In this, the last article of the series, I share my best practices for establishing a working relationship with leasing brokers that rewards all parties. This is important in its own right, but particularly for smaller landlords as it offers the ideas for attracting brokers without getting into major expenses. Of course, respect and professionalism are important, as they are in any business relationship, but there are a couple of things you can do to make sure brokers put you on their list of preferred property managers to do business with. After all, you both share the same goal – get the property let.
1. Make it easy
Give brokers the ‘tools’ they need to do their job, it goes a long way towards getting the space let quicker. That means getting all the information they need and collating it so that it is easy to understand. Plans of the space, sizes, and brochures all help them find tenants easier and faster, and make you an owner or property manager with whom they like to work. After all, you have made their job easier.
2. Unfettered access
Make sure the broker has access to the property you need to lease. Have your team or yourself available at all times to show the space and answer any questions the broker may have. Show your commitment to making the process go smoothly and without a hitch; they will remember you for it.
3. Do the paperwork
Another way to make it easier for the broker is to help them with the proposal process. Get the landlord to compose a simple proposal that works as well for them as it does for a tenant. Offers that are very long and overly detailed make it very difficult to get deals done. Do as much of the paperwork for them as you can. This not only speeds up the process, it makes you a professional with whom they will prefer to do business.
4. Quick Turn Around
Brokers like to get deals done quickly so that they can move onto the next one, as they generally work on commission. Anything you can do to move the process along quicker will be greatly appreciated. Work with your team to get the offer processed as quickly as possible. Also be sure to be responsive to any last minute asks, demands or questions.
5. Pay Promptly
Perhaps the single most important thing you can do for your broker is get their cheque cut as soon as the deal is done. After all, the job has been, they deserve to get paid immediately. It’s not only best practice, but also good business etiquette to never make a salesperson have to ask for their money. We like to show our respect and appreciation for the work they have done for our firm and our clients, and prompt payment is how we do that.
Treat your brokers as well as you do your clients and you will have a trusted network of professionals that can help you fill spaces quickly with quality tenants. As an owner or property management professional, you can’t ask for much more than that.