Posts tagged Haystack Brokerage
Transition Brokerage: Introduction
Oct 26th
by Bob Scullin, CEO, SIOR
We can all picture in our minds Wile E. Coyote, the Looney Tunes cartoon varmint whose hapless life is a never-ending pursuit of The Road Runner. Wile E. has a lot of arguably desirable traits, including his creatively single-minded commitment to realizing his goal of having The Road Runner for dinner (as an entree, not as a guest). But the poor canine always seems to over-pursue his objective. We all laugh as Wile E. chases The Road Runner down the desert trail, runs off the cliff, realizes that he is in mid-air with his legs wheeling at terminal speed, then falls haplessly to the valley floor far below. More >
Haystack Brokerage: Polar Opposites
Oct 18th
by Bob Scullin, CEO, SIOR
The end of last week’s blog mentioned that Haystack brokerage is the polar opposite of Relationship brokerage. Therein lies the problem: Haystack brokers are as far away as they can get from Relationship brokers who maximize the effect of their labors by establishing relationships with their contacts and generating referrals from their friends and colleagues of their contacts. More >
Haystack Brokerage: “Trust, but Verify”
Oct 12th
by Bob Scullin, CEO, SIOR
President Ronald Reagan famously said, “Trust, but verify” in his relations with the Soviet Union. (After the president used the phrase at the signing of the INF Treaty, his counterpart Mikhail Gorbachev responded: “You repeat that at every meeting,” to which Reagan answered, “I like it.”) More >
Haystack Brokerage: Too Many Zeroes
Oct 4th
by Bob Scullin, CEO, SIOR
The Haystack broker is prone to desperation because he is betting the farm (or at least his next mortgage payment) on closing whatever deal is on the horizon. His pipeline is not dependable and he has to do whatever it takes to close every potential deal, regardless of whether they are beneficial to his principals. Such desperation leads to a lack of flexibility in negotiating commissions with clients as well as in mediating commission disputes with fellow brokers. More >
Haystack Brokerage: Frustration is Avoidable
Sep 28th
by Bob Scullin, CEO, SIOR
For the past five weekly blogs we have been discussing Haystack brokerage. In case you could use a refresher, Haystack brokerage is a common mistake made by many brokers new to commercial real estate. In an effort to find prospects for transactions, they resort to cold calling in the mistaken assumption that they will uncover the needle in the haystack, the buyer or seller, tenant or landlord who will lead them to their next deal.
Haystack Brokerage: Top Twenty Percent
Sep 20th
by Bob Scullin, CEO, SIOR
In a prior blog we discussed what successful brokers knew, and what they did to become successful. I often ponder what separates this group of exceptional professionals from other brokers in commercial real estate. How did they discover the secret of success when most other brokers failed to get the message? I think I have found the answer.
Haystack Brokerage: Mirage or Epiphany
Sep 13th
by Bob Scullin, CEO, SIOR
I mentioned in an earlier blog that most brokers are typically trained as Haystack brokers from their first days in the field. Their training focused on cold-calling because the new broker had a different objective in those first years. His purpose was to learn the ropes and become proficient by uncovering, working on and blowing potential deals, to find out how not to blow deals after the training period. More >
Haystack Brokerage: The Best Defense
Sep 7th
by Bob Scullin, CEO, SIOR
The Best Defense
Even though most brokers are Haystack brokers pursuing business randomly without the goal of establishing relationships, that does not mean that they do not present a risk to the Relationship broker. Every broker must defend against the Last-Broker-In, the Haystack broker whose intention is primarily to subvert and derail the transactions of other brokers’ clients. More >
Haystack Brokerage: The Last-Broker-In
Aug 3rd
by Bob Scullin, CEO, SIOR
This is not a scriptural treatise, but there is a quote in the Gospel of Matthew which has particular reference to the real-world practice of commercial real estate brokerage and I would like to share it with you. More >
Haystack Brokerage: The Myth of Sisyphus
Jul 27th
by Bob Scullin, CEO, SIOR
I contend that there are three types of brokers: Relationship brokers, Haystack brokers and Transition brokers. In a nutshell, brokers can be assigned to one of these three categories depending upon how they are approaching their careers. More >
Relationship Brokerage: Definitions
May 19th
By Bob Scullin, CEO, SIOR
Relationship Brokerage
Relationship Brokerage is based on the simple concept that each broker must have 500 personal relationships in order to be successful. A personal relationship with the contact means that the contact will accept a phone call from a broker because of the credibility established by the broker by ongoing presence in the brokerage territory. More >