How to Negotiate a Better Commercial Lease (Tenant Rep Playbook)

1
00:00:00,040 --> 00:00:03,000
A lot of companies don't even
understand like why would I

2
00:00:03,000 --> 00:00:06,040
bring a tenant Rep into a deal?
It makes no sense, right?

3
00:00:06,120 --> 00:00:09,040
I can just do the deal directly
and we're having to convince

4
00:00:09,040 --> 00:00:12,240
groups, hey, you're not getting
a good deal going directly.

5
00:00:12,520 --> 00:00:14,600
And that's where we come into
play.

6
00:00:14,600 --> 00:00:16,960
Not only we'll get paid a
Commission, but we'll actually

7
00:00:16,960 --> 00:00:18,920
lower your rent.
We'll actually get you

8
00:00:18,920 --> 00:00:21,640
concessions by going into the
market and getting proposals

9
00:00:21,640 --> 00:00:24,480
even if you're going to renew.
So I just think it's kind of

10
00:00:24,480 --> 00:00:26,920
like one of those things that
just people don't think about.

11
00:00:26,920 --> 00:00:29,680
What matters most is making sure
someone's representing your

12
00:00:29,680 --> 00:00:32,920
interests and every single deal
and not aligned with the

13
00:00:32,920 --> 00:00:37,920
landlord side.
This week on Commercial real

14
00:00:37,920 --> 00:00:40,480
Estate Secrets we have Brandon
Glick.

15
00:00:40,520 --> 00:00:44,720
Brandon is a commercial real
estate broker out of Chicago

16
00:00:44,840 --> 00:00:48,520
with more partners.
Brandon, thank you being for

17
00:00:48,520 --> 00:00:50,440
being on Commercial Real Estate
Secrets today.

18
00:00:50,680 --> 00:00:52,680
Thank you for having me of you
happy to be on.

19
00:00:54,360 --> 00:00:57,560
You know, for the listeners,
tell us about your background,

20
00:00:57,560 --> 00:00:58,920
who you are, and what you do
today.

21
00:01:00,000 --> 00:01:03,640
I'm a tenant Rep represent
companies across the United

22
00:01:03,640 --> 00:01:05,440
States.
I work for a company called More

23
00:01:05,440 --> 00:01:08,160
Partners.
We specify in working with

24
00:01:08,160 --> 00:01:12,120
national clients across the real
estate portfolios, helping them

25
00:01:12,760 --> 00:01:15,200
basically as an outsourced real
estate department for a lot of

26
00:01:15,200 --> 00:01:17,440
firms or an extension of the
real estate group.

27
00:01:17,440 --> 00:01:20,000
We're one of the few tenant Rep
only commercial real estate

28
00:01:20,000 --> 00:01:24,480
firms still around.
Explain to me what tenant Rep is

29
00:01:24,960 --> 00:01:29,760
as if I'm a fifth grader.
Basically, we represent a

30
00:01:29,760 --> 00:01:32,720
company.
When they're looking to occupy a

31
00:01:32,720 --> 00:01:37,920
space, they're looking to rent
or be inside of a building,

32
00:01:37,920 --> 00:01:40,120
whether it's an office or an
industrial building.

33
00:01:40,120 --> 00:01:43,760
I say I, I have little kids.
I try to explain it to them.

34
00:01:43,920 --> 00:01:47,000
It's like we live in this house
and imagine, you know, if we

35
00:01:47,000 --> 00:01:51,320
were paying rent to somebody,
you know, I'm representing us in

36
00:01:51,320 --> 00:01:54,440
the house, I guess is that's the
simplest way to put it.

37
00:01:55,040 --> 00:01:56,840
You did a you did a very good
job.

38
00:01:56,840 --> 00:01:59,960
Sometimes I'll ask people to do
that and they could not get the

39
00:01:59,960 --> 00:02:02,960
5th grade level.
But no, I have this thing with

40
00:02:02,960 --> 00:02:04,360
tenant Rep.
I love tenant Rep.

41
00:02:05,600 --> 00:02:09,039
I think it's a fascinating
industry that people don't

42
00:02:09,039 --> 00:02:12,080
really talk about.
Why do you think that is?

43
00:02:12,760 --> 00:02:17,320
I think in some ways, you know,
we got forgotten because I think

44
00:02:17,320 --> 00:02:21,120
a lot of people either don't
even recognize that we're part

45
00:02:21,120 --> 00:02:22,680
of the commercial real estate
industry.

46
00:02:22,680 --> 00:02:26,080
I think there's everything is so
driven by landlord side, you

47
00:02:26,080 --> 00:02:30,960
know, property management,
leasing agency, capital markets,

48
00:02:30,960 --> 00:02:33,680
like a heavy amount of
commercial real estate is driven

49
00:02:33,680 --> 00:02:36,720
on the landlord side.
Think a lot of companies in

50
00:02:36,720 --> 00:02:40,160
general, smaller firms, they
don't even understand like why

51
00:02:40,160 --> 00:02:42,240
would I bring a tenant Rep into
a deal?

52
00:02:42,240 --> 00:02:44,360
It makes no sense, right?
I could just do the deal

53
00:02:44,360 --> 00:02:46,480
directly.
And that's something that we run

54
00:02:46,480 --> 00:02:49,760
into a lot where we're having to
convince groups, hey, you're not

55
00:02:49,760 --> 00:02:51,520
getting a good deal going
directly.

56
00:02:52,080 --> 00:02:54,440
And that's where we come into
play.

