RICHMOND, VA, Aug., 23, 2009 - (by Jim Tucker, CCIM) “People don’t care how much you know until they know how much you care.”
That statement was shared recently by a colleague describing how we acquire client-relationships. As I’ve reflected on my 35+ years in commercial real estate, I believe no single statement more perfectly captures the essential components of the process.
Relationships rarely start out being complicated. Since we generally seek a degree of comfort in the company we keep, we consciously and subconsciously look for shared values or cultural norms we each honor. A sure-fire way to know an advisor understands this is in the number and kinds of questions he or she will ask when you have your very first meeting; i.e. does this person seek to understand what is important to YOU or are they spending all of their time telling you about themselves?
Let me offer the following five-step evaluation process that I have seen successfully engaged hundreds of times in the selection of an advisor or agent:
- Who is this person? Pilots will tell you that the best weather reports come from the plane that has just flown ahead of you 30 minutes earlier. Same with people. Testimonials from people you know and trust are the best “weather report” you can get on what to expect from the person you have just met, so, check-‘em-out. A good indication of success is how many repeat deals the person has done with the same clients recently. Make sure the “experience” you are hearing about is clearly in the area of expertise needed for your project. If not, then you are dealing with an amateur, no matter how many years-in-the-business he or she claims to have.
- What is this company? Is the candidate supported by a company or a reputation that reflects your business model? If he or she is a small independent advisor, is the support infrastructure in place and organized to get the job done? If it is a large company, is there evidence of real support or simply the illusion of ‘bigness’ that only strokes their corporate image? Again, look for referrals from people you trust and evidence of recent successful assignments resembling your needs. Very often small is better because it is more focused on your success instead of some corporate agenda.
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