CHICAGO—Conferences on commercial real estate usually feature many panels on current market conditions and what the future may hold, but yesterday at Newmark Grubb Knight Frank's National Industrial Strength Connections summit in Chicago, Geoffrey M. Kasselman wanted to try something a little different at one of the sessions. For an afternoon presentation, the leader of the firm's national industrial practice assembled a group that explained to the 250 attendees what clients look for in a broker.
“The thing that I stress is continuous communication,” said Gary Lindsey, managing director in NGKF's Dallas office. And you will need to tell clients about more than the attributes of a particular property, such as “who's buying land, and what the competition is doing that you've heard about." Do that, and you will "make them look smart in their own company.” Furthermore, the 39-year veteran recommends doing this “not by e-mail, but in real life. You've got to get out of the office and see people. And you've got to send them thank-you notes. That's a lost art.”
"I don't think brokers ask enough questions,” said Don Schoenheider, vice president and co-leader of the national industrial practice group at Liberty Property Trust. “You really need to understand what your client needs. I'd like brokers to put on my hat.” For example, Liberty, a $9 billion REIT which owns about 86 million square-feet of industrial space, typically holds onto its properties long-term. Therefore, when finishing a deal Schoenheider does not really obsess over a few dollars or cents on rental costs. Instead, he wants brokers to help the trust understand the available transportation networks, local labor conditions and logistics. Do that, he advised, “and clients will always hire you.”
Paul Rubacha, the co-founder and principal of Ashley Capital, LLC, did not disagree with that assessment. But he also reminded conference participants of the old saying, “there's no bad real estate, there's only bad pricing. The right price can correct a lot of problems; just don't forget that.”
Kasselman then asked the panelists whether they appreciated the many brochures and infographics sent their way by the brokerage community. Schoenheider responded that if he was never brought another piece of paper he would not be unhappy. He does however, like getting such information in digital form.
“Having things in digital format is critical,” added Rubacha. Both he and Schoenheider say it allows them to quickly share information on a property or portfolio throughout their companies. Still, Rubacha also finds the printed materials valuable when he has to confer in person with colleagues. “You want the paper copy there so you can flip through the pages with someone.”
Schoenheider also advised brokers to use tools like Google Earth that can help prospective buyers understand how all the properties and infrastructure in a given area relate to one another. “I'm a visual guy; I need to see it,” he said. “Facts are important, but help me interpret the facts.”
Above all, Schoenheider added, “do not do your work in a bubble.” He values brokers who fully use their network to generate information. “Use your platform. That's how you're going to please us and that's how you're going to make money.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
