4 reasons to hire a chess player to guide your CRE strategy | RENX
We navigate an increasingly complex industry. When I hire a professional, I expect them to listen to my requirements and establish a strategy to meet those requirements and needs.
This could mean preparing myself for potentially different outcomes and / or establishing a strategy that results in exceeding my expectations.
Like the game of chess, strategy plays an important role in my chances of success.
I want to work with a professional, whether financial, medical or technical, who is willing to tell me sometimes what I need to hear.
It can mean anticipating what may happen depending on the plan for the future.
Commercial real estate brokers should always be mindful of the consequences of the next move. Your broker should clearly see where your opponent’s king will land long before the mate is called.
There are some important steps to consider before marketing commercial real estate.
As a broker representing a seller, I want to handle the buyer’s due diligence story. This means the seller needs to get reports on the roof, HVAC, and the environment.
If there are any gaps or issues to be found, my goal is to resolve those issues before they create a problem in the sales process.
This can result in a faster due diligence period and a larger sales revenue.
The middle of the game
One of the things I love about my job is that every negotiation is different; there are many variables.
Where do we want the negotiated contract to be set on price and terms? What is the trading style of the other party and their broker? Are there probably competing offers? What is the motivation and urgency on each side and what negotiation strategy do we employ?
At each step of the process, the goal of a good broker is to internalize these variables, establish the best plan for the future, and prepare the client for, in some cases, several potential outcomes.
Successful end of game
A good broker is always on the lookout. A good broker often deals with issues and thwarts attacks without even letting the customer know there was a problem.
Ongoing changes in environmental liability, building code, zoning, FINTRAC, funding and legal matters require qualified and experienced representation to navigate the proverbial chessboard.
Selecting the appropriate period for the terms of the contract can be critical. Asking for too long a period could result in a loss of market, if there are competing offers.
If insufficient time is requested and an offer of relief presents itself, the seller or owner cannot grant an extension, resulting in the loss of the agreement.
As is the case in a game of chess, there are endless possible outcomes after each move.
Hire a broker who gives you the best opportunity to get the payoff you are looking for.