Magazine article Journal of Property Management

Five Tips for Maintaining Good Broker Relations

Magazine article Journal of Property Management

Five Tips for Maintaining Good Broker Relations

Article excerpt

The real estate brokerage community is a critical part of the successful lease-up of commercial properties. In the Chicago area, for instance, 90 percent of leases over 5,000 square feet utilize the services of a real estate broker. As owner representatives of commercial property, we can help the leasing process by maintaining and enhancing our relationships with the brokerage community by:

* Responding promptly to broker inquires

Brokers male many calls each day. If we can respond quickly to their inquiries, it will result in more property showings and ultimately more leases.

* Paying commissions promptly

Don't let brokerage fees get caught up in a lengthy accounting process. When a lease is signed and you have the commission invoice, call the broker, thank them, and either deliver the check or mail it right away.

* Keeping brokers informed of space availability Your property may have maintained high occupancy for a period of time, and now you may have a large amount of space coming available. Do direct mailings to brokers, maintain personal contact through phone calls, luncheons, and broker events to provide information on availability of space, rates, amenities, etc. …

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