57
00:02:54,440 --> 00:02:56,760
Not only we'll get paid a
Commission, but we'll actually

58
00:02:56,760 --> 00:02:59,360
lower your rent.
We'll actually get you

59
00:02:59,360 --> 00:03:02,120
concessions by going into the
market and getting proposals

60
00:03:02,120 --> 00:03:04,920
even if you're going to renew.
So I just think it's kind of

61
00:03:04,920 --> 00:03:07,400
like one of those things that
just people don't think about.

62
00:03:08,920 --> 00:03:10,800
Yeah.
Well, you're going to learn

63
00:03:10,800 --> 00:03:17,080
about it today, So what product
type do you generally exist in?

64
00:03:17,960 --> 00:03:21,440
So we specialize primarily in
office and industrial real

65
00:03:21,440 --> 00:03:23,480
estate.
A lot of our clients are

66
00:03:23,480 --> 00:03:27,480
typically, you know, three PL.
distributors, but you know, in

67
00:03:27,480 --> 00:03:31,120
office it's kind of a mixed bag.
Like we've done medical office

68
00:03:31,120 --> 00:03:33,800
deals, we've done headquarters.
A lot of our clients where we

69
00:03:33,800 --> 00:03:36,880
typically do an, an office deal
would be for their headquarters

70
00:03:36,880 --> 00:03:38,560
because it's usually a national
group.

71
00:03:39,840 --> 00:03:43,520
We're focused on office and
industrial retail, not I've done

72
00:03:43,520 --> 00:03:47,600
a couple retail deals, but it's
a little bit more foreign to us.

73
00:03:48,680 --> 00:03:51,680
Yeah, I get a headache when I
look at a retail deals.

74
00:03:52,040 --> 00:03:54,720
Yeah, me too.
Yes, I'm.

75
00:03:56,280 --> 00:04:02,440
Like OK, talk to me.
What would Brandon today tell

76
00:04:03,120 --> 00:04:08,600
first day junior broker Brandon
about tenant Rep brokerage?

77
00:04:09,560 --> 00:04:14,640
I would say, and when you're a
young guy or girl starting out

78
00:04:14,640 --> 00:04:18,160
in this business, it is
everything's smoke and mirrors.

79
00:04:18,160 --> 00:04:20,680
Everyone tells you, oh, it's
going to be easy.

80
00:04:20,680 --> 00:04:22,640
Like you're going to make
millions of dollars.

81
00:04:22,720 --> 00:04:25,680
And I tell my junior level
people when they come in on day

82
00:04:25,680 --> 00:04:29,040
one, like it's going to be two
years to kind of get going here,

83
00:04:29,040 --> 00:04:31,600
which when you're in your mid, I
was 24 when I started.

84
00:04:31,640 --> 00:04:34,520
When you're that young, you're
like O2 years, like OK, not a

85
00:04:34,520 --> 00:04:36,520
big deal.
But when you're in the two year

86
00:04:36,520 --> 00:04:38,440
grind, it is really, really
hard.

87
00:04:38,880 --> 00:04:41,440
So what I would say is, you
know, when I started in the

88
00:04:41,440 --> 00:04:45,640
industry, I was like, OK, I just
need to get experience under my

89
00:04:45,640 --> 00:04:48,120
belt and that will give me
credibility.

90
00:04:48,120 --> 00:04:50,520
And then the clients will come
and want to work with me.

91
00:04:50,880 --> 00:04:54,440
And I would say even like in the
last couple years, I kind of

92
00:04:54,440 --> 00:04:57,720
turned and said, you know what,
it's the clients aren't working

93
00:04:57,720 --> 00:04:59,440
with me because of my
experience.

94
00:04:59,440 --> 00:05:03,280
They're working with me because
they trust me and because of our

95
00:05:03,280 --> 00:05:07,360
delivery and our communication.
And the only way for you to gain

96
00:05:07,360 --> 00:05:11,840
trust is to truly be working
with someone on a test case or

97
00:05:11,840 --> 00:05:15,640
doing free work for them to show
them that you want to earn their

98
00:05:15,640 --> 00:05:17,360
business and be with them long
term.

99
00:05:17,760 --> 00:05:20,440
So I think a lot of people when
they start in this business,

100
00:05:20,440 --> 00:05:23,600
they assume that if I make
enough calls and and talk to

101
00:05:23,600 --> 00:05:26,280
enough people that I'm going to
get a client, which is, which

102
00:05:26,520 --> 00:05:28,720
inevitably does happen in the
first couple.

103
00:05:28,720 --> 00:05:33,720
But to get that prospect to
become a client, you've got to

104
00:05:33,720 --> 00:05:35,560
do the free work, you've got to
grind.

105
00:05:35,680 --> 00:05:38,160
You're going to get to the end
of a deal and sometimes it's not

106
00:05:38,160 --> 00:05:40,840
going to get done.
And you know, the first two

107
00:05:40,840 --> 00:05:43,840
years is brutal.
So and I, I tell my guys it all

108
00:05:43,840 --> 00:05:45,840
the time, I'm like it, this is
not easy.

109
00:05:45,920 --> 00:05:47,680
If it was easy, everyone would
be in it.

110
00:05:48,200 --> 00:05:50,080
And I think that a lot of
people, they get into the

111
00:05:50,080 --> 00:05:52,360
business, just think they're
going to make a lot of money and

112
00:05:52,360 --> 00:05:55,360
it's going to be easy.
And unfortunately I've seen a

113
00:05:55,360 --> 00:05:57,880
lot of people come in and out of
this industry.

