How does a commercial brokerage business set itself apart?

As the business of commercial real estate leasing has changed dramatically over the past few decades, the giant brokerage company's grip on the market has tightened and many small firms have sprung up to capitalize on the strength of the industry. How does a mid-sized firm set itself apart? We believe we must have the capability to manage every part of the leasing process - from negotiating the actual terms of the lease to following through with lawyers' comments and helping clients find affordable construction and architecture. I believe that a mid-sized firm's agents have to possess special tenacity and creativity. We must do everything we can to make the best deal possible for our clients, as 90% of our business comes from their referrals. We must be willing to get on the streets and on the phone, to make the phone calls and to do our homework. In a challenging market like we're experiencing, when making deals is growing increasingly difficult, we have to find alternative solutions to our tenants' problems and creative contract terms. Over the years, we've developed relationships with architects and contractors upon whom we can rely to provide good-quality yet inexpensive service. We can connect our clients with these professionals, often saving them remarkable amounts of money. For example, we were recently negotiating a contract for a bridal company that was on the verge of falling through, as the client could not afford the high cost of the design and construction work to customize the space. We were able to put the client in touch with an architect we trusted who did the job significantly less than the client was being quoted independently! The deal went through and client was able to build out the space in a way that was ideal for their business at a price that was affordable. That client continues to grow each year and has become a major brand in the bridal fashion industry. Security deposits can also be a sticking point in contract negotiations, as landlords are requesting larger amounts of "money down." The first step in the negotiating process must be to press as hard as possible for our clients' interests. If this is not enough, however, we go back to the landlords with alternative solutions, such as using letters of credit instead of all-cash deposits. Knowledge of the New York commercial building landscape is invaluable in negotiating successful deals. We emphasized this detailed knowledge even while the market wasn't so tight and deals seemed to "grow on trees." In a tighter market, however, it's critical to know comparable buildings so we can leverage other buildings' rents on our clients' behalf and so we can guide tenants to the most affordable space that fits their needs. When a firm doesn't have the luxury of extensive lists of client exclusives, we have to work harder to set ourselves apart. We act as advisors to help our clients find a space and a location that compliments and enhances their business. We rely on our performance to inspire referrals, we work hard to land the best deals possible for our clients and we take a "big picture" approach to brokerage, striving to aid in every aspect of the leasing process. Joe Friedman is associate director for Adams & Co. Real Estate, New York, N.Y.