Teamwork: Headline

Forget the ruthlessness you see in movies such as "Glengarry Glen Ross." The best real estate brokers are the ones who learn to work together, says Dan Doherty of Colliers International. In fact, some of his best allies are his competitors.

Doherty, an industrial broker, recently became president of the local Society of Office and Industrial Realtors, a combination honor society for brokers and trade group for all who have a stake in industrial and office development.

Although many interests comprise the group -- they are actively seeking property owners, civic authorities and attorneys, among others, to round out their numbers -- its core is its active members. The namesakes of the society, active members represent the most successful and most trusted brokers in the office and industrial market.

Active members are rivals, but not cutthroat. They believe the model for success in their field resembles not a brawl, but a track meet: a swift rival can bring out the best in them.

"There's a lone-wolf mentality in the business where `I've learned something and I'm going to keep it to myself.' This involves a change in attitude to where everyone can improve their skill sets.

"(Real estate) doesn't have to be a zero-sum game. We can all operate more efficiently if we share our knowledge so we can all step it up a couple of notches."

In an environment of trust, brokers feel comfortable sharing their expertise and asking their rivals for advice. In fact, it is common for a broker to bring in a client and discuss their business plans.

"We have the combined expertise of all of these very successful professionals at our disposal," said Donna Alderson, a new member from CB Richard Ellis. "When an issue comes up, I can say to my clients, `I'm going to have my peers look at it.' To be able to tap into all of their knowledge is a tremendous resource to offer."

Alderson has been impressed at how much she, a 17-year veteran of the market, has learned about her business since joining and how open and forthcoming the membership is.

"We're competitors because we're in a competitive business, but we're also allies and we help each other," she said.

The forum is one of constructive criticism. At one meeting last year, an industrial property owner discussed expansion and renovation plans, including novel additions to one property that were untried in the Las Vegas Valley. Members grilled the presenter for details.

"We're no-holds-barred," Doherty said. "We don't feel we're doing our job if we just stand up and clap at what they have to say. We give them ideas, and tell them the good, the bad and the ugly about their projects, ask them how they're leasing, why they do this, how they do that."

Trust is a given within SIOR, but active membership is extended only to those with a track record of trustworthiness and outstanding success.

The latter requirement restricts membership to about the top 2 percent. With such rapid growth in Las Vegas, the local chapter set the bar high: for industrial brokers, it's $24 million in transactions over three years -- the second highest standard in the nation. For office brokers, it's $18 million over three years.

"The number isn't so high that we don't think we can attract the numbers we want, but it's high enough to keep up the quality of the members," Doherty said, estimating that of the more than 6,000 real estate licensees in Southern Nevada, about 60 are industrial and office agents who meet the criteria.

Joining is tough even for those who qualify. Like many of her colleagues, Alderson put off joining for years, then finally decided it was important for her career.

"I was a little intimidated by the application process to be honest. It's a very onerous process," Alderson said.

Beyond the strict qualifications, candidates must report specifics of their previous transactions that would rival U.N. weapons disclosures. When Alderson finally decided to join, she had to detail each of her transactions for the previous three years -- the minimum number for industrial brokers to join is 60. Alderson said three years of tax returns would have been easier.

There are also classes and tests members must pass, and a lengthy, legally binding pledge they must sign.

Not that anyone's complaining. The high standards are what make the SIOR label meaningful, and members see the ongoing commitment to ethics and education as something a broker should want.

"This was the benchmark that I wanted to reach. These are the best and the brightest in our field, and they are also the most ethical. That is the group that someone who is a producer should be in," Alderson said.

It's also good for business, according to Chuck Witters of Lee and Associates, who along with Perry Muscelli of Cushman and Wakefield founded the local chapter.

In the years since attaining his letters, Witters has found membership has its privileges. The designation represents trust and respect in a tangible way among those who are otherwise unfamiliar with a broker, often even across company lines.

"Where I've gotten the biggest benefit is in dealing with brokers from around the nation. I get a lot of referrals from brokers who are not SIOR but who look for an SIOR agent in Las Vegas because they know their clients will be well taken care of," Witters said, adding that large corporations especially rely on such referrals.

"Trust is very important in our business. When I get any of these referrals, I am cognizant that I have to take care of those clients."

Although nearly 10 years old, the local chapter is still in its infancy. Membership was minimal until about two years ago and growth remains a major goal.

Society members seek to recruit more associate members and broker candidates, which they believe can round out the veteran-heavy forums and benefit from the expertise. Candidates do not have to meet the stringent requirements, but also do not bear the designation. Associate members are drawn from all fields with an interest in industrial and office development, including civic, business and professional sources.

Increasing the active member ranks is important, too. With 11 brokers on their roster, members believe there is plenty of room for growth, but like the development they oversee, they want to maintain the quality of their growth.

Worldwide, SIOR has about 2,200 active members in 25 countries on six continents.

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