Facility Solutions: Get results from your realtor

Key considerations for choosing the best agent for your next real estate effort

Recent volatility notwithstanding, the economy is hot, driving credit union growth and increased real estate activity in branch network evolution and headquarters occupancy strategies. Commercial realtors are a key partner in these exciting, expensive and risk-laden endeavors.

Like all consultants, realtors can be an extremely valuable partner. At the other end of the scale, they can cost you millions in poor advice and negative impact on branch and headquarters productivity.

Be sure to vet realtors before you engage their services. Once, when I was helping a credit union in Nevada develop a strategic 10- and 20-year headquarters occupancy strategy, I asked a realtor to provide a list of eight to 10 buildings that would support our long-range plan. He came back with only four, all at the top of the market. My own researched showed many more options. When I asked if he or his associates were involved in any of the properties or if he represented them on the sales side, I learned that he represented all four—one was owned by his brother, he was a partner in two and his boss owned the fourth. We found a new realtor.

 

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