How do some brokers become "authorized representatives" for A credit tenants?
Hi there,

I'm curious as to how some real estate agents or firms are able to become the sole representation of credit tenants. Is this done through relationship building externally or are these individuals exclusively internally recruited brokers? Also curious as to why particular companies have an authorized real estate representative while others do not.
[{"id": "e285v3h", "text": "Comes about lots of ways, some will send out an RFP to multiple firms and interview each, other times if they\u2019re expanding into a new market they may ask for recommendations from their own contacts.  Sometimes these relationships form in not-so-legal ways with kickbacks, etc.  it\u2019s unfortunate but fairly prevalent.  I\u2019ve been working on a tenant for over a year now and have only just now landed a few markets on a build-to-suit basis - not brokerage but development, however the prospecting comes about in the same way.  First meeting was at ReCon last year in Vegas and the relationship came through a broker I know who cold-called the tenant a few months before that, so start to finish it\u2019s closer to 2 years before landing the assignment.  Hope that helps.\n\n\nEdit: also timing is everything.", "replies": [{"id": "e287a69", "text": "Congrats if your landed BTS development it's not easy. I did it for 2 years for a company then they lost the development and I realized how hard it is to land another. Treat these guys like your grandma.\n\nAnyways,  it's a lot of timing is everything.  I landed a big client only 3 months into commercial brokerage, because they called on a building out brokerage had for sale, I did a great job and asked if they had representation and told them they should have it would love to help...and made insane commission that year. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e28f52y", "text": "The large CRE firms pitch Global Services with a Corporate Services Contract to the largest (Fortune 500) clients. They present all of their services, and offer fee savings if they\u2019re the exclusive provider. Take Pfizer, which I believe is a CBRE global client.  Pfizer gets a discount on transaction fees, and other fees, by making CBRE their sole CRE service provider. \n\nIt\u2019s bad for the long time local brokers because they don\u2019t control their local Pfizer contact, and decisions are made at the Executive CRE level. It turns seasoned brokers into Transaction Managers.\n\nPart of the global contract is they\u2019ll provide free real estate employees to the corporation and they\u2019ll sit in the corps offices. The trade off is securing the transaction fees. One solid commission will pay for 10 years salary of the on-site employee, so it\u2019s worth it. \n\nThe goal is for the large brokerage firms do get the exclusive contract, and control the relationship, even at the cost of lower fees and making their broker employees mad. \n\n", "replies": [], "depth": 1}]