114
00:05:58,560 --> 00:06:03,920
So it's rough.
Yeah, no, I I was like smirking

115
00:06:03,920 --> 00:06:08,600
and laughing because we have AI
was looking today, we have a

116
00:06:08,600 --> 00:06:13,720
blanket in our daughter's room
that we saw a deal through to

117
00:06:13,720 --> 00:06:18,240
the closing table and then one
of the parties didn't show up to

118
00:06:18,240 --> 00:06:20,480
the closing table and it
couldn't close and they felt so

119
00:06:20,480 --> 00:06:23,440
bad.
They gave us a blanket for and

120
00:06:23,440 --> 00:06:25,600
it writes.
I was like the most expensive

121
00:06:25,600 --> 00:06:30,240
blanket ever, that business.
That was 200 hours of work.

122
00:06:30,320 --> 00:06:34,960
Yeah, that's great.
I mean, it's, it really hurts

123
00:06:35,280 --> 00:06:38,680
when you have those situations,
but they're those are character

124
00:06:38,680 --> 00:06:40,320
builder, right?
That's I guess that's the only

125
00:06:40,320 --> 00:06:44,200
way to put it is you learn
through those situations that

126
00:06:44,960 --> 00:06:48,520
this is hard, keeps you humble.
But then, you know, when you get

127
00:06:48,520 --> 00:06:50,400
a deal done, it makes you
excited about it.

128
00:06:50,400 --> 00:06:53,680
And I mean, unfortunately deal
cycle takes a while in our

129
00:06:53,680 --> 00:06:56,080
business.
I mean, I, it's six months to a

130
00:06:56,080 --> 00:07:00,000
year, I mean, to get a deal done
or to get a client in and it's

131
00:07:00,000 --> 00:07:01,600
not, it doesn't happen
overnight.

132
00:07:01,600 --> 00:07:04,920
I mean, three PL. clients can
sometimes want to turn things

133
00:07:04,920 --> 00:07:08,960
around in three months, which
those are, those are great deals

134
00:07:08,960 --> 00:07:11,360
because you get them done
faster, but they're also nerve

135
00:07:11,360 --> 00:07:15,520
racking because your client
needs to get in and you got to

136
00:07:15,520 --> 00:07:18,200
find the billing and negotiate a
good deal in a compressed

137
00:07:18,200 --> 00:07:20,640
timeline and not leave money on
the table for them.

138
00:07:21,080 --> 00:07:24,800
So we've dealt with that a lot
and we try to tell our three PL.

139
00:07:24,800 --> 00:07:28,440
clients, even if you don't have
the contract yet, pretend like

140
00:07:28,440 --> 00:07:33,840
you do, like start the deal 12
months out if you can, at least

141
00:07:33,840 --> 00:07:36,360
six.
And like, you know, I know

142
00:07:36,360 --> 00:07:39,040
landlords aren't going to like
to hear this, but you know, we

143
00:07:39,040 --> 00:07:42,400
have to go to market and a deals
not done until it's signed.

144
00:07:42,480 --> 00:07:46,080
So, you know, unfortunately, I
know as a landlord, you're like,

145
00:07:46,080 --> 00:07:48,160
well, you say you're not a real
deal.

146
00:07:48,160 --> 00:07:49,440
And it's like, no, it's not
true.

147
00:07:49,440 --> 00:07:51,680
It's just this is how the
business works.

148
00:07:51,680 --> 00:07:55,640
This is how three PL. works.
So it's it's dating, it's

149
00:07:55,640 --> 00:07:57,320
dating.
Sometimes you got to do a lot of

150
00:07:57,320 --> 00:07:59,680
work and nothing's coming back.
I mean, it is what it is.

151
00:08:00,480 --> 00:08:02,080
Put a ring on, isn't it, Mr.
Landlord?

152
00:08:02,120 --> 00:08:02,800
Butter.
Real.

153
00:08:02,920 --> 00:08:09,280
Exactly.
OK, So what would Brandon today

154
00:08:09,520 --> 00:08:16,280
tell the Brandon who had done
his first two years antenna Rep,

155
00:08:16,280 --> 00:08:19,880
he's gotten through the hard
part that learning curve.

156
00:08:20,400 --> 00:08:24,960
What would you give junior
broker who has a little bit of

157
00:08:24,960 --> 00:08:28,320
experience?
What advice would you give him

158
00:08:28,320 --> 00:08:30,640
today?
Honestly, what I would say is

159
00:08:30,640 --> 00:08:33,000
you just got to keep grinding.
Like even because you've got a

160
00:08:33,000 --> 00:08:35,600
deal done under your belt and
you feel like you've learned a

161
00:08:35,600 --> 00:08:37,200
lot.
You really don't know anything.

162
00:08:37,200 --> 00:08:40,880
I think it's again, one of the
most humbling parts about this

163
00:08:40,880 --> 00:08:44,560
business is that every day you
learn something new and you'll

164
00:08:44,560 --> 00:08:49,200
get a client who has a weird
situation that you're like, I've

165
00:08:49,200 --> 00:08:52,280
been doing this almost 15 years.
How did I not see this before?

166
00:08:52,880 --> 00:08:56,120
And then but you, it goes into
your memory bank and like you

167
00:08:56,120 --> 00:08:59,360
pull it out later.
So I would say try to absorb as

168
00:08:59,360 --> 00:09:01,920
much as you can, but also
recognize like you're not an

169
00:09:01,920 --> 00:09:04,680
expert yet.
You're going to need to lean on

170
00:09:04,680 --> 00:09:08,120
your mentors and you, you hope
that you end up with good

171
00:09:08,120 --> 00:09:10,440
mentors.
I was very fortunate that I had

172
00:09:10,440 --> 00:09:13,120
a great mentor and who I still
work with today.

173
00:09:13,120 --> 00:09:16,040
And I think that that's also
kind of part of the luck of it.

