The true bedrock of Commercial Real Estate is not the properties or transactions we handle, but the relationships that we cultivate.
When time is taken to develop trust, friction and barriers that get in the way of projects being realized are removed and the solutions that are required develop naturally.
Here is a recent example…
We saw a significant project teetering on the brink of termination, and a simple misunderstanding amongst city officials threatened to derail months of hard work. Thanks to a well-nurtured relationship with key individuals, what could have been a prolonged (and expensive) setback was resolved almost instantaneously. This wasn’t just a win for us; it was a lifeline for the project and everyone involved, and now the project is well on its way to being developed.
It’s situations like these that highlight the importance of the connections we’ve built. Imagine the alternative. The consequences would have been dire:
- The commercial contractor would have lost a major job,
- The State of Oregon’s capital deployment would have been compromised,
- The developer would have faced significant setbacks, forcing them back to square one.
This scenario underscores the critical nature of relationships in our industry. They’re not just a network; they’re a safety net, a problem-solving toolkit, and a bridge to success.
It’s these relationships that enable us to navigate complexities, turn challenges into opportunities and continue fueling our reputation as market makers.
The Speed of Trust – What Josh is Reading
I cannot recommend The Speed of Trust highly enough.
The principles of “The Speed of Trust” by Stephen M.R. Covey are particularly relevant for professionals in all industries. And Commercial Real Estate Professionals who thrive live by them–regardless of whether they know it or not.
This book has been a guiding beacon in my professional journey. Here are a few key concepts:
- Trust as a Performance Multiplier: Trust isn’t just a social virtue; it’s a crucial business asset. In real estate, where transactions hinge on confidence and reliability, trust can accelerate processes and enhance outcomes.
- The Five Waves of Trust: Trust is structured in five levels – self, relationship, organizational, market, and societal. This means building trust starts within, extends to direct relationships, and then ripples out to the broader business and community.
- The Four Cores of Credibility: Integrity, intent, capabilities, and results. These cores are foundational for establishing and maintaining trust. Demonstrating ethical practices, clear intentions, professional competence, and a track record of success are vital.
- The 13 Behaviors of High-Trust Leaders: Behaviors like talking straight, demonstrating respect, creating transparency, and embodying loyalty are crucial. In our field, these behaviors foster strong client relationships and a reputable personal brand that allows us to seamlessly integrate amongst stakeholders as we formulate an action plan and execute.
Understanding and applying these principles from “The Speed of Trust” profoundly impacts how we operate in the commercial real estate market. It’s about building a legacy of trust and reliance that not only enhances our individual performance but also elevates the industry standard. We work alongside other local brokerage firms and even as a partner to national firms that are operating in and around our marketplace – in some cases acting as an extension of their firm as a trusted local advisor with intimate, in-depth market knowledge to help benefit their clients.
The Importance of Communication and Insulation in Client Relationships
Our job is to formulate and process not just the paperwork, but to take all of the things we know are important to our clients and consolidate them into a tactical and sequenced action plan.
We spend as much time communicating processes and progress to clients as we do managing the tangible aspects of real estate transactions.
We are empowered to insulate our clients and partners as much as possible from the potential conflicts and challenges that go into a sale, purchase, or lease negotiation. It’s about providing a service that encompasses management, guidance, and protection, ensuring that clients are not inundated or overwhelmed by all the details and nuances involved with any commercial real estate transaction.
Working to build strong, enduring client relationships is critical to thriving this Industry. We are trusted with being critical resource providers to peoples most significant assets – and professionals who are advising trust in us to provide on demand, well resourced information and recommendations – Attorneys, Accountants, Wealth Advisors and Everyone in-between. This trust starts with how one communicates.
Community Involvement: The Ultimate Relationship
We firmly believe that meaningful relationships are cultivated and developed through immersion in the community.
Becoming actively engaged in the community and the organizations which are the lifeblood of it is of the utmost importance. By being involved, you can lean in and support your community and start to understand and identify its strengths, weaknesses, priorities and opportunities to be part of solutions.
By being present and active in various spaces, networks will be built that are deeply rooted in mutual understanding, shared interests and values. This involvement not only enhances professional relationships but also contributes to personal growth, community development and a legacy of doing the right thing. Servant Leadership is something we should all strive to embrace.
A few places to start:
- Volunteering with non-profits
- Showing up and engaging @ Chamber meetings
- Becoming active in local politics
By staying informed and educated about community issues and developments, we’ve been able to offer more value to our clients and peers–strengthening the relationships. (Always be growing. Always be learning).
Have questions? Your First Commercial Real Estate Team is here.
Reply to this email with any questions and we’ll help however we can.