How Brokers Can Differentiate Themselves
Posted on February 20, 2018
Real estate markets are crowded and competitive. Companies that acquire properties and complete a large number of transactions each year are bombarded with thousands of pitches and emails from brokers. A successful broker must differentiate his or her properties.
Here are some ways brokers can stand out from the crowd:
- Personalize the pitch. Everyone knows when they are receiving mass emails. Don’t spam. Instead, personalize your message. Tell prospective clients how a property meets their criteria.
- Know the prospective client’s acquisition criteria. If a real estate firm specializes in buying restaurant properties, don’t pitch them on industrial unless you can identify and communicate some unique and relevant angle.
- Get to know potential buyers. It pays to understand what makes potential buyers tick, and what gets them excited in a real estate deal. Do they prefer triple-net lease terms, in which single-tenant retail properties are leased to tenants with high credit ratings and for which the tenant is responsible for real estate taxes, insurance, and all maintenance? When you have this knowledge, you can bring the right deal to the right potential partner.
- Match geographies. Pitching a California deal to a firm that owns and buys in the Southeast U.S. does not make a lot of sense, but brokers who don’t spend time knowing their audience often make these rookie mistakes.
- Relationships mean a lot. Brokers that have good relationships with tenants in the properties they are selling can provide quality background and knowledge to an acquiring firm or investor. It pays to know the participants in the deal, and tenants are a vital part of any retail transaction.
- Know your customer. Is a seller really motivated? Is the underlying real estate valuable? Are the rents below market? Deep knowledge of the property will impress an investment team and create transparency for the dealmakers.
- Be creative. Some companies, particularly boutique firms, are flexible and better able to put together creative deals that allow them to get involved with projects that others might think are out of their reach.
The team at Orion work with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, call (305) 278-8400 or email email@example.com.