Kudos to 2012 NAR Commercial Innovation Grant recipients Sacramento Association Of REALTORS® for their Commercial Division’s successful operation of their mentor/advice service for SAR members involved in commercial property deals.
As described in the Innovation Grant program’s Executive Summary, the SAR program addresses the need commercial practitioners have for decision support in the commercial real estate business. It’s a member benefit designed to allow SAR member dealmakers to benefit from cost-free advice of experienced hands in commercial practice on topics such as marketing, leasing, business ownership, acquisitions, dispositions of real property, and of course, sales.
Dialing Up Decision Support
Large commercial real estate firms huddle often over prospective deals, ensuring the benefit of the firm’s many combined years of experience in commercial practice is made available to any of its brokers. Working outside that large corporate model can present challenges to the commercial practitioner member in getting to that reservoir of experience at the right time. Key question and answer sessions can make the difference between success and not-quite-success, so alternative means of granting access to and spreading business knowledge need to be created.
That’s exactly what SAR has done with its mentor/advice service. Private and confidential sessions are facilitated by phone between members, linking a well-tenured and experienced broker with advice seekers, cost-free.
SAR found a well-seasoned, well-rounded and highly respected commercial practitioner on the verge of retirement and ready to conduct the mentoring sessions. After determining the individual, a reasonable consulting fee was negotiated for his services. He then signed a contractor’s agreement designed by SAR’s attorneys. The program proceeded into marketing, where the member benefit was communicated and the sessions began.
With the mentoring program, SAR hopes to be viewed as an industry leader, providing relevant benefits for its members, prospective members and the community at large. Congrats to SAR for its exemplary innovation in commercial real estate practice!