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Broker-ology: Retail Broker Best Practices
By Kristian Seemeyer | National
LAS VEGAS—A panel of experienced and successful brokers convened at ICSC RECON at the Westgate Hotel in Las Vegas to discuss retail broker best practices. The panel was moderated by John Crossman, president ofCrossman & Company.
“Being organized is the key,” said Joanne Podell, vice chairman, retail brokerage for Cushman & Wakefield. “This is a people business.”
David LaPierre, executive vice president for CBRE had this to offer: “Integrity. You deliver on message and follow up on it in an appropriate way. Listening to your client is huge. You’ve got manage bad news, because there usually is some. And no show is better than a bad show. It’s also about managing expectations. Saying no is sometimes critical.”
“A lot of people fail to see the big picture,” said Andy Mislaveg, partner of The Shopping Center Group. “They get so focused on the day-to-day; you have to treat this like a career, not a job.”
Mark Thompson, managing director of Crossman & Company, makes 10,000 phone calls per year. “It would be impossible not to make money making that many calls,” he said.
The panel all agreed that having a mentor was a valuable part of success in the marketplace.
“A great mentor isn’t just a cheerleader; a great mentor will tell you when you get things wrong,” said Crossman.
Jeff Roseman, executive vice president and principal for Newmark Grubb Knight Frank, said he’s seen many brokers make the mistake early on of rushing to get deals done. “Then they maintain that ethic,” he said. “It’s better to take your time and get the deal done right.”
“It takes a lot of time to learn and grow to be successful,” added Podell.
Trust was also an important factor for the panel.
“If people don’t trust you, that’s a problem. You earn that trust over time, but one bad decision can destroy it,” said Roseman.
LaPierre said, “We do get those calls from people we don’t trust and you risk discoloring a relationship with a tenant or client. You have to carefully manage this.”
“Be easy to work with. Have enthusiasm,” said Thompson. “Sometimes you have to fake it, but if you can establish yourself as the easiest person to deal with, deals will come to you.”
Original Article appeared here.