174
00:09:16,040 --> 00:09:19,360
Unfortunately, as a junior level
guy, it is you're going to get

175
00:09:19,360 --> 00:09:23,000
lucky who you're working with.
And I've tried to pass down my

176
00:09:23,000 --> 00:09:26,240
wisdom to my junior guy.
And sometimes I get the I roll

177
00:09:26,240 --> 00:09:30,800
like, all right, like, OK,
Gramps and I, I turned 39 this

178
00:09:30,800 --> 00:09:33,320
weekend.
And it's funny, I I never, when

179
00:09:33,320 --> 00:09:36,400
I started, I was a kid.
So now I'm like, I'm almost

180
00:09:36,400 --> 00:09:38,560
middle age.
It's kind of depressing a little

181
00:09:38,560 --> 00:09:41,600
bit.
Happy birthday.

182
00:09:41,640 --> 00:09:43,200
Thank you just.
You're a puppy.

183
00:09:43,200 --> 00:09:47,920
Thank you.
OK, talk to me about your

184
00:09:47,920 --> 00:09:50,840
target.
Are you dealing with Fortune

185
00:09:50,880 --> 00:09:53,640
500?
What type of clientele are you

186
00:09:53,640 --> 00:09:55,000
working with?
Yeah.

187
00:09:55,000 --> 00:09:59,440
So we're focused on Fortune 1000
and 2000 clients primarily.

188
00:09:59,440 --> 00:10:03,840
We've had some Fortune 500
clients, but I think it's really

189
00:10:03,840 --> 00:10:06,720
about being able to service the
under service client, right?

190
00:10:07,160 --> 00:10:10,520
The groups that are getting
forgotten about 'cause we're the

191
00:10:10,520 --> 00:10:12,080
ones that end up working with
them.

192
00:10:12,080 --> 00:10:14,720
And I'm not going to name names,
but our biggest competitors,

193
00:10:14,720 --> 00:10:17,760
they tend to drop the ball on
some of the smaller clients

194
00:10:17,760 --> 00:10:19,920
because there's just not enough
money in them.

195
00:10:20,480 --> 00:10:23,120
And but The funny thing, you
know, from a Commission

196
00:10:23,120 --> 00:10:27,080
perspective, but from our side,
if we're working with middle

197
00:10:27,080 --> 00:10:31,000
market clients, we know that
we're going to make money in the

198
00:10:31,000 --> 00:10:34,120
long run on deals, right?
But we're not trying to hit a

199
00:10:34,120 --> 00:10:36,680
Grand Slam every time because we
don't have to split it 50

200
00:10:36,680 --> 00:10:39,600
different ways with every
office, right?

201
00:10:39,600 --> 00:10:45,760
So yes.
So in a Fortune 1000 scenario,

202
00:10:45,920 --> 00:10:49,120
who are you contacting as right?
It can be very overwhelming if

203
00:10:49,440 --> 00:10:52,120
someone wants to go in and do
what you do.

204
00:10:52,520 --> 00:10:54,640
Right.
Who are you contacting?

205
00:10:54,640 --> 00:10:58,640
What's, what's the juice in the
strategy that you'll give us to

206
00:10:58,640 --> 00:11:02,400
success in tenant Rep in 2026?
Yeah.

207
00:11:02,400 --> 00:11:05,840
So it's interesting.
So when I started, it was driven

208
00:11:05,840 --> 00:11:09,000
by banging the phones, right and
just hustling and making, you

209
00:11:09,000 --> 00:11:12,520
know, a 10,000 calls a year or
more as much as you possibly

210
00:11:12,520 --> 00:11:15,080
can.
And so we would call, it's all

211
00:11:15,080 --> 00:11:20,440
CFOSCEOSCOOS, general counsels,
directors of real estate, kind

212
00:11:20,440 --> 00:11:23,480
of depends if it's a big enough
company, directors of real

213
00:11:23,480 --> 00:11:26,720
estate.
But now everything's changed,

214
00:11:26,720 --> 00:11:28,440
right?
Like everyone gets screened on

215
00:11:28,440 --> 00:11:29,680
their phones.
So good luck.

216
00:11:30,320 --> 00:11:32,960
I used to call into the
receptionist and then get try to

217
00:11:32,960 --> 00:11:34,720
get dialed in.
And then I would talk to the

218
00:11:35,120 --> 00:11:38,600
executive admin and she would be
like, he's not talking to you,

219
00:11:38,600 --> 00:11:40,400
like good luck.
And then you would, you would

220
00:11:40,400 --> 00:11:44,080
call her back a week later and
you try to create a relationship

221
00:11:44,080 --> 00:11:45,920
with her and hope that you could
get on his calendar.

222
00:11:45,920 --> 00:11:48,520
And then you would or you
wouldn't or you'd get lucky and

223
00:11:48,520 --> 00:11:51,000
she would be out that that day
and it would go directly to his

224
00:11:51,000 --> 00:11:53,880
desk and you'd get him.
Those days are over, right?

225
00:11:53,880 --> 00:11:57,880
Like where we live in now,
everything is screened all like

226
00:11:57,880 --> 00:12:00,000
I screen my calls.
Now if you call me and you're

227
00:12:00,000 --> 00:12:03,800
not in my phone, it goes to
voicemail automatically because

228
00:12:03,800 --> 00:12:06,120
I get so many like crazy calls
every day.

229
00:12:06,240 --> 00:12:09,960
You know, really what's changed
is you know, it's going into the

230
00:12:09,960 --> 00:12:12,720
algorithm, right?
And being relevant in the

231
00:12:12,720 --> 00:12:14,760
digital world, being an AI,
right?

