Playbook
The Corporate Real Estate Playbook is a project concept that derives inspiration from commercial brokerage legend Edward S. Gordon’s tome, which is virtually impossible to find today. (Note: we do not have a copy, so the homage is truly in spirit, not form or substance!) Our idea is to distill the profession’s old adages, tricks-of-the-trade, principles and best practices into a written collection, accessible and distributable.
Writing and editorial is happening behind the scenes (in late 2008), so check back for updates. In the meantime, here’s a glimpse of some of the topics we’ll tackle.
- Groom Yourself
- From continuing education to professional networking, “dressing for success” to weekend reading, it takes hard continued work to stay sharp, but it’s an essential building block.
- Develop Authority
- Many CRE professionals accept their fate as “the tail of the dog”, but the most successful are tenacious and strategic about obtaining mandates from above, establishing trust laterally, and soliciting empowerment from their internal user-clients.
- Plan Proactively
- In our fast-paced world, lack of time is frequently the cause of mediocre performance. We’ll discuss methods to assure that planning is an established component of your CRE program.
- Always Create Alternatives
- Avoid the temptation to “zero-in” early on the best option. Whether they be viable substitutes, stalking horses, or just professional exercises, earnestly developed options can become your most powerful (and often least painful) weapon.
- Negotiate Rationally
- Real estate is always emotional to someone – but it shouldn’t be YOU. While recgonizing the preferences and eccentricities of the user group (your internal clients), the value-add of a corporate real estate professional is truely unlocked through discipline, research, and leverage. We’ll draw on the work of Fisher, Ury, and Schell to discuss these principles, and also how to work with those who follow a “different” set of mores.
- Strive for Balance and Transparency
- Heed the iodiomatic warning and don’t put all your eggs in one basket; in a fast-changing world, exclusive service providers and other “sacred cows” are an invitation for problems. We’ll discuss ways to create fair and open processes, focused on value, impact, and results.
- Be a “Good Client”
- How many times have you heard or experienced a vendor who simply quits a “major” account (or runs it into the ground)? While there are many reasons for this, it’s frequently a strategic decision: the client is no longer “worth” the aggravation. We’ll talk about how to avoid finding yourself in this position. Take time to accurately define scope and expectations. Schedule regular formal reviews. Reccomend and refer business when appropriate. And always pay invoices promptly!
- Institutionalize the Experience
- The capstone of a world-class corporate real estate program involves – ultimately – assuring it stands alone, apart from any one individual. We’ll discuss how to empower a team, document lessons learned and best practices, and manage by objectives.
We intend to create a general series of essays that will be useful to any speciality area (strategy, transactions, design, construction, facilities, etc), and perhaps also a seperate set of focused articles or case studies. As always, your suggestions are welcome… just contact us!
