Client Satisfaction:

The importance of CRE transaction management playbooks

In the highly competitive world of commercial real estate, where your success is heavily dependent on cultivating a roster of satisfied clients willing to rehire you or refer you to their peers, efficiency, organization and flawlessly smooth transactions that transaction management playbooks deliver are your keys to client-satisfaction success. Whether you're managing leasing transactions or sales transactions, having a well-defined playbook can make a huge difference.?

The Importance of Playbooks

You may be asking yourself, why do I need a playbook? Well, whether you’ve been in the CRE game for 2 years or 20 years, playbooks can serve as strategic guides, helping you to streamline processes, reduce errors, and ultimately deliver the best client experience..

Playbooks are comprehensive guides that outline the steps and best practices for handling commercial real estate transactions. They serve as a roadmap, ensuring that every detail is accounted for and every task is completed in a timely manner. In a fast-paced industry where time is money, playbooks are a game-changer.

The Benefits of Playbooks

Whether you're handling leasing transactions or sales transactions, a well-structured playbook offers several advantages:

1. Consistency: Playbooks ensure that all transactions follow a standardized process, reducing the risk of overlooking critical steps.
2. Efficiency: With a clear roadmap, you can streamline the transaction process, saving time and resources.
3. Reduced Errors: Playbooks help prevent costly mistakes by providing detailed instructions and checklists.
4. Client Confidence: Clients appreciate the professionalism and organization that playbooks bring to transactions, enhancing their trust in your services.
5. Competitive Advantage: Having efficient transaction management processes can set you apart from competitors, attracting more clients and opportunities.

Creating your CRE Playbook

Now let’s dig a little into what these playbooks should look like..?

Step 1 | Lay the foundations – what's in your playbook: Imagine your playbook as the blueprint to CRE transactions. Start by outlining the core stages of a deal. Like a football game that plays out in stages starting with pregame prep, then the main event, and finally on to the post-game analysis, a CRE deal also goes through distinct stages, each with different objectives.

Step 2 | Create your playbook's task list: Your playbook should have a detailed task list for every stage of the transaction. From pre-transaction prep to post-transaction review, each task should have a clear purpose and a defined timeline.

Step 3 | Real-time tracking: Regularly update the status of each task as it progresses. Has the property inspection been completed? Mark it as "done." Is the client reviewing documents? Mark it as "in progress." This keeps everyone in the loop and the deal moving forward.

Step 4 | Assigning team members: Assign specific team members to each task. This ensures that everyone knows their role, from the team captain to special teams role players.

Step 5 | Determine data-driven success: Analyze your playbook's data. Are certain tasks consistently taking longer than expected? Are there bottlenecks in the process? This data-driven approach helps you refine your playbook for maximum efficiency.

Step 6 | Celebrate the victories – bask in your glory: Acknowledge your team's efforts, thank your clients, and revel in the glory of a job well done. It's all part of the playbook's grand plan for success.

Customizing Your Playbooks

While these playbooks provide a solid framework, it's essential to tailor them to your organization.?

Embracing Technology

To further enhance transaction management, consider incorporating technology solutions into your playbooks. Commercial real estate technology can help make your life by avoiding “dirty deals” (transactions plagued with missing and inaccurate data and incomplete processes) and alleviating administrative tasks.?

Buildout believes the future of CRE is tech-enabled but broker-led. With our Manage & Close solution you can gain more insight and control over your deal flow and transactional management processes.

By following the steps outlined in these playbooks and customizing them to your needs, you'll be better equipped to navigate the complexities of the commercial real estate market and achieve success.

Ready to learn more? Access your complimentary guide to The Ultimate Transaction Management Playbook