232
00:12:14,760 --> 00:12:19,360
If you're not posting and being
relevant in the digital world,

233
00:12:19,360 --> 00:12:22,520
you're irrelevant and you can't
get ahold of people the

234
00:12:22,520 --> 00:12:25,040
traditional ways anymore.
Now, again, I know a lot of

235
00:12:25,040 --> 00:12:28,160
people like to do e-mail blasts
and and newsletters, and that's

236
00:12:28,160 --> 00:12:32,280
great and some of that can work.
But I think that you have to

237
00:12:32,280 --> 00:12:35,480
figure out a way to breakthrough
the noise and get people to see

238
00:12:35,480 --> 00:12:38,640
you as an authority, right and
incredible, which is important

239
00:12:39,120 --> 00:12:43,560
and building a brand.
So my focus really this year has

240
00:12:43,560 --> 00:12:47,480
been heavily on just making sure
that I'm building our brand the

241
00:12:47,480 --> 00:12:50,640
right way and, and having more
visibility online because I feel

242
00:12:50,640 --> 00:12:52,120
like I just kind of neglected
that.

243
00:12:52,120 --> 00:12:54,080
I don't, I'm not a big social
media person.

244
00:12:54,080 --> 00:12:57,800
I don't go on my Facebook unless
I have to write happy birthday

245
00:12:57,800 --> 00:13:00,080
to my wife.
I'm other than that, I don't

246
00:13:00,080 --> 00:13:01,760
have, I don't have an Instagram
account.

247
00:13:02,160 --> 00:13:04,400
I'm basically like a boomer.
You know you've got to get.

248
00:13:05,000 --> 00:13:07,800
An Instagram, I'm sure MO's
telling you, you got to get

249
00:13:07,800 --> 00:13:09,480
Instagram.
I know.

250
00:13:10,160 --> 00:13:12,840
Maybe someday we'll see that's.
Hilarious.

251
00:13:13,240 --> 00:13:17,680
But look, this is the Wild West.
Yeah, it's crazy, right?

252
00:13:17,680 --> 00:13:21,600
Like it is so crazy to see such
a big industry.

253
00:13:22,040 --> 00:13:25,560
OK, we'll say commercial real
estate as the industry and then

254
00:13:25,560 --> 00:13:29,400
tenant Rep as a right, an arm
industry.

255
00:13:29,640 --> 00:13:32,880
It's almost like there's so much
opportunity.

256
00:13:32,920 --> 00:13:35,920
It's overwhelming because how
what is the new phone?

257
00:13:36,200 --> 00:13:40,040
I'm right with you where it's
like I hate getting calls

258
00:13:40,080 --> 00:13:45,280
because of the mania.
I can't help but think the

259
00:13:45,280 --> 00:13:48,360
person I'm trying to call feels.
I know they feel the same way.

260
00:13:49,760 --> 00:13:52,640
So how do you?
OK, let me ask you this, pre

261
00:13:52,640 --> 00:13:56,840
social media what are the
effective ways to provide value

262
00:13:56,840 --> 00:14:00,600
that you have found to gain
trust in a commercial real

263
00:14:00,600 --> 00:14:04,400
estate relationship?
Honestly, to gain trust is to

264
00:14:04,400 --> 00:14:07,680
get the opportunity right, You
have to get in front of them

265
00:14:07,680 --> 00:14:10,920
somehow.
So the only way to really get in

266
00:14:10,920 --> 00:14:13,000
front of somebody is you're
going to have to get you're

267
00:14:13,000 --> 00:14:14,920
either going to have to reach
out, you know, on your phone,

268
00:14:14,920 --> 00:14:19,040
which is impossible now, or you
build off a platform online if

269
00:14:19,040 --> 00:14:21,360
people that people can see your
success stories.

270
00:14:21,360 --> 00:14:22,960
And that's what we're working
towards right now.

271
00:14:22,960 --> 00:14:26,240
But I would tell you, my junior
guys, they still bang the phones

272
00:14:26,600 --> 00:14:29,800
because that's kind of that's
what it was.

273
00:14:29,800 --> 00:14:32,440
And kind of, I think maybe I
hopefully it'll continue to

274
00:14:32,440 --> 00:14:34,720
work, but they have to make a
lot of volume.

275
00:14:34,720 --> 00:14:36,440
Calling it is really, really
hard.

276
00:14:36,920 --> 00:14:39,160
And then when they set a
meeting, you hope that the

277
00:14:39,160 --> 00:14:42,840
person shows up.
But I think to gain the trust is

278
00:14:42,840 --> 00:14:45,800
you got to get in front of them,
look at look at them in the eye

279
00:14:45,800 --> 00:14:48,200
and tell them, you know, this is
what I do on a daily basis.

280
00:14:48,200 --> 00:14:50,640
And they have to believe you and
give you a shot on a deal.

281
00:14:50,920 --> 00:14:55,440
If you don't have a test case to
work on, you know, or, or you're

282
00:14:55,440 --> 00:14:58,280
not giving them value in some
other way, you're not relevant,

283
00:14:58,280 --> 00:15:00,000
You're not going to gain their
trust, you're not going to be

284
00:15:00,000 --> 00:15:02,360
able to work with them.
National to me, at the end of

285
00:15:02,360 --> 00:15:06,240
the day for us, we want to work
with a client over their entire

286
00:15:06,240 --> 00:15:10,160
real estate portfolio, not
across one deal because one deal

287
00:15:10,480 --> 00:15:14,240
comes and goes and then you got
to go hunting again for another

288
00:15:14,240 --> 00:15:16,560
one.
And we've done very well having

289
00:15:16,560 --> 00:15:18,680
national clients because it's
like an annuity.

