Of course this may not be the prettiest or most helpful post I have ever written but sometimes you have to dig down and get dirty. Now am I writing this just to provoke and show the dark side of commercial real estate? Defiantly not! I do however see it as one of those “you need to take a look in the mirror” moments. That said here are my 5 Sleaziest Things in Commercial Real Estate.
1. No paying of commission.
Well this touches just about everyone of us at some point in our careers. I could go on a Rant/Bitching Session but instead I will let Jack Intrator eloquently frame this issue. Here is a guest post he did for me on just this subject. Do yourself a favor and take a few quality minutes to read. Commercial Real Estate: The Dirty Secret.
2. Blatantly lying to your client about the deal specifics or just leaving them out all together.
Information, layers of data, zoning, traffic counts from 5 years ago, engineering specs, soil surveys, turning radius, dock heights, ceiling heights, lease terms, kickers, projected returns, tax issues, municipality rules and regulations. Need I go on? Maybe you can just fill in a few blanks for yourself. You have freely given all data to your clients always. You completely understood all of it on every deal you have ever done or you brought in “help” to get the deal finished. Are you starting to question yourself about now? Surely not. Of course you put 100% into every transaction you do. Of course that’s what we all really do is it not? Put the data together with a location and create a deal for the benefit of all mankind. You would never be accused of…….
3. Bashing and ripping your competitors on purpose to your and in front of clients.
Let me give you a little taste of what “supposedly ” has been said about me.”He’s gay.” “He is not from this area and does not know the market.” “He has an open marriage.” “He is not licensed.” A quick note. I was asked about my license on the practice tee before a club tournament by a (Hi Bob!) huge hitter. Guess what? He used me on his next deal. Continuing. “He’s in jail” “He’s a drug dealer.” “He’s bankrupt.” “His wife and kids left him because of abuse.” That one pissed me off. I could go on for days. Think …..what has been said about you in your market? Better yet what have you said? Go on admit it. It’s just being competitive right?
4. Local market conditions.
The local market conditions are what? You know what they are.They are whatever the hell they need to be on that day to help get a deal done. You say “Nah we publish our researched market conditions every quarter.” How many clients do you think read that shit and believe it? The client has “their own” market conditions no matter what you say. If a number percentage or some bullshit is spewed out at lunch and satisfies that client enough to work with you that just makes things all that smoother. On the other hand if you know the number truly does not fit do you say “wait no” and walk away from a deal? Come on Really!
5. Real Sleaze. I need to say this because it needs to be said. There are certain people in this business that treat women like pieces of meat. I see it I hear it and the appalling part for me is that because I am a guy in a suit they think I am all in with the misogynist program. This is something I have seen at all levels of commercial real estate. As a husband son brother grandson father uncle etc. I am not with the program. In other words Shut The Fuck Up and don’t talk trash when you are around me. I think my response to this in the future will be….”Grow a dick you fucking waste of life and what is your bosses name again. ” “He and I need to talk.” Of course maybe the boss is “training” his people well.
I realize that no one will ever admit to doing this to anyone on such a public community facing website.
Yes I also realize that the only comment will be that this is an out rage and we have never done business that way ever.
Step back and think. You can start counting how many times you have seen the sleazy side of commercial real estate.
It has happened in the past.
It is happening right now.
It will happen in the future.
Unfortunately that says a lot about commercial real estate.
What does it say about you?
Comments opinions and points of view are welcomed and appreciated.
Photo Credit: http://www.flickr.com/photos/mugley/5741584548/