For the typical corporate real estate client, the task of managing a service-provider relationship can be overwhelming. Many CRE managers feel a loss of control once the day-to-day service delivery responsibility is turned over to the provider. This transition can be made easier if CRE organizations require their providers to implement a set of account-management tools. Most providers already have a set of tools that fit into every phase of a client's project, from inception to closeout. For new account transitions, I've found one of the easiest and most useful of these is a broker package, although the components of such a package can and do vary by company. And while it would not be fair for me to specifically list all the components of the package that I recommend, at a minimum, it should contain the following:

Clean Lines of Responsibility. One purpose of a broker package is to define clearly which duties are the responsibility of the service provider, the field broker and the client. In typical cases, the broker's duties include gathering local-market knowledge, market analysis and reports and preparing marketing materials and other collateral.

For the account team, the roles usually fall to analysis of alternatives, timely reporting, negotiation with sellers or building owners, coordination of document execution and legal review. That and, of course, making sure the brokers are upholding their responsibilities.

For the client, the roles are defined as providing strategic direction and oversight, securing necessary executive-management approvals and protocols and issuing directives in the event of non-compliance or conflict of interest.

The Necessary Documents. A checklist often accompanies the broker package, listing a number of documents contained in the package. The package can contain letters of authorization for the broker; copies of all existing lease documents (if applicable); standard RFP and LOI templates; standard client-lease language or riders; and a standard lease-abstract template. The goal is to give the field professionals all the information they need to start, manage and complete the project while reducing the number of back-and-forth communications typical of project ramp-up. It also ensures that future projects become systemized since all new projects will use the same standard documents.

The Right Start. But perhaps the most important component of the broker package is not a physical component at all. It is the creation of an environment of trust between the service provider and the client that ensures the client that there is a process in place that governs how the field is engaged in a project and how progress is communicated to the client. After all, what more does a CRE manager need than the assurance that his or her provider has matters well in hand?

A broker package can give a corporate real estate client assurance that there is a consistent, centrally coordinated process in place to handle their real estate-transaction requirements. It sets the stage to clarify roles and responsibilities, opens lines of communication, establishes protocols for dispute resolution and gives the client the assurance that the project is in control. The process itself is flexible enough to be modified in the event local customs or practices, market conditions or other unusual issues dictate but for the most part, the package is universally applicable.

When interviewing select candidate firms for real estate outsourcing, ask to see a sample of their broker package. What you see from the provider up front will give you an idea of how managed the process will be down the road.

Vik Bangia ([email protected]) is managing director in CB Richard Ellis' global corporate services organization.