290
00:15:18,680 --> 00:15:20,920
You, you're working with them on
all the real estate and then you

291
00:15:20,920 --> 00:15:24,240
get to know each other well,
which ultimately helps with, you

292
00:15:24,240 --> 00:15:26,720
know, streamlining the process,
create a good process for them.

293
00:15:27,200 --> 00:15:30,440
So interesting.
So how do you lease buildings in

294
00:15:30,440 --> 00:15:31,840
different states?
Right.

295
00:15:31,960 --> 00:15:33,760
Yeah.
I I'm so curious how you

296
00:15:33,800 --> 00:15:36,320
structure.
It so working when the tenant

297
00:15:36,320 --> 00:15:40,600
side we go into markets and you
know we have local offices and

298
00:15:40,600 --> 00:15:43,800
local presence.
We have 26 national offices

299
00:15:43,800 --> 00:15:47,080
across the US and you know we
tap into those offices.

300
00:15:47,080 --> 00:15:50,960
We also have brokers inside of
our firm that have licenses in

301
00:15:50,960 --> 00:15:53,000
other states.
We're covered in every state

302
00:15:53,000 --> 00:15:57,040
across the US and have
representation in Canada and

303
00:15:57,040 --> 00:15:59,840
Mexico.
And so the way we do it is, I

304
00:15:59,840 --> 00:16:02,520
mean, honestly, and this is the
question I get all the time,

305
00:16:02,520 --> 00:16:05,400
well, why?
Why would I work with you

306
00:16:05,400 --> 00:16:09,360
instead of a local broker?
And the answer I think is

307
00:16:09,360 --> 00:16:12,520
simple, like as long as you're
doing the deal, it's not in a

308
00:16:12,520 --> 00:16:16,160
tertiary market like out in the
middle of Fargo, ND where people

309
00:16:16,160 --> 00:16:21,280
may not be using Costar Loopnet.
Nothing is hidden under a rock

310
00:16:21,520 --> 00:16:24,480
nowadays, right?
You Co star has changed the

311
00:16:24,480 --> 00:16:26,880
game.
We all know that they have

312
00:16:26,880 --> 00:16:29,880
pretty much all the listings on
there for the most part.

313
00:16:29,920 --> 00:16:32,760
And so we can dig into those
markets and find the buildings

314
00:16:32,760 --> 00:16:35,960
and verify them for you.
What matters most is making sure

315
00:16:35,960 --> 00:16:39,680
someone's representing your
interests and every single deal

316
00:16:39,680 --> 00:16:42,440
and not aligned with the
landlord side because sometimes

317
00:16:42,440 --> 00:16:45,320
a lot of these brokers on the
ground, they do landlord and

318
00:16:45,320 --> 00:16:49,120
tenant work.
So the institutional side, they

319
00:16:49,120 --> 00:16:52,640
make more money representing the
big boys, the prologises of the

320
00:16:52,640 --> 00:16:55,440
world, not throwing them under
the bus, but they represent the

321
00:16:55,440 --> 00:16:58,200
big landlords.
And then when they're pick up a

322
00:16:58,200 --> 00:17:01,360
tenant locally, the alliance
isn't to that tenant.

323
00:17:01,360 --> 00:17:04,040
That's one deal.
When you have a portfolio of 10

324
00:17:04,040 --> 00:17:08,040
properties you're listing, it's
your alliance is going to be to

325
00:17:08,040 --> 00:17:09,200
them.
And I don't blame them, there's

326
00:17:09,200 --> 00:17:12,240
no fault on them.
But that's why we do national

327
00:17:12,240 --> 00:17:15,839
work for tenants.
What's the biggest shift you're

328
00:17:15,839 --> 00:17:19,319
seeing right now in the way
tenants are making decisions?

329
00:17:20,720 --> 00:17:22,040
You know, I think it's
interesting.

330
00:17:22,040 --> 00:17:25,560
Industrial tenants, I think are
a little bit more apprehensive

331
00:17:25,560 --> 00:17:29,360
now about, you know, taking new
space and moving.

332
00:17:29,360 --> 00:17:33,600
Obviously there was a massive
construction cycle that just

333
00:17:33,600 --> 00:17:36,640
went through, right and during,
during COVID and then kind of

334
00:17:36,640 --> 00:17:40,240
ended in, in 22 and 23.
So really kind of went to a

335
00:17:40,240 --> 00:17:44,600
standstill and it's been pretty
dead and you know, 24 and 25

336
00:17:44,600 --> 00:17:47,880
because of financing, right?
And, and it was hard to get the

337
00:17:47,880 --> 00:17:50,600
materials, but then it was
expensive to get the materials.

338
00:17:50,600 --> 00:17:53,320
Then it was done.
The financing wasn't there and,

339
00:17:53,680 --> 00:17:55,920
and the cap rates were too low
back then.

340
00:17:55,920 --> 00:17:59,760
And, and now if it's like a, an
8 cap or A7 cap, where if you

341
00:17:59,760 --> 00:18:03,040
told somebody that back in, in
2020, they're like, it's a three

342
00:18:03,040 --> 00:18:05,080
cap, Can you imagine like 3 caps
now?

343
00:18:05,160 --> 00:18:07,720
So everything's kind of changed.
But I guess what I'm getting at

344
00:18:07,720 --> 00:18:11,160
is the tenants now are, you
know, on the industrial side are

345
00:18:11,160 --> 00:18:13,280
saying, all right, we're not
going to take more space unless

346
00:18:13,280 --> 00:18:15,720
we know we absolutely need that
space.

