Corfac News

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On the recent Office Specialty Call,  the group had a great discussion on clients.  The item on the agenda was “How Do you Hire the Right Clients?”, but the wonderful Stuart Lilien from Lansco Corporation/CORFAC International in New York pointed the conversation in a different direction: How do you fire the wrong clients?

So much time in commercial real estate is wasted by brokers who keep clients they should let go.  Time is wasted, but all brokers, especially those starting out in the industry, need to learn how to stop working for clients that are just looking for free information and have no loyalty.

A great way to solidify your position with a client is an Exclusive Representation Agreements.  Howard Greenberg of Howard Properties, Ltd./CORFAC International suggests adding the following language to representation agreements:

You (the tenant or buyer) agree not to execute a lease or other acquisition agreement until the landlord, sublessor, assignor, owner, seller, or similar party has agreed in writing to pay us a commission on terms reasonably acceptable to us.”

Another great way to weed out problem clients is by asking the advice of a senior broker.  They have the client and company knowledge to guide junior brokers to the customers they should and should not work with.  This knowledge is only gained through experience, and senior brokers will often younger brokers produce for themselves and the firm –  not waste time with people who will not make deals.

Locally Owned. Globally Connected

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 49 offices in the U.S., 5 in Canada and 17 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Japan, Mexico, Romania, Russia, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 620 million square feet of space valued in excess of $8.2 billion in 2018.