Commercial Investment Real Estate September/October 2017 | Page 39
tion outcomes. Other studies indicate that in-person meetings
can have similarly positive effects.
Palmer strongly believes in not only meeting face-to-face, but
also meeting at the property in question. “Issues are physical and
can be brought to the fore,” he explains.
Additionally, Palmer provides micro-solutions that can help
to build trust with prospective clients. “During the first meeting
or telephone call, I always give them something,” he says. For
example, if they’re looking for office space, he’ll direct them to
the space calculator on his website, so they can determine roughly
how much space they’ll need.
It can also be useful for advisers to create guidelines to keep
themselves focused.
“I don’t calculate my commission until after the deal is done,”
Conflict and Personal Brand
by Tom Silva
The concept of a personal brand is still emerging within
the commercial real estate industry, but it has enormous
implications for dealing with conflict during the transaction
process.
Why Brand?
As a concept, branding is fairly new. It really only took hold
in the late 1980s when companies like Kraft and Rowntree
were sold for upwards of 500 percent of their book value —
causing Wall Street analysts to realize that the strength of a
brand had real financial value.
In the same way, a strong personal brand has cash value
because it allows commercial real estate professionals to do
three things: command a premium in the marketplace; raise
the barrier of entry to new competitors; and innovate new
services and products. During the commercial real estate
transaction process, this translates into better client service.
A personal brand engenders fiduciary-level trust in
commercial real estate professionals’ counsel, resulting in
confidence in their products and services.
Defining Personal Brand
Simply put, defining a personal brand reformulates your
resume from a static laundry list of roles and responsibilities
and projects into a narrative informed by the commercial real
estate professional’s vision, mission, values, and promise,
delivered through an authentic voice. That personal brand
is then radiated through a suite of touchpoints, such as
a LinkedIn profile, a company website, correspondence,
feature stories in the media, and speaking engagements.
Even small interactions are touchpoints, and every
CCIM.COM
says Terri Dean, CCIM, broker and owner of Dean Commercial
Real Estate in Huntsville, Ala. “Money can’t be my top priority
when negotiating for my client. I ensure that my commission is
there if I have the buyer or lessor, and then I work on a win-win
situation for the parties involved.”
Some combination of the tactics above, along with plenty of
patience, should help to keep difficult, emotionally fraught deals
on track.
No matter how prepared they might be, advisers can’t always
make a deal work. As Bennett notes, however, “they can always try
to make it work with respect and empathy for everybody involved.”
Rich Rosfelder is strategic communications director at
CCIM Institute.
touchpoint authenticates the meaning of a commercial real
estate professional’s personal brand.
In moments of conflict, this personal brand becomes
activated in powerful ways. Whether it’s a tense lease
negotiation around early-exit provisions, arguing basis
points in a disposition, or even a legal challenge because of
a zoning variance, it is incumbent on commercial real estate
professionals to move up the value chain. They need to listen
deeply and counsel customers, seeing the process through
their clients’ eyes.
This encompasses understanding the equities that exist in
a commercial real estate professional’s personal brand, so
he can grasp what’s expected of him during times of conflict.
If commercial real estate professionals are tenant reps, for
example, their clients trust them for advice on a buy/hold
decision or a sale/leaseback, which may have enormous
implications for their financial ratios and even the viability of
their business going forward.
A personal brand should demonstrate creativity, deep
sector knowledge, and respect for all parties. Throughout,
a commercial real estate professional’s brand should be
positive and angled toward the future, as well as on a quest
toward progress.
The brand also has a halo effect on the people that
commercial real estate professionals recommend — value-
added partners such as lenders, CPAs, attorneys, or
environmental consultants. This is why a practitioner with a
strong personal brand is a source of comfort and security
to customers during contentious times. It removes risk and
minimizes the contingencies of the commercial real estate
process.
Tom Silva is founder of Silva Brand, a brand consultancy
and marketing agency focused on the commercial real estate
industry. Visit www.silvabrand.com.
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