Beyond your expertise: Building a network that adds value for clients - by Dan Scanlon

I’m very fortunate to get asked to work on a wide variety of real estate matters. Despite over 25 years of experience as a broker, it’s common to run into issues outside my scope of expertise. Fortunately, I’ve built a great network of affiliated professionals over the years so that I always have someone I can get assistance from. Let me share a few examples.

I got a call recently from a client whose family has owned a land parcel of over 100 acres for many years, and the current heirs were considering selling it. As is generally the case, the caller asked me what I thought it might be worth. My response was that the acreage was not the key – what mattered more was allowable density.

I reached out to a local civil engineering firm and made arrangements to have them do some basic research to see what we could get on the site, and to provide a conceptual plan we could use in marketing the site. They turned it around fairly quickly, and we learned that more than half the site is unbuildable due to wet areas and setbacks. Their conceptual plan provided a basis for discussion with the client about how best to market the property.

In another matter, I got a call from the owner of a large mill building, also wanting to sell, and again looking for ideas from me as to what it might be worth. Given that the office market is soft, the first thought I had was that the space might be converted to apartments. So I reached out to an architect to discuss this approach and was able to get some “back of the napkin” ideas to bring back to the owner for further discussion.

In yet another matter, the owner of a parking garage reached out about selling it, asking me how I would approach setting the asking price for this asset. In our market we don’t see many of these, so I reached out to two appraisers for their thoughts on how we could conceptually approach the problem. Their input was very helpful and allowed me to have a meaningful conversation with the client as to next steps.

Construction managers have also been helpful when I have clients trying to understand what it might cost them to put up a new building on a particular land site, as well as how long the process might take. Their feedback on current conditions and costs allows me to get back to the clients with up-to-date information so the clients can make informed decisions about whether to move forward.

In some cases, a relationship with a professional can be helpful during the transaction. I recently listed a property that had a history as a fuel tank dispensing station and the buyer’s lender wanted a Phase 1 environmental assessment. I knew the person who was assigned to conduct the assessment and was able to quickly provide her with any information that she needed.

I also lean into relationships with various professionals when I’m marketing properties. I consider all of them to be centers of influence that have their own broad networks. So when I send a flyer for a land development opportunity to a commercial lender or a civil engineer, I know that they will in turn distribute it to the people in their sphere who might have an interest.

Another benefit of these relationships is the opportunity to continue to learn about topics relevant to my practice. I participate in a monthly roundtable group with affiliated professionals and have many in my contact database that are just a phone call away. Curiosity and a lifelong learning mindset have always served me well.

Over the years I’ve tried to develop good relationships with civil and geotech engineers, architects, appraisers, commercial lenders, CPAs, lawyers, commercial insurance brokers, commercial property managers, construction managers, etc. And I’ve tried to assist those professionals when they reach out to me for my thoughts. We’re all trying to do the same thing – add value for our respective clients.

I can almost guarantee that, no matter where you are in your career, if you put the time into building these relationships, no matter what profession you come from, you will become a trusted advisor and resource for your clients, not only because of the direct service you provide but also because you know who to bring in when issues beyond your expertise arise. If you can add value in this way, you can create even stronger relationships with your clients.

Dan Scanlon, JD, CCIM, is a senior advisor with Colliers | New Hampshire, Manchester, N.H.