July 13, 2020 | By Ryan McArdle, The Palomar Group
74% of Owners say that they would “Cheat” on their brokerage company if they didn’t get caught!
Maybe that’s not an exact stat, but the stat that is proclaimed by a now infamous dating site and the crossover that we see in the investment sales business among large national real estate groups couldn’t be more similar.
We often come across companies with whom we would like to do business and who on the surface wants to do business with The Palomar Group. We go through the process of pitching our capabilities, track record, and plans for their particular property. We personally visit with them and physically tour the assets we are looking to sell so that we are able to speak first hand on the strengths and weaknesses of those assets. Afterwards, we sit down with them only to hear the investment advisor for said company give some sort of half baked rationale for why they would love to use us, but that they just have to go with the national brokerage firm…….
It is out of fear? Is it out of idleness? More often than not, we sense that it is from a job insecurity and their desire to make the “safe” play. These guys take the approach of “If this deal doesn’t sell, but we used the largest brokerage firm in the country to try and sell it, the board can’t get mad at me.” What a flawed way to go about trying to run a successful disposition platform.
Instead of operating from a defensive minded platform, wouldn’t it be better to take the bat off your shoulders, go out on offense and try and overshoot the expectations of your board? If I am trying to make waves in business and achieve better than normal results as a broker, I am going to seek out the most innovative and passionate partners to help me achieve my goals. Owners should do the same.
This is not to say that all national brokerage houses have fallen asleep at the wheel, but in our experience and from what we hear from clients, it is getting worse and worse. These national brokerage houses understand that they are the biggest and that they don’t have to get their hands dirty if they don’t want to. Some deals will close, others will not, and they will make a solid living along the way. We hear constant complaints from clients who have walked away from these relationships, that these brokerage houses, hand off deals to junior associates and then never look at the deal again. They rarely communicate with the client they are working for and almost never take the time to visit the property they are marketing themselves unless it’s in their backyard.
In today’s turbulent market, making the switch to a smaller, more innovative, and more driven brokerage house can make all the difference in achieving results in your disposition strategy. Our firm prides itself on hard work. We pride ourselves on getting every deal sold. We personally visit the assets we sell. We constantly follow up with our clients with feedback. We think outside the box and find creative ways to maximize results outside of our company mailout list. Each client and each deal is extremely important to us.
We are proud of the product that we have been able to create at The Palomar Group. We are proud of the results it has produced and continues to produce, and we are proud of the relationships we’ve built.
One recent client told us after a deal “Thank you guys so much for your hard work. Not only were you more aggressive on your pricing than all of your competitors, you hit the targets that you set and kept me informed along the way. You have no idea what a breath of fresh air that is for me.” We are proud of feedback like this and are looking forward to the opportunity to service more clients in the same way.
It’s time! Stop playing defense with the goal of not looking bad in the event of failure and make a play on offense. Turn heads in the board room by thinking outside the box and getting results! At The Palomar Group, we get results.
At The Palomar Group, We Get Retail Sold!
Click here to respond.