Larry Genet, an executive VP with CBRE, shares valuable insights on industrial brokerage. Topics include the qualities of a successful broker, old school vs new school prospecting, using social media for business growth, generating new business, the surprising growth of the small bay industrial sector during COVID-19, and future plans in industrial brokerage.
Building a strong team and utilizing technology are crucial for success in industrial real estate.
Being an advisor to clients, prioritizing their best interests, and effectively conveying value are key to winning assignments.
Brokers in the industrial real estate market should stay informed about market trends, leverage their network, and establish trust with clients.
Deep dives
The Importance of Building a Strong Team and Using Technology
Larry emphasizes the importance of building a strong team and utilizing technology in the industrial real estate market. He discusses the need to leverage technology, capital, and labor for mutual benefit. Larry believes that brokers should focus on scaling their business and creating a better customer experience through data management and the use of capital. He also highlights the significance of investing in marketing, including third-party online advertising, signage, and 3D virtual tours.
Being an Advisor to Clients and Winning Assignments
Larry emphasizes the importance of being an advisor to clients and providing honest and valuable information. He believes that being an advisor and winning assignments go hand in hand. Larry stresses the need to always prioritize the client's best interests, even if it means not closing a deal. He also encourages brokers to be assertive in pursuing business and listings, respecting their time and conveying their value and expertise to clients.
Understanding Market Trends and Focusing on Expertise
Larry highlights the importance of staying informed about market trends and focusing on expertise in the industrial real estate market. He mentions the increasing role of technology and automation, predicting that simpler transactions may become automated in the future. Larry advises brokers to have a diversified business, be adaptable to changes, and leverage their network and referrals for specialized deals. Additionally, he stresses the importance of establishing trust with clients and providing valuable advice, rather than overpromising in order to win every deal.
The Impact of the Information Age on Real Estate
The speaker highlights the significant influence of the information age on the real estate industry. With the proliferation of social media and easy access to information through the internet, people now have instant access to market updates and details about real estate transactions. This has transformed the way brokers operate, as the emphasis on safeguarding exclusive information has shifted to the need for quick dissemination and utilization of information. Brokers now need to leverage social media platforms like LinkedIn to share valuable content and grow their audience, which can ultimately generate leads and increase their business.
Navigating Traditional and Newer Methods of Brokerage
The episode also explores the balance between traditional methods like cold calling and door knocking, and newer approaches like social media marketing. While social media platforms like LinkedIn have become powerful tools for brokers to connect with clients and showcase their expertise, the episode highlights the importance of integrating these tools with more traditional methods. The speaker recommends defining your target market, studying historical sales data, and building consistent strategies to reach and establish relationships with potential clients. Additionally, the speaker stresses the need for brokers to be authentic while remaining professional on social media, carefully choosing the content they share to avoid controversy or offense. Ultimately, a well-rounded approach that combines both traditional and newer methods can lead to greater success in the brokerage industry, especially during times of economic shifts and uncertainty.
An interview with Larry Genet, Executive Vice President with CBRE.
We'll be discussing the following:
✅ What do industrial brokers need to know?
✅ What makes a successful industrial broker?
✅ Old school vs new school prospecting
About Larry:
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing and sales expertise of industrial, land, flex, manufacturing and office properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry exclusively controls a portfolio of more than 15 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his teams cutting edge marketing capabilities, it’s a winning combination.
Connect with Larry:
LinkedIn: https://www.linkedin.com/in/larrygenet
Website: https://www.cbre.com/people/larry-genet
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🙋♂️ Chad Griffiths, MBA, SIOR
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