Commercial Property Owners Vs. Brokers: Understanding Each Others' Point Of View

Both sides can strengthen their strategic alliances by implementing these simple suggestions.

According to Ellen Rand of Development Magazine, commercial property owners and brokers continue to have high praise for each other. That said each side has a wish list they would like the other side to understand so they can work together seamlessly.

Here are a few suggestions for brokers to improve their relationships with commercial property owners:

• By listening to the property owner's goals, objectives and culture, brokers will learn what makes them unique from others in the market. This can help brokers avoid introducing prospective tenants that may not be right for the property.
• The broker should prioritize their client's wish list so the property owner knows what is most important to them.
• Be mindful if there is a time in the negotiation process when it is best to step back and let the principals' deal directly with each other.
• Manage your clients' expectations when possible: for example, the owner probably won't offer signage to a business renting a small space.
• Owners can be flexible, but the financing has to be realistic.
• Always help keep the deal on track by communicating all issues and concerns.

Of course, owners can work towards a more productive relationship by listening and understanding the issues of brokers and their clients:

• If there's an issue that's going to affect the building, tell the broker about it so there will be
  no surprises.
• Brokers know the market can be volatile, so be flexible and realistic.
• Brokers are dealing with clients that want to know a lot more about the financial stability of the owners and if owners/managers have the finances to continually upkeep and make improvements to
  the property.
• Deals can take longer because clients may have multiple layers of approvals to go through, or they may have a changing cast of characters involved in the decision-making process. Be patient.