How can you select the best real estate service providers?

Real Estate is a tool supporting the business operations. The better understanding of the business' short and long term goals... the more likely real estate can be sourced and aligned with the business needs. Real Estate can (and should) enhance the success of the business... to do that you need to start with the business, the operations, the short and long term plans for the business... first aligning operations, labor, technology.... THEN you solve for location and real estate in alignment and support of that business plan.

Don't forget to include the transportation group in the equation of where the network needs to be. Specific locations matter as they impact the cost of transport. Inbound and outbound transportation is usually 60% of the cost of the supply chain and that includes warehouse, labor, taxes, etc. (CSCMP annual study). Last mile, be it truckload, LTL or small package(ecommerce) is usually the costliest element per pound/case. A cheap building can cost the company many times the rent costs in transport.

A couple of simple reminders for CRE professionals to help “jumpstart” the conversation: listen without an agenda, it’s about the client - not you, people want to work with people they can relate to (speak their language) and lastly, strategy and solutions are a team effort (internally and externally).

One thing I’ve found helpful is to understand what are the imperatives of the business team success. In simple term, how do they make money and how important is the real estate in the core business operations? Further understand clearly what is expected of CRE.. is it experience/frugality/best in class/short-term versus long-term approaches to achieve the business imperative. Once this foundational question is answered we can define multiple work streams and approaches to achieve the above

It is important to identify your objectives and goals first recognizing that real estate is 5 to 10% of your overall operating expenses. In my experience, it's important to read the real estate candidates/firms résumé. Then it is critical to interview the candidate/s, and make sure that they don't believe they have all the answers to all of your concerns but are more collaborative, and willing to recommend other resources to execute your entire strategy.

Leveraging your personal network can prove invaluable when researching the market for potential real estate service providers. People in your network can offer firsthand insights or referrals based on their experiences. These referrals often lead to finding partners who not only possess the necessary real estate expertise but also understand and align with your unique CRE strategy. They may have worked with similar clients in terms of size, industry, and goals. Furthermore, a trusted referral can also offer a sense of reliability and trustworthiness, which can be challenging to ascertain from just online reviews and testimonials. Harnessing your network can ensure you make an informed choice about your real estate service provider.

Using larger firms and their platforms removes uncertainty when new to the market. They will either have fellow teammates in that market which creates consistency and reliability on service delivery or in the event that that firm doesn't have someone internally, they will have resources from previous transactions to make good recommendations. If you have multiple locations, using a single point of contact from a larger firm can ensure that they can identify the correct resource in any market or situation.

I agree if you are looking for a CRE broker in an area you don’t know but if you are searching for someone in your market you should know who the best brokers are.

I’m looking for a broker who has excitement for the assignment, has time to do the work, expert in the area, has a good reputation, responsive, willing to tour the building vs putting a lock box.

Choosing the right real estate provider involves careful consideration of your needs, their qualifications, and their approach to the real estate process. Taking the time to research and ask questions will help you make an informed decision. Some key considerations to help you: 1. Clearly Define Your Needs 2. Experience and Reputation: Look for providers with a solid track record and a good reputation. 3. Ensure the real estate provider is licensed and affiliated with reputable organizations. 4. Local expertise is invaluable. 5. Communication is key. Your real estate provider should be responsive and attentive. 6. References: Always ask for references. 8. Ensure your personalities and working styles align. 9. Trust Your Instincts

I found awarding points to the potential property will give you both a better understanding. e.g, space (outside, inside and car), location, value, age (maintenace) so you can add all the points up and to see which has the highest points. Final decision will be both of you have to like it.

I agree with the approach after you select the provider-set goals and tasks for them. Have regular meetings to update you on their progress.

By the time a contract is negotiated everyone involved will need a title company. The party responsible to engage a title company should do so with confidence. How experienced is the agent you will work with? Will your team have the benefit of working with an assigned expert from start to finish? How fast will calls be returned and how easily can someone be reached? Email is great but sometimes a call is absolutely essential. Will the agent give assistance outside normal business hours? Is agent equipped with the skill necessary to anticipate challenges, find solutions, and neutralize obstacles? A title agent can make or break a deal. An informed choice can make a world of difference.

Interview at least 2 providers to understand where their level of expertise, and to sense how important your business is to them. I interviewed two providers when determining what was needed to rent out a property. The first was a local family owned business and I always root for the little guy. The second was a larger corporate entity with much more processes, procedures and paperwork. After meeting both of them separately at the property, only the 2nd one knew that the smoke detector system needed to be upgraded according to city regulations. I called the city myself to confirm, and that catch was the deciding factor.