of space, they can call. And, conversely, although I occasionally do some small-scale tenant representation work, for the most part I am able to refer that business out. I trust that my referral partners will take excellent care of my clients – more than just knowing their professional reputation, I know them individually. I have successfully helped their clients numerous times, and they have done the same for mine.
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These relationships ensure that my expertise is far beyond just the property itself.
Furthermore, these relationships provide real-time feedback to my marketing message for each property, allowing me to adapt the messaging to meet any reluctance in the marketplace. As transactions stalled during COVID, I found that landlords were able to offer creative solutions to bring the “what if” conversation to the forefront. Localized expertise gave landlords the feedback they needed to provide rent abatement terms in their LOIs. Localized expertise enabled my client to accept an offer from a medical tenant who would require adaptive re-use and zoning changes for a retail property transitioning to medical office use.
In the business of brokerage, we tailor our practice to economic trends and real estate cycles. The percentage of retail to office listings that I have on the market tends to fluctuate. The ratio of leasing to sales in my business is also variable. Our marketing platforms and methodologies advance. The thing that never changes, that never goes out of style, is the need for my clients to receive my localized expertise.
Learn more about Andrew Prunty.