Retail Brokerage: Thriving Where Competition Is Fierce

NEW YORK CITY—Throughout my 16 years in the commercial real estate industry specializing in retail leasing and representing both tenants and property owners in Manhattan as well as nationally, I have learned and studied the best practices to help form and maintain relationships and ultimately, to win business. Below, I have outlined my advice on how to thrive in an industry in which talent and creativity abound, meaning that competition is fierce.

Information is the Golden Ticket

Retailers are a unique group of individuals. I have met some remarkable people throughout my career and what has been most essential to “winning” business is information. When I was in elementary school, I remember seeing a television commercial that stated “the more you know, the further you grow.” Years later, I realized how that statement could not have been more accurate. I have found that providing information to my property owners and tenants only helps to further relationships. Retailers and owners want to know who is in the market, how much tenants are paying and the various lengths of lease terms. On the whole, the more information you give to your client, the more they will trust and respect you.

Learn to Collaborate

Being a team player goes beyond the assignment at hand. Work together, find out what is needed, offer things that have not been asked for, stay on top of all aspects of the assignment and ask questions. I have found that my clients almost always appreciate it when I ask questions. The broker should become a part of their client’s team, not just by doing their brokerage work, but by becoming a key confidant for whatever is needed. You always want to be a client’s “go-to” person.

Set Goals

One of the keys to achieving success is goal setting and it certainly helps to write your goals down, whether electronically or by hand. Revisit your goal sheet on a weekly basis and take note of how you’re progressing and what else you need to do to further propel your achievements. Unfortunately, this goal setting process often falls by the wayside when brokers get caught up in their day-to-day activities.

Grow Your Leads

Most brokers in the industry understand that part of the game is based on numbers. Making a certain amount of calls or scheduling a certain number of meetings each week will likely lead to closing transactions. Many brokers use a 10% win factor meaning that if you make 100 calls you will hopefully get 10 leads. Then, out of those 10 leads, you should be able to close one deal. Too many brokers these days don’t pick up the phone and have conversations. There is no personality with an e-mail or social media message. How can you spin a conversation and get information (going back to “information is the golden ticket”) without speaking to someone on the phone? However, even better than the phone, are in-person interactions or the “old school” method of canvassing.

Motivate Yourself

Commercial real estate is a tough business. We win deals and we lose deals but no matter how good or bad your day is, you must stay motivated all the time. It’s a hard practice, but staying positive and motivated will only help you succeed. Take a mental break from time to time, go to the gym or play a round of golf (even better if it’s with clients). Take a walk, run or go for a bike ride. It will clear your mind and help you stay motivated.

In order to really make it in this business, it’s imperative to be a team player, set goals and grow your leads. Likewise, staying motivated and having access to information will help lead to closing deals. By employing these simple practices, you will soon be on the fast track to success in commercial real estate brokerage.

Gregory M. Tannor, is an EVP and principal at Lee & Associates NYC. He represents retail tenants in the US looking to expand their business throughout the country. The views expressed in this article are the author’s own and not those of ALM’s Real Estate Media Group.