STEVE BERGSMAN is a
nationally recognized financial
and real estate writer. For more
than twenty-five years, he has
contributed to a wide range of
magazines, newspapers and
wire services, including the
New York Times, the Wall Street
Journal Sunday, Global Finance,
Executive Decision, and Chief
ABOUT THE AUTHOR
The SIOR Foundation is a 501 (c) ( 3) not-for-profit organization.
All contributions are tax-deductible to the extent of the law.
Promoting and supporting initiatives that educate, expand,
and enhance the commercial real estate community.
DETERMINE WHAT IS
IMPORTANT TO THEM
ESTABLISH EARLY ON WHAT
YOUR ROLE WILL BE AND
WHAT THEIR ROLE WILL BE
DETERMINE EARLY ON
ARRANGEMENT AND GET
IT IN WRITING
VIEW THE COOPERATING
BROKER AS YOUR
CLIENT AS WELL
DETERMINE HOW MUCH
THEY WISH TO STAY ABREAST
OF THE TRANSACTION
IF YOU WANT TO DO MORE
BUSINESS WITH THEM,
MAKE THEM LOOK GOOD
DETERMINE IF THEY ARE
SPLITTING THEIR FEES
WITH THEIR CLIENT
AND TO WHAT EXTENT
HAVE A RESUME PREPARED
IN ADVANCE THAT
Is the requirement urgent?
Is it someone who is the most
important client they have or
someone who they met at a cocktail
party and said in passing they have a
real estate need in your market?
Are you going to be just the
supplier of market information
or full partner?
There is a wide range of fees; it
can run all the way from 20%
to 80% on what you will be
paid. In your first conversation,
You likely won’t do business again with
this client unless you satisfy both your
fellow broker and his/her client.
View this relationship beyond this
particular transaction. If you do a great
job for him/her, he/she will not only more
likely to do business with you again, but
will be more prone to recommend your
services to other brokers he/she knows.
Do they want a weekly call, do they want
a sometimes call; do they want a written
report; or do they want no communication
other than you to mail them a check.
Determining that early on will make your
life easier and enable you to keep him/or
her happy and either meet or preferably
exceed their expectations.
Don’t be concerned about getting
all the credit, be concerned about
It could a be client that wants to
do multiple transactions in your
market and he/she wants to see
how you perform before he/she
offers you any more business.
In today’s world, it is not
uncommon for a broker
representing a client who he/
she has worked out a financial
arrangement with to split their
It’s not unusual for a broker to call you
with an assignment and also interview
others. You want to be prepared for
that call because you only get one
chance to make a “first impression.”
By: Greg Gunn, SIOR, a
senior vice president
with Coldwell Banker
Commercial NRT, Salt
Lake City, Utah.
8 TIPS FOR
Is he/she going to visit the
market or do the transaction