Let’s pick up the story of Mike. In my post Is Almost Every Building In The World For Sale Or Rent Mike was left questioning if a phone app his golfing buddy Eric had downloaded would displace the brokers value in a transaction. Eric had already made contact with the existing tenants and the building owner. He had gathered almost all of the necessary data about a building that his company was looking to purchase all from a free mobile app.
The Bigger Problem.
When asked what his answer was to the fact that his client was most likely creating a transaction without him Mike responded that he would “assist and represent” just like he always has. Big mistake by Mike. What Mike has yet to realise is that his client has already moved on to the new reality of the commercial real estate transaction.
Self Serve Commercial Real Estate.
Clients have already evaluated the building.
Clients have already evaluated the broker.
Clients have already evaluated the building owner.
Clients have already evaluated the tenants.
Clients have already evaluated the entire deal.
Clients have their own database.
Clients have always been connected to commercial real estate.
Clients have no need for face to face they don’t want face to face.
Clients have their own transaction management.
Clients have no need for white papers.
Clients have no need for consultative selling.
Clients have no need for relationship building.
Clients have already downloaded the information.
Clients have no idea what transactional means and could care less.
Clients have made your phone go quiet for a reason.
Clients have made commercial real estate self-service.
Self-Service Commercial Real Estate. This Cannot Be Happening.