347
00:18:16,000 --> 00:18:19,880
And what's happened is I think
there's 1.5 billion square feet

348
00:18:19,880 --> 00:18:22,800
of property that I read in biz
now that's currently available

349
00:18:22,800 --> 00:18:25,560
for lease in the industrial
arena.

350
00:18:25,880 --> 00:18:28,640
And 12% of that is sublease
space.

351
00:18:29,000 --> 00:18:31,920
So that, which is the largest
it's ever been and that is that

352
00:18:31,920 --> 00:18:34,520
shows that tenants are giving
space back.

353
00:18:35,120 --> 00:18:38,720
They're not taking space and
they're trying to right size

354
00:18:39,520 --> 00:18:43,040
because they, they're, they paid
a lot of money, right?

355
00:18:43,040 --> 00:18:47,120
It's expensive in 2020 and 2021
when they cut those deals.

356
00:18:47,560 --> 00:18:51,520
So again, what I, what I don't
want to say is that industrial

357
00:18:51,520 --> 00:18:54,960
is going to go where office went
because it's not don't, OK,

358
00:18:54,960 --> 00:18:58,600
that's not going to happen.
Industrial's just stabilizing

359
00:18:58,600 --> 00:19:00,080
and getting to where it should
be.

360
00:19:00,480 --> 00:19:03,080
But I think that because there's
no new construction coming

361
00:19:03,080 --> 00:19:06,200
online right now, you're going
to see a tightening again.

362
00:19:06,200 --> 00:19:09,200
I keep telling my clients the
next two years it's going to re

363
00:19:09,200 --> 00:19:11,320
tighten again.
You're going to see the rate

364
00:19:11,320 --> 00:19:14,520
start going back up at a big
clip and then you don't want to

365
00:19:14,520 --> 00:19:18,480
be late to the party on that
office is the other side of it.

366
00:19:18,600 --> 00:19:20,200
Rents are starting to finally go
up.

367
00:19:20,320 --> 00:19:23,640
I mean, Class A offices are are
fully leased.

368
00:19:23,640 --> 00:19:26,120
The trophy buildings in Chicago
are all fully leased.

369
00:19:26,720 --> 00:19:29,760
It's the, it's the middle, it's
the B buildings that are

370
00:19:29,760 --> 00:19:32,840
struggling a little bit and they
had to reposition.

371
00:19:33,200 --> 00:19:35,840
But I think, you know, people
going back to the office three

372
00:19:35,840 --> 00:19:37,760
to four days a week now.
I mean, my friends that are in

373
00:19:37,760 --> 00:19:39,960
corporate America, they're all
going in three to four days a

374
00:19:39,960 --> 00:19:43,280
week now.
That's a good sign for office

375
00:19:43,440 --> 00:19:45,880
now.
New York and Chicago were

376
00:19:45,880 --> 00:19:49,080
overbuilt.
And, you know, we're, I think

377
00:19:49,080 --> 00:19:51,040
New York's in better shape than
Chicago right now.

378
00:19:51,040 --> 00:19:53,880
But we're, we're starting to
come back.

379
00:19:53,880 --> 00:19:56,440
And I think, you know, I'm not,
I'm optimistic.

380
00:19:56,440 --> 00:19:58,760
I think it was overblown, you
know, that they were going to

381
00:19:58,760 --> 00:20:01,600
start knocking down buildings or
converting everything to, you

382
00:20:01,600 --> 00:20:04,800
know, hotels and residential.
That's just not going to happen.

383
00:20:05,560 --> 00:20:07,000
It's just not.
The money's not there.

384
00:20:07,880 --> 00:20:09,840
People didn't want to office
them in them.

385
00:20:10,120 --> 00:20:15,600
None of us live in it or pay a
premium for hospitality.

386
00:20:15,640 --> 00:20:17,200
I digress.
That's funny.

387
00:20:17,760 --> 00:20:19,160
Super interesting.
OK.

388
00:20:19,160 --> 00:20:22,800
The final question is what is
your commercial real estate

389
00:20:22,800 --> 00:20:26,240
secret?
It would say my secret, and I

390
00:20:26,240 --> 00:20:30,160
don't know if it's much of A
secret, but it's really about

391
00:20:30,160 --> 00:20:34,720
making sure that you're building
trust right throughout your

392
00:20:34,720 --> 00:20:39,120
organization, the people that
are working for you, as well as

393
00:20:39,200 --> 00:20:40,520
building trust with your
clients.

394
00:20:40,520 --> 00:20:43,080
Because I think that that is
something kind of a lost art.

395
00:20:43,080 --> 00:20:47,040
I think a lot of people are
focused on, oh, look at all my

396
00:20:47,040 --> 00:20:48,880
credentials, Look at all this
great stuff.

397
00:20:48,880 --> 00:20:51,480
And I and I was one of those
people too that fell into that

398
00:20:51,480 --> 00:20:53,720
trap.
I think that we need to be more

399
00:20:53,720 --> 00:20:57,280
focused on building the
relationship with the client and

400
00:20:57,280 --> 00:20:59,840
making sure that they understand
they're being heard, but also

401
00:20:59,840 --> 00:21:02,120
giving them solutions.
Like we're here to give them

402
00:21:02,120 --> 00:21:05,600
solutions to their issues
because they're busy, they have

403
00:21:05,600 --> 00:21:08,760
other things going on.
They, they want to cut through

404
00:21:09,240 --> 00:21:12,280
all the BS, right?
And get to the meat on the bone.

