“I’m continuously giving the other broker updates
and keeping him informed as to what is going on,”
Mason says. “He has people he has to report to. If I
just go dark on him and don’t report, he looks like a
buffoon in the eyes of his client. I’m going to make
sure he looks like a rock-star with his client, so I
keep him informed.” Sometimes, in difficult deals, a
broker has to create an immediate relationship where
there is none.
“I’m completing a transaction with someone I never
worked with before,” Mason notes. “It looked like
we were going down the road to a dance, so I drove
over and met the individual; put a face to the name.
Most people don’t do that, and I know that because
rarely does someone come to my door and hold out
an olive branch.”
Mason ended up securing the transaction.
YOUTH WILL BE SERVED
Young brokers coming into the business tend to
rely on social media, e-mails, texting, etc., but
Scott cautions, this is a weakness not a strength for
“If a younger broker has a requirement, you’ll get
an e-mail blast,” says Scott. “An older broker will
call and say, ‘I’m looking for this particular thing,
what have you got?’ It’s a big difference from the
way young brokers do things. Young brokers are
not as concerned about the person at the other end
of the phone. They are not as concerned about
Scott believes it’s better to be talking with the other
broker, especially when a deal gets down to the nitty-gritty. “You have to talk people through a process,
which is always easier when you have a long-standing
business relationship with the other person.”
He adds, “I find dealing with younger brokers is
different than dealing with people who have been
around the industry for a while. Developing the
broker relationship is a little lost on the younger
generation of brokers.”
BEING A MEMBER
One thing SIOR members appreciate is doing
business with other SIOR members, because
they are experienced and knowledgeable – two
personality factors that make negotiations easier.
“In order to earn your SIOR designation, you have to
work really hard and you have to treat people well,”
says Mason. “If you are not ethical or fair and can’t
produce, you are not going to be in this organization.
There seems to be more accountability with the level
of professionalism with an SIOR broker.”
Besides, you don’t want to be too difficult with
another SIOR broker, after all, you may be sitting
next to that person at the next conference.
“A lot of my transactions are with other SIORs
around the country, around the globe,” adds Walker.
“I’m talking to people who have gone through the
same gauntlet to get where they are. We have a sense
of recognition of that, and very often they are friends
because we see each other at national conferences.”
AVOIDING THE ROADBLOCKS
“There are a lot of personalities in this business,
and if the chemistry between you and the other
person doesn’t gel, it can be more difficult to do a
transaction,” says Morris.
One thing to do is neutralize the most glaring
obstacle, which sometimes is the other broker.
Morris gives this example: “I was representing a
landlord in a deal with a law firm that was represented
by another broker. Eventually, we acknowledged the
agent would be paid his commission, but we preferred
to talk directly to the law firm to get the deal done. It
was that difficult of a situation.
Those kinds of situations don’t happen that often, but
they do come up.
Kronman tells a similar tale: “A social services
organization wanted to lease space in one of our
buildings. The group’s broker was impossible.
At some point we scheduled a meeting with the
architect, broker, organization CEO, and the owner
of the building. In the meeting, it came out that
the organizations CEO couldn’t understand what
was taking so long. We pulled the broker into the
hallway and handed him a signed fee agreement. We
scripted a situation that let the broker save face with
everyone in the same room and there was no longer
any miscommunication. It turned out the other broker
was out of his element and in the way.”
Still Kronman strongly suggests “avoiding
adversarial negotiations and avoiding going around
the other broker if at all possible.”
That other broker may someday be you.
MARK SCOT T,