The Boston Red Sox just won their 3rd World Championship in a decade. However, prior to 2004 the storied baseball club experienced one of the longest championship droughts in baseball history (86 years), often coined the “Curse of the Bambino” after the Red Sox’s sale of Babe Ruth to the rival New York Yankees two years after their world championship in 1918.
So what does this have to do with commercial real estate? Have you ever wondered why it seems that the same brokers seem to be the professionals doing the largest transactions? When a major corporation entrusts a real estate professional to assist in an extremely important financial decision and execute that transaction, they want a broker that has been to the pinnacle, i.e. has experience with blockbuster transactions.
Much of this mind set is about risk as they don’t want the selection of their broker to be second guessed. In reality, there may be many brokers qualified to handle a large commercial real estate transaction for a user or corporation, but because they don’t have the track record, they will never be considered.
The first big deal is always the hardest one to get, but once you have one under your belt the second one or any to follow are a little easier to secure. Oh, the competition will be always intense but much like the Red Sox you just have to breakthrough.