Today, I wanted to mention something that may be a big issue. I heard some people talking and I overheard them refer to brokers as lazy. They said, “You know, they don’t do that much, these lazy Commercial Brokers.” I realized that I know a lot of commercial brokers and not one of them is lazy. They all work their tail off. So how can a client think a broker is lazy? And, then it occurred to me. It all has to do with loyalty, responsibility and obligation.
If you are a buyer or a tenant and you say “Okay, all you brokers find me something because I need space.” Let’s say it was a lease space. Let’s say 3 brokers go out there and they all find the same space; now who you are you going to use? Who are you going to do this deal through?
It’s not like you would ever go to an attorney and say “You all draw me up a will, and I’m going pick the one I like best, and too bad for the rest of you.” A busy professional person including a Real Estate Broker cannot and will not do a lot of work unless you’re being loyal to them.
Business owners may not realize that they need to go with someone exclusively. If it doesn’t work out, then cancel it and go with someone else. But if you get 5 brokers, each doing almost nothing because they’re not your exclusive broker, that is much worse than going with one person who’s working really hard. I can tell you, purely as an example, when I have a client that says “Hey! I need a space in the city and here’s what I need and I’m relying on you to find it for me.” I’ll work my tail off. I go to all the databases and see what is there. I contact all the brokers and see what else they have that might be off market or coming to the market. I send out mass emails to my networks saying “Hey! Here’s what I’m looking for. What do you have?” I Drive the streets. So it’s a lot of work, none of which I’ll do if you say “Oh well if you know of something, let me know.” That’s about as good as nothing. I don’t have the time for that and I think it’s true for everybody.
If you’re thinking that a broker is lazy, chances are, it’s your relationship with that broker that needs to be changed. So, that’s my advice for the day. I hope you take it to heart.