In one of our previous posts, we discussed the concept of consultative brokerage and how this approach is supported by corporate services and technology. It’s safe to say we only scratched the surface of this topic. So, let’s jump back in and talk more about implementing corporate services into your processes.
A Quick Review
Consultative brokerage is a practice centered around guidance and proactive support. Brokers are the experts when it comes to leasing and buying commercial real estate so it’s important for them to establish client relationships that focus on long-term strategy. This approach is supported by corporate services. More and more, corporate clients are looking to brokers, the experts, for help and guidance in the areas of lease administration, date management, and reporting. At the end of the day, organizations need a trusted resource that can help them mitigate risk, get organized, and make reliable decisions about their portfolio. Those needs are the driving force behind corporate services.
The desired result of corporate services is quality and accuracy. This can be accomplished by establishing partnerships with technology and service providers that have the experience and tools to help you manage your processes.
So, how do you get started?
It’s simple – in order to implement corporate services, you need to listen to the market.
- What are potential clients looking for?
- What are your clients looking for?
- What are your competitors doing in terms of service?
- What, if anything, would make you stand out?
- Are there any resources or tools that you could use to support your services?
The most common services that clients tend to look for include:
- Lease administration and abstracting
- Critical date and option tracking
- Powerful reporting
- Expert data analysis that helps identify opportunities for increased productivity, cost reductions and risk management.
- Overall strategic portfolio management
Structure Your Services
With the results of your research in mind, you should reflect and consider what corporate services look like for your organization.
- Determine the types of services you’ll provide
- Establish a dedicated team: once you’ve compiled your list, consider the current structure of your organization. Do you have the resources internally, or will you have to hire?Ideally, your team should include professionals who possess skills in the areas of lease abstracting, finance, and technology.
- Create a written process for each of your core services
Find Your Resources
Your initial research unveiled the abundance of resources out there and now that you’ve established your core services you know exactly what you need. One of the best tools to invest in is lease management software. It provides you with a centralized home base where you can organize and manage the key points, critical dates, and documents related to your client’s leases. The software is built to support collaboration, so your team and clients are always on the same page. Additionally, many software providers offer excellent support services. For example, Quarem is best known for detailed lease abstracting services and accessible customer care.
You’ll likely take your search to the Internet, but in addition, consider walking the exhibitor floor at a CRE tradeshows, like CoreNet Global Summit. The beauty of this is that you get to meet them in person. This is important, because the key to a successful strategy is establishing a trusted partnership with your vendor. The face-to-face experience provides you with insights that you won’t get from a quick online search.
Establish Your Brand of Guidance
As we discussed, the heart of corporate services is guidance. You can expand upon this goal by establishing your brand as a source of knowledge and education. Provide your clients, and the rest of the world, with resources like blogs, videos, ebooks, or podcasts. Use your experience and expertise to craft content that will help people learn and grow.
This strategy is an excellent marketing play as well. Sharing content is one of the best ways to get your name out there. Additionally, it builds trust. Potential clients are looking to you to be the expert. It’s important to them that you keep up with the market and latest trends, contribute to and interact with the CRE community, and take a proactive approach to education. Simply stated, they want to know that you care. You aren’t caught up in the numbers and the close rates, because you care about what you do, the people you serve, and the industry that you call home.
As a company, this is a topic that we’re very passionate about. Our Founder and President, John Rice, was inspired to create Quarem while he was working as a tenant rep broker. He needed a sophisticated and flexible way to manage his corporate services and clients. Now, 20 years later, he’s helping brokers implement and manage their own corporate services. So, if you’re looking for guidance or vetting the available resources, schedule a demo of Quarem. We’re here to help you grow your business.