The most successful deals in commercial real estate, be it buying or selling, boil down to the relationship between client and broker. Typically, the stronger and more trustworthy the relationship is, the smoother the transaction goes.
Having the ability to work well with others and possess a deep knowledge of what is best for your clients, is essential to sustaining successful partnerships.
Below we’ll look at 7 characteristics of successful partnerships, and apply them to commercial real estate relationships between brokers, buyers, and sellers.
Traits For Successful Commercial Real Estate Partnerships
1. A Shared Vision. When partners share the same vision and expectations you can be certain that you’re both working towards a common goal. It’s important to share your vision for short and long term successes.
2. Transparent Conversations. Being consistently open and honest in real estate conversations helps to eliminate discrepancies. Be candid and vocal about your expectations.
Doing so will minimize headaches and may even fast track the buying/selling process.
3. Open-Mindedness. Knowing exactly what you want is both a blessing and a curse. Be open-minded to ideas and suggestions that your CRE partner offers.
If both parties keep an open mind, the goals of the partnership may be achieved in a way you may not have thought of on your own.
4. Strength in Commitment. Being a great partner is not reneging on commitments or changing terms at the last minute because you can. Strong commitment leads to trust, and a partnership is only as strong as its trustworthiness.
5. Have Integrity. Entering a partnership with someone who has unflappable integrity may be the most valuable characteristic of all. Beyond all, a business partner must be trusted.
6. Be Dynamic. Having the ability to be flexible and adaptable will lead you to success during roadblocks. Being dynamic allows for new, and sometimes more efficient ways of working together.
7. Know Your Weaknesses, Play Your Strengths. When you are honest with yourself and your abilities you allow for the best version of yourself. Enter partnerships with those who share this characteristic.
Allow your strengths to work together and make up for each other’s weaknesses. This yin and yang approach to partnership will create a solid team.
