Why do buyer/tenant brokers always ask listing brokers for OMs?
I'm a younger broker, and most of my business is on the listing side. I've never understood why other brokers are so obsessed with OMs/flyers, especially when the most important information is online, where they found the listing in the first place. I especially don't understand why they would want to send their client a flyer that's plastered with the listing broker's branding and contact info.

&amp;#x200B;

Do they not know how to send a URL?

&amp;#x200B;

I understand that it's different for an off-market property, and I also understand that this is probably how information was presented back in the day. But there's not usually any more info on flyers than there is on the listing site. Sometimes there's even less. 

&amp;#x200B;

Sometimes I feel like telling them to just to use Google. If there's any specific information like site plans or environmental documents that wouldn't be put online or in a flyer, just ask me, and I'll send them if I have them.
[{"id": "ieyvapt", "text": "Most probably edit out the listing broker info", "replies": [], "depth": 1}, {"id": "iez9gjz", "text": "because a lot of listing brokers absolutely suck at putting relevant info in listings and the OM does frequently have more info in it.  Also its packaged together nicely where you can send an email like \"here are the OM's on the three properties we discussed\" vs spending half an hour downloading a bunch of attachments on different properties and then sending my clients some shit with 10 attachments on it that is confusing.\n\n--edit-- on list side too I like them because I don't want to write 10000 emails with the same information that is probably in the listing.  Its much easier to just send the OM, also I know if its printed or sent to others it will be in the format I wanted it in.", "replies": [{"id": "iezjliq", "text": "Agreed. Maybe I'm in the minority that actually tries to put as much info as possible online, so nobody's wasting time.", "replies": [], "depth": 2}], "depth": 1}, {"id": "iezdfuw", "text": "Principal here and I want an OM.  It\u2019s important for a couple reasons 1. I want to archive the info so if something changes during diligence I can point back and go \u201cthis is what you told me to assume\u201d and 2. I want the information condensed and accessible.  A lot of times I want to review the OM on a plane or my commute when I may not have internet.", "replies": [{"id": "iezh82m", "text": "This is all you need to hear.  Principles ask for it.  And no, I trust my principles so I don't edit the listing broker out.", "replies": [{"id": "iezk3ac", "text": "If I can't trust a buyer not to bypass me, then I'm not working with them in the first place. I don't think many brokers have that kind of confidence though, so it surprises me that they're OK with passing along flyers with listing broker info. I doubt many of them are taking the time to redact it.", "replies": [{"id": "ieztuh4", "text": "Listen, a buyer that I show the deal to first can go around me once.  Then they go to the bottom of the list.  I treat brokers the same way when I am a principal.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "iezkde4", "text": "Agreed. I understand why a buyer would want one, but I don't understand why a broker couldn't download a \"client\" version to send.", "replies": [{"id": "iezmjgq", "text": "I've never seen a client version, although that's a good concept.  \n\nI've bought 50+ properties where the first thing I saw is the OM.  I've never bypassed the person who brought it to me.", "replies": [{"id": "if0va3t", "text": "To echo the sentiments here, your feeling are those of a broker not empathizing with their client. We ask for them because they are useful for information, useful for understanding a sellers\u2019 position, useful for debt, useful for equity partners, useful for a variety of purposes and one of the basic reasons brokers get paid a fantastical amount of money on major transactions. We all have to gather rocks and when a broker is paid six digits and bitches about gathering one of their most basic rocks, that\u2019s annoying. Don\u2019t work with people you don\u2019t trust. Otherwise, expect people to want to see a product if they are paying six digits per transactions (and expect it to be accurate).\n\nThis is why people say brokers are lazy.\n\nTake into consideration the work it takes to assess a deal, raise capital, satisfy debt, understand construction, and manage all the idiosyncrasies in between. It\u2019s not much to expect an OM.\n\nWhen you\u2019ve spent a decade (or several) in the industry and are a principal, you sometimes just want someone to send you a package you can review or forward. Be it a link or PDF. And if it\u2019s your job to sell the property it\u2019s understandably the most basic part of that job.", "replies": [], "depth": 4}], "depth": 3}, {"id": "ieznue1", "text": "What do you by \u201cclient version\u201d?  Like have the broker download all the materials, PDF it, then send it over?  Maybe.  Or are you saying that the outside broker strips all of the listing broker materials off and sends it as there own?\n\nEither way doesn\u2019t matter.  If you have an exclusive then you are covered and can decide whether you want to pay a cooperating fee or push that to any buyers that come to the table with a broker. I will say if someone is not willing to sign an exclusive with you then it\u2019s not worth your time.  If I know that a broker doesn\u2019t control a deal I never submit my strongest pricing because I know that the seller is going to walk my number around to every other broker trying to get the listing. \n\nBack to the idea of the OM.  It\u2019s great if everything is on the website and in the last couple years it hasn\u2019t mattered what was in the OM (or if there even was one) because money was coming in and the capital was easy. The next few are going to be very different and the OM is your opportunity to sell the property and get a head of a few easy questions. What is the tenancy summary and why is this location important?  This tenant\u2019s lease is up in a couple years how does their rate compare to market and have they given any indication of what they are planning to do.  Is there anything abnormal in the lease structures (caps, termination options, ROFR/ROFO, etc.).  I am going to \u201cuse google\u201d as well but I want a full picture. \n\nNow is this necessary? No.  