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Part 2 of 3 Mini-Episodes
CBRE Global Influence
Updated Introduction and Bio
Show Notes
This is the second of three “mini-episodes” addressing CBRE’s global perspective including its history and competitive edge. Spencer discusses how the brokerage business has evolved with more research and information now than ever before. He describes the benefits of delivering quality service as a broker today and the secrets of success in brokerage from his perspective. Here are more specific references:
- Coldwell Banker formed in 1906 in San Francisco, CA after earthquake and fires (3:00)
- Character of company- standing to help clients (3:25)
- RISE Values- Respect, Integrity, Service and Excellence (3:43)
- Coldwell Banker Commercial- Sears owned (4:15)
- Acquired Richard Ellis (4:30)
- CBRE name evolved accordingly (4:40)
- Evolution of company with corporate services (5:00)
- CBRE Global Investors- Direct Investor (5:20)
- CBRE Research- 600 professionals he leads for trend analysis (5:35)
- Coronavirus call to learn implications- Don’t overreact (6:00)
- CBRE’s competitive edge (6:37)
- Talented people (Facts, Logic & Data) (6:56)
- How to get a deal done (7:10)
- Macro markets more important than micro markets (8:10)
- Top brokers want more data to use for their clients (8:40)
- Trend- Less sf per employee. (9:40)
- This is how it applies to Washington DC (10:20)
- “Old School” tenants- law firms, accountants, finance (10:30)
- Social Media- Effective in messaging and storytelling (11:30)
- Evolution of brokerage from “street” information to data management (12:40)
- Learn modeling and utilizing data appropriately (13:30)
- Information quality is limited outside US and UK (14:30)
- Data is not necessarily good even in the US (15:14)
- Examples about “structural vacancy” and “Build it and they will come” (15:30)
- Models sometimes are wrong with “secular shifts” (16:24)
- “This time is different” or “Reversion to the mean” (16:50)
- CBRE likes to act as a team among its different service providers (17:30)
- Culture of team works well generally and built on personal relationships (17:50)
- “What best serves the client” (19:05)
- Why be a broker today?
- No way better to learn the business than to “Eat what you kill” (19:40)
- What path to take- start as a junior analyst on a brokerage team (20:25)
- Do a lot of volume of work and walk the real estate (20:35)
- “Leave the office” (20:55)
- Brokerage compensation (22:10)
- Splits with low initial salary (22:35)
- How to get past “no” as quickly as possible (23:15)
- Learn how to transact (22:30)
- Retention of brokers- Irreplaceable platform (22:55)
- Give clients an edge (24:20)
- Quality of platform- “Machine Platform Crowd” book (24:45)
- Diversified Revenue Stream- Important transition (25:30)
References
- 2020 CBRE Real Estate Market Outlook (With the recent coronavirus crisis, this forecast is now perhaps less relevant; however, it indicates trends)
