Your Brokers and Attorneys — The All-Star Approach to Creating a Successful Real Estate Team

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In the world of professional sports, management spends considerable time evaluating players, strategizing about organizational fits and developing talent through coaching— all with an eye toward winning a championship. Management doesn’t simply draft or sign players and wish them good luck. Management recruits players with specific value, provides a game plan and coaches the team. In the non-sports world, business owners are surprisingly likely to engage service professionals haphazardly (no scouting), fail to set expectations (no game planning) and hope that the professionals can deliver (no coaching). This truth extends to the engagement of real estate brokers and real estate attorneys— two professionals that play critical roles in real estate transactions.

Scouting. As a business owner, at some point in your career, perhaps if you decide to lease a commercial property for your business, you will likely need to engage a real estate broker and a real estate attorney. How do you pick a good broker and a good attorney? I suggest taking an unconventional approach. If you want to find a good real estate broker, ask a real estate attorney for referrals. Conversely, if you want to find a good real estate attorney, ask a broker for referrals. Brokers know which attorneys are creative, efficient, experienced and deal savvy. Likewise, attorneys know which brokers are sophisticated, sincere, well-connected and willing to work hard for their clients’ interests. After you have your list of referrals, you should vet them and make a selection based on who you believe will be the best fit for your unique situation. Also, be sure to tell your top picks about your desire to assemble the best team and your goals for the lease transaction.

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Topics:  Hiring & Firing, Real Estate Brokers

Published In: Professional Practice Updates, Commercial Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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