Reputation = Brand

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Technology is the force that is disrupting, if not destroying legacy business models. In my opinion, that’s a great thing. Therefore, in context of technology, it shocks me when certain business models continue to survive even when there is a general consensus that their value propositions are highly questionable. I certainly think that’s true as it relates to commercial real estate brokerage. Now if that comment just pisses you off, stay with me here.

In my line of work, I work with many commercial real estate brokers. As the owner representative, brokers who are representing prospective tenants contact me. Assuming that our properties make it to the proposal process, we put in considerable effort to prepare a proposal that is competitive. This process can include preparing conceptual fit-out plans and budgets, all on our nickel. What really bothers me is that once our proposal is submitted, the tenant broker frequently goes dark. Maybe their client is slow to respond or maybe our proposal is just not competitive. Regardless, I am shocked by how many brokers feel it not necessary to keep the property owners informed of their tenant’s process and progress. It’s rude, unprofessional and seriously diminishes the reputation of the broker. So here is my take on this situation. Your reputation as a professional is based on your effort to communicate and keep all parties informed. It’s a matter of respect and empathy. So even if you are in an industry that is ripe for disruption, there are certain behavioral attributes that you can embrace that can still add value and contribute positively to your brand. So whatever you decide to do, strive to build relationships with all, communicate at nausea, and demonstrate empathy to all. Technology may be nipping at our heels, but our reputation is our brand and that will outlive the inevitable disruptions.

#Reputation #Brand