CORFAC’s Business Model Continues Growth
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Part 1 of 2
FALLS CHURCH, VA—As CORFAC celebrates its 25th anniversary, GlobeSt.com recently chatted members on its 2014 plans of pushing both domestically as well as internationally.
Robert Tillsley, 2014 president of CORFAC International, tells GlobeSt.com that CORFAC recently expanded domestically with new offices in Pittsburgh, Philadelphia and Southern New Jersey (Red Bank).
According to Tillsley, a principal with Paramus, NJ-based McBride Corporate Real Estate/CORFAC International,a founding affiliate of CORFAC International, the goal remains to “add markets where we do not have a presence.” But he notes that CORFAC doesn’t just “want to just put pins on the map… We would rather wait for the right firm rather than add member firms that are not like-minded.”
As for the firm’s international push, it really began in June 2011 when its longtime (15-year) international global affiliate, London-based King Sturge, agreed to be acquired by Jones Lang LaSalle. The first new affiliates to sign on were in Germany and Italy (by late 2011) and it continued from there.
Most recently, consulting firm Bright Rich/CORFAC International was awarded the exclusive marketing assignment and listing for a new commercial business center in St. Petersburg that will be the first newly-constructed LEED Gold building in the historic Russian city, as GlobeSt.com reported.
Israel and Poland were also among the recent new affiliates, as well as Forebrother in London. Israeli firm Stanley Finkelstein Ltd.’s Stanley Finkelstein said at the time it joined CORFAC’s global roster of providers that “CORFAC International is a perfect fit for our firm. It allows us to provide a higher level of service to our clients by staying even more closely involved with each transaction. We look forward to providing professional services for CORFAC affiliates and clients looking to enter the Israeli market.”
When asked about the strength of the alliance and the secret to CORFAC’s 25 years of success, Tillsley said it is due to the membership, which is “made up of like-minded individuals who are entrepreneurs rather than corporate relationship managers.”
He continues that “They run their own business and see value in having a larger platform…Our relationships run deep and amongst some members for more than 30 years, and it was those relationships that 25 years ago formed CORFAC International.”
CORFAC member Alistair Subba Row, senior partner at Farebrother Chartered Surveyors, tells GlobeSt.com that CORFAC International provides an amazing platform of best in class real estate advisors worldwide. “The local knowledge providing client gain is unrivalled and the dedication to provide an exceptional service is unchallengeable.”
He explains that “With CORFAC international our clients enjoy a passport to 87 other Farebrothers worldwide. They use us in the UK because of our offering. The wider network gives them comfort of quality of service as well as importance as a client without the risk of acquiring real estate in unfamiliar territory.”
When asked about expanding internationally, he explains that it will “always be important for CORFAC International members to provide the personal and quality real estate advisory service which their clients expect and require wherever they need it… At the present time we are evaluating additional affiliates in the Far East, Middle East and parts of Europe to strengthen the existing network.”
Subba Row adds that many of its clients' needs “stretch outside the geographical area of our specialism. By being part of CORFAC International we can offer our clients and contacts the same forensic information but on a worldwide basis. The reason a client would use the services of a CORFAC International firm is for its personal service and underlying integrity. Throughout our affiliates we can ensure that this is provided worldwide where the larger global firms often struggle. With CORFAC International it is personal.”
Check back in a few days for part 2 of this piece, where are discuss adding new firms, challenges and hurtles as well as the secret to CORFAC’s 25 years of success.
For an irreverent take on the macroeconomic environment, check out GlobeSt.com's Chief Economist authored by Dr. Sam Chandan.
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