(Relatively low marks go the industry on the client-responsiveness score. In fact, 62% of the respondents to last week's Feedback Poll said all brokers care about is the deal. That left only 38% to wave the flag for follow-up and customer satisfaction. Not so fast, responds commentator Green--who's firm has just rebranded to encompass its full roster of client-centric services. Perception always lags behind reality. His response appears below.-ed.)
"Most people would respond that brokers in general are deal-driven, but perception always trails behind reality. That's changing, and for a number of different reasons. The drivers of change include the complexity of transactions and the amount of information that needs to be part of the due-diligence process. Also, in many situations, clients are beginning to look at sales or leasing representatives as part of their team.
"In the past, clients were as much transaction-driven as brokers were. When they had a need for brokerage services, they would just go into the market at that time. Now they keep an ongoing relationship with a group of brokers who would be their single point of contact for a particular kind of service. That single point of contact is familiar with the way they do business and the due diligence process and how the client determines a go or no-go on any transaction. They're also familiar with the exit strategy for an asset. Having the involvement of capable market representation has become more critical than it was years ago.
"The internet has also changed real estate dramatically, in some instances for the good and in some instances for the bad. Information for the sake of information is useless. It's what you do with the information and the accuracy of the information that becomes critical. More than ever clients are looking for accurate information and the capability to interpret the information, which is critical.
"But, as I said, perception trails reality. It will take a while for clients to see where good, qualified brokers are providing the services we're talking about and begin to change that perception."
Harvey Green is president and CEO of Marcus & Millichap Real Estate Investment Services in Encino, CA. The views expressed in this article are the author's own.
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