I look at plenty of deals that come in an email with a short summary, rent roll and maybe some financials, but unless the story is really clean (single tenant long term NNN lease) I prefer having the detail of an OM.", "replies": [], "depth": 3}], "depth": 2}, {"id": "iezwyvq", "text": "I am also a principal, and I often won\u2019t consider a project of any significant size without an OM unless it\u2019s truly an off market deal. I want initial data all in one spot, I can compile it from a CoStar and don\u2019t usually trust brokers numbers but i at least want to see how the seller is envisioning the property and facts which they are using to value the deal.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ieze0nz", "text": "Bring an iPad loaded with your packages. \nIt forces tenants to discuss the property with you there and you can overcome any potential issues they see.\nIf the other agent try\u2019s to walk off with your iPad just say hey that\u2019s mine and walk up to take it back.", "replies": [], "depth": 1}, {"id": "iezgaux", "text": "So... you're annoyed that buyers and their brokers want to make sure they have complete information on your deals? Sorry to sound snarky but it seems to me that a big part of the listing brokers job, and how they earn their fee, is communicating the details of the property to potential buyers. Do you think your seller would be cool if you told them you just tell people who want more information to \"just use google\"?", "replies": [{"id": "iezjcex", "text": "No, I want prospective buyers/tenants and their broker to have as much information as possible. My point is that nowadays there's usually not much more on an OM than there is on the listing platform.", "replies": [{"id": "iezyanx", "text": "There\u2019s plenty of times where there is more info on the OM than the listing site. There are many sites your buyers may be coming from and not all of them do a great job conveying all the necessary info or presenting things in a sensible way. OMs are best for that and then I can keep a copy for my records/attach them to property files to my CRM. Better than a link.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iezogbk", "text": "People are old and stuck in their ways. I want to dictate my notes to my gal, and she types in up for me to review and then once I approve it she types it again to send an email. \n\nNot joking, I have had brokers do this and it was infuriating.", "replies": [], "depth": 1}, {"id": "ieztxp8", "text": "If my sales broker didn\u2019t even prepare an OM for the listing I would probably never use him again. Assuming it was a fully marketed deal and process.", "replies": [], "depth": 1}, {"id": "if046nh", "text": "Some banks require them to document. I\u2019m a mortgage broker and I had most banks wanting an official flyer. They won\u2019t use the website information when they are reviewing files. First because, it can be changed, printing website can result in inconsistent layout, and finally, many websites clone original listing information therefore a not a reliable way to document.", "replies": [{"id": "if0ur5w", "text": "Yeah from a bank perspective I would expect a borrower looking to finance an acquisition to at minimum have an OM with some financials. This allows us to do some upfront analysis for loan sizing since it is not likely they would have historical financials at that stage.", "replies": [], "depth": 2}], "depth": 1}, {"id": "if0txwx", "text": "I\u2019ve found that 90% of the time when someone says \u201cIt\u2019s all online, just Google it\u201d the information is NOT actually online or very difficult to find.  \u201cOh well, did you click on about us-portfolio-lifescience-baker street-200?\u201d. Well of course that is where the information on this property is located.", "replies": [], "depth": 1}, {"id": "if1a3b1", "text": "So I can also save it in my files on an organized manner. I can send it to my client in an organized manner so he can save it as well. I can print it out I bring in person and discuss. All the info is portable, tactile, and at the ready.  It\u2019s important to have it all organized in one place.", "replies": [], "depth": 1}, {"id": "if1b1iz", "text": "Wait who works in commercial real estate without an OM?", "replies": [], "depth": 1}, {"id": "if2emll", "text": "Liability- Listing broker sent me this OM which Seller obviously must have approved", "replies": [], "depth": 1}, {"id": "if2enrh", "text": "Liability- Listing broker sent me this OM which Seller obviously must have approved.", "replies": [], "depth": 1}, {"id": "if2epjy", "text": "Liability- Listing broker sent me this OM which Seller obviously must have approved.", "replies": [], "depth": 1}, {"id": "if2nemd", "text": "Newer broker here, but I have a few PBs who i've asked this same question.\n\nTheir answer is exactly what your question was. Why do it since everything is online?\nBecause your competition may not be doing it, and to drop off a flyer for a listing or open house in the local area and make that face to face connection instead of the locals just getting a weirdly targeted email blast or postcard creates a different level of connection.\n\nWhen you tell someone \"I am a professional real estate broker, if you have any questions about anything or want to chat about what options are available to you, give me a call\" and smiling at them, it's a different connection than the prospect reading that same phrase on a card.", "replies": [], "depth": 1}, {"id": "if2rcjp", "text": "You sound like a 1 man shop with limited experience, support and tools who doesn\u2019t know how to make a decent OM or isn\u2019t willing to spend the money on it. Your deals sit longer, get less exposure and sell for less as a result. When I see deals with no corresponding info I make a note and call the seller after 6 months to see if it\u2019s still available, and more often than not it didn\u2019t sell and that seller is reconsidering their exit. Then it\u2019s time for me to clean up. \n\nI\u2019ve put together proposals, which are basically my OMs with more seller related info, that sat in their office for two years before they decided to call me back and make a move.", "replies": [{"id": "if4db25", "text": "No, we actually have an in-house design and marketing team and do more marketing than virtually any other agency in our market, including professional OMs. We have eight agents and control the commercial market in our area. I\u2019ve done hundreds of deals.\n\nI personally think that the traditional OM is antiquated and a throwback to the days of everything being printed. I know personally that from both the broker and principal side, if the listing broker gives me a printed OM, it either ends up on my desk for a year or in the recycling bin.", "replies": [], "depth": 2}], "depth": 1}]