New York Real Estate Journal

So what have you done for me lately?

June 5, 2009 - Brokerage
I got an e-mail recently from a client whose listing I had to work hard to get. I promised a fair amount of effort and, for the most part, I would say that my agency and I have delivered. The "most part" that's missing is in delivering "the beef." Anyone reading this column knows that there is an over-saturation of space and a dearth of tenants or buyers. Bear with me as I give my client's office space an unabashed plug. It's fabulous! It looks like something that you would find in SoHo, not the suburbs. It's open, light and airy, colorful, and high-quality in its design and construction. An ad agency, architectural firm or something as equally imaginative and not afraid of open spaces, half walls, and glass box executive offices will love it. As someone who has lived in a contemporary house for more than a decade, I get it and completely understand from where my client is coming about not wanting to alter its "baby" to suit a short-term tenant's needs. It was designed to its specific requirements for a planned expansion. What it didn't plan on was the unplanned recession. So now it has to enact plan B: Sublet for a few years until the market turns around. Unfortunately, a lot of other companies are trying to implement this same plan. Back to the headline of this month's column:"So what have you done for me lately?" My client wants to know. LoopNet, CoStar, ads in this newspaper, networking at a seminar for not-for-profit organizations similar to my client, cold calling, direct mail, unabashed plugs in this column, e-mail blasts to my agency's data base of commercial real estate agents, promotion on our agency's website, online classified ads targeted at other not-for-profits, as well as in other online vehicles, I can honestly say that all of this has been done. As for my own "plan B," I am going to recommend to my client that we consider making the space available to networking groups, free-of-charge, to generate traffic, interest and awareness. I already have four groups in mind that would certainly reach our target audience. If it agrees to this strategy, my client is going to have to accept the fact that this will put some wear-and-tear on its virginal space. It has to be ready for the possibility of a spilled cup of coffee or glass of wine, plus maybe some knicks and scratches on the freshly painted walls. If it wants traffic, it will have to brace itself for the possibility of some road rage along the way. So would I hire myself as a real estate agent based on my effort to date with my client and some out-of-the-box thinking? I'm going through some residential agent selection angst myself, as I once again plan to list my contemporary house for sale in a falling market. This is the side affect when you're in this business and you start making friends with others in the profession. I've spoken to and met with a lot of different Realtors who want the listing and I am leaning towards one in particular. But once I sign on the dotted line, will she deliver as promised? She'll put it on MLS, promote it on her agency's website, host open houses, and talk it up to the limited pool of buyers for a contemporary house similar in description to my client's office space. But, ultimately, will she deliver "the beef?" I Googled "what to look for in a Realtor." Out of the 9. 51 million hits received (no exaggeration), I developed this self-evaluation checklist. How well do you score? Reputation: Would you be recommended by your prospective client's friends and family or would they recommend that you be avoided? Exposure: If the decision is being based on your agency's exposure, including massive amounts of advertising, does this mean that your agency is in the best position to afford large-scale exposure for your clients? Commission: How much are you demanding? How negotiable will you be? Track Record: What do your statistics look like? How many commercial or residential properties similar to your prospective client's have you successfully leased or sold? How much similar inventory do you currently have under contract? Are you spread too thin? References: Can you provide them? Rob Seitz is a commercial real estate agent at Goldschmidt & Associates, Scarsdale, N.Y.