In Real Estate as in Romance, It's the Little Things That Count
Think about the longest, happiest marriage you know. The one that still sizzles after all these years. Ask each partner what has made the romance last, and they’re bound to give you some variation on this idea: pay attention to the small things. Any couple whose marriage has stood the test of time knows that it isn’t fireworks that sustain a relationship, but instead choosing each day to deliver on a series of tiny, seemingly insignificant actions that show you care. Remembering a gift they pointed out months ago. Pouring two cups of coffee instead of one. Lowering the toilet seat. And so on.
It’s not so different when you’re managing a large real estate portfolio. Now, it’s not a perfect analogy, mind you, but there are parallels! Hear me out.
A company with a single office location expects certain services from their real estate provider – advice on the market, locating available and appropriate office space, negotiating a good outcome, and executing a renewal or a relocation.
When a company has multiple office locations, not only should business leaders expect their real estate professional to provide sound advice on the market, locate available and appropriate office space, negotiate a great deal, and execute a renewal or a relocation … these companies should expect that their entire portfolio is managed to their exact specifications.
It’s not unlike juggling the responsibilities in a long-term relationship. Here are some tips for keeping a large real estate portfolio organized, and making your client’s life easier:
Know the Details
When a company has many leases, it’s easy to lose track of specific lease terms. The service provider is responsible for keeping these details at a client’s fingertips, so when they are asked to provide a specific lease term or detail they can respond quickly and accurately. Employing a lease administration service can be very helpful in this pursuit; alternatively, keep a detailed and current lease abstract for each office.
Write it Down
A portfolio client will likely have many active projects at any given time, with different team members involved in each. Keeping detailed notes of each meeting and conference call will help ensure that all team members are informed and on the same page. A cohesive team is paramount to running a large real estate portfolio smoothly.
When you manage many offices for a company, you are constantly involved in real estate strategy and active real estate projects. Eventually, like an attentive romantic partner, you learn your client’s hot button issues and specific preferences, and will be able to preemptively provide services and negotiate lease terms based on this knowledge. Knowing what a client wants before they ask for it is a huge advantage for both parties, and makes you an indispensable member of the team.
If you’re without a reliable and committed partner in your real estate journey, quit spinning your wheels alone and give Cresa a call. You won’t regret it!