President and COO of Coldwell Banker Premier Realty, Molly Hamrick, spoke earlier this year at the Coldwell Banker Leadership Summit in Boston about why she and her husband, Bob Hamrick, chose to open a separate commercial franchise, Coldwell Banker Commercial Premier, after 25 years of servicing investor clients from the residential firm. Here are three ways Molly leverages the new commercial brokerage to create opportunities for both of their residential and commercial brands:
Molly has always emphasized the importance of building and maintaining relationships and calls this the foundation of the real estate industry. A long-time commercial colleague, Tom Naseef, approached Bob & Molly in 2019 about the desire for him and his team to return to the Coldwell Banker brand, encouraging them to open and operate the commercial franchise in Las Vegas. Once Molly officially planted the CBC flag in Southern Nevada, she was able to attract even more seasoned commercial agents. Most recently, Brad Brennan, restauranteur, joined Coldwell Banker Premier Realty as a resi-mmercial associate who will specialize in luxury residential and restaurant commercial real estate.
Even though Coldwell Banker Premier Realty offered commercial services for the past two decades in Las Vegas, adding the commercial franchise exponentially grew their footprint in the community. In its first full year, Coldwell Banker Commercial Premier closed 48 transactions, had an average sales price of $2.7 million, and over $130 million in sales volume. It was recognized as Top New Company for Coldwell Banker Commercial nationwide and its Vice President of Commercial Services, Ron Opfer, CCIM, was celebrated as Top CBC Associate in Nevada who represented the seller of six gas stations in a $58.9 million transaction. Another significant first-year sale came from Tom Naseef, CCIM, and Garry Cuff who represented the buyer in the acquisition of Silver Creek Apartments, a 224-unit multifamily property in Las Vegas which sold for $35 million.
It dawned on Molly that her residential agents who turn 3,000 transactions every year, were going on thousands of listing and buyer presentations without ever mentioning commercial services. This was a huge, missed opportunity that she quickly corrected. This opened the door for residential agents to start conversations with their clients about commercial real estate, teeing up a co-listing or a generous referral fee in the process. If you think about it, every client, especially our Global Luxury clientele, has a tie to commercial real estate either personally or professionally. Think Six Degrees of Separation – Commercial Edition.
Overall, opening our commercial franchise helped grow the business of our sales associates and both our brokerages. At Coldwell Banker Premier Realty and Coldwell Banker Commercial Premier, we are committed to helping agents strengthen their skillset and take their business to the next level.
Whether you are just starting out or are a seasoned professional, contact us to further explore how our education, coaching, and leadership support can help you achieve even your loftiest personal and professional goals.