405
00:21:12,760 --> 00:21:16,320
And in the way you do that is by
building trust 'cause then

406
00:21:16,320 --> 00:21:19,200
they'll lean on you more, right,
To, to help them with the big

407
00:21:19,200 --> 00:21:21,360
decisions.
I mean, going into real estate's

408
00:21:21,360 --> 00:21:23,960
typically the second biggest
cost for most companies.

409
00:21:24,280 --> 00:21:27,600
So I mean, it's very important
that they trust you.

410
00:21:27,600 --> 00:21:31,680
No different than if you're a
realtor in residential, you want

411
00:21:31,680 --> 00:21:33,520
to make sure that your client
trusts you, right?

412
00:21:33,520 --> 00:21:35,480
Because they're the biggest
purchase of their life.

413
00:21:35,480 --> 00:21:40,280
I think a lot of people in our
industry forget that trust is

414
00:21:40,280 --> 00:21:43,880
the ultimate factor of being
able to secure and keep

415
00:21:43,880 --> 00:21:47,400
business.
Brandon Only I'm only saying

416
00:21:47,400 --> 00:21:48,800
this because we're at the end of
the episode.

417
00:21:49,360 --> 00:21:54,560
You better believe I look at
half of my competition and I'm

418
00:21:54,560 --> 00:21:57,160
like, I wouldn't trust you with
a penny.

419
00:21:59,640 --> 00:22:02,480
True.
Unfortunately, unfortunately

420
00:22:02,480 --> 00:22:04,360
it's true.
Our our business, it's bad,

421
00:22:04,720 --> 00:22:08,200
yeah.
I've seen people go for people

422
00:22:08,200 --> 00:22:11,600
over nothing.
Yeah, like, and I think you're

423
00:22:11,600 --> 00:22:15,040
right.
It's like trust is it's real.

424
00:22:15,040 --> 00:22:17,840
It's either they're you.
Know like it's tangible?

425
00:22:18,480 --> 00:22:21,800
Yes, it is actually tangible.
Even though people don't believe

426
00:22:21,800 --> 00:22:24,720
it, it is and you can create it
with anybody.

427
00:22:25,120 --> 00:22:27,560
You know, you really can.
You just got to you got to put

428
00:22:27,560 --> 00:22:30,240
in the effort and we're in a
world where people just forget

429
00:22:30,240 --> 00:22:34,280
about it.
It's just like, you know, but it

430
00:22:34,280 --> 00:22:39,000
helps us the those people that
are not trustworthy help us get

431
00:22:39,000 --> 00:22:40,680
more business.
It's nice for them of.

432
00:22:41,480 --> 00:22:45,440
Course, and like, I genuinely
believe that we we work with

433
00:22:45,440 --> 00:22:49,280
people who we want to work with,
who we click with, who we, you

434
00:22:49,280 --> 00:22:51,200
know, maybe there's mutual
trust.

435
00:22:51,640 --> 00:22:54,480
Yeah, some people you get along
with better than others.

436
00:22:54,480 --> 00:22:59,320
And, you know, I think the bad
guys work with the bad guys and

437
00:22:59,320 --> 00:23:01,080
the good guys work with the good
guys and.

438
00:23:01,400 --> 00:23:04,760
Totally agree.
Totally IA 100% agree.

439
00:23:04,760 --> 00:23:08,520
Yeah.
So no, it's interesting.

440
00:23:09,120 --> 00:23:12,520
I love talking about tenant Rep.
I'm strangely passionate about

441
00:23:12,520 --> 00:23:14,400
it.
I'm really excited for you in

442
00:23:14,400 --> 00:23:17,560
your social media journey.
Thank you.

443
00:23:17,680 --> 00:23:20,360
Yeah, it's a big deal.
It's it's a big step for me.

444
00:23:21,080 --> 00:23:23,360
I think it's, you're going to
notice that it's going to pay

445
00:23:23,360 --> 00:23:28,880
you tenfold because if you think
about the concept of compound in

446
00:23:28,920 --> 00:23:33,680
interest when you post a video
online, it works for you when

447
00:23:33,680 --> 00:23:36,880
you're not working.
And that is really, really

448
00:23:37,120 --> 00:23:39,480
powerful.
So then if you do that over and

449
00:23:39,480 --> 00:23:45,200
over and over and over, you have
like 1000 videos working for you

450
00:23:45,480 --> 00:23:50,080
while you're spending time with
your family, and that's more

451
00:23:50,080 --> 00:23:55,040
work than you could ever put in
in, you know, just being one

452
00:23:55,040 --> 00:23:56,640
person at one time.
Totally agree.

453
00:23:56,920 --> 00:24:00,480
Yeah, thank you so much and
thank you for having me on

454
00:24:00,480 --> 00:24:01,800
today.
I really appreciate it.

455
00:24:01,800 --> 00:24:04,880
It's a great chatting with you.
Likewise, so for the listeners,

456
00:24:04,880 --> 00:24:08,400
where can they find you, contact
you, follow you?

457
00:24:09,440 --> 00:24:13,280
Well, LinkedIn, I'm doing a lot
of posting right now, but also

458
00:24:13,280 --> 00:24:15,440
my you can hit me up on my
e-mail address

459
00:24:15,440 --> 00:24:21,000
toobrandon.clickandmorepartnersiol.com
or our website.

460
00:24:21,400 --> 00:24:23,520
Yep.
Mohr.

461
00:24:23,760 --> 00:24:25,000
Mohr.
Yep.

462
00:24:26,800 --> 00:24:29,000
The H is silent.
All right, the H is silent.

463
00:24:30,000 --> 00:24:32,360
Thank you for being on this show
today and for everybody

464
00:24:32,360 --> 00:24:34,400
listening.
We'll see you next week.