In a data-driven world, broker relationships still matter
Thirty years ago, CORFAC International was launched to give independent brokerage firms greater geographic reach, without sacrificing the quality of client service or their own autonomy. The idea was to develop a network of non-competing firms led by experienced, respected brokers who either knew each other already, or would build relationships through participation in the network. 1989 was before Big Data, the first Blackberry or even the Internet. Brokers got to know their peers in other cities through professional credentialing organizations like SIOR and CCIM. In fact, CORFAC was first conceived by a group of SIORs at a national conference, and new affiliates often became acquainted with existing members through professional organizations. This approach advances CORFAC’s focus on strong broker relationships, proven expertise and professional integrity and worked 30 years ago. But in a world of social media and data-driven solutions, how important are brokerage relationships today? The answer: More important than ever. CORFAC is the world’s largest network of independent commercial real estate brokers, with affiliates in 75 markets around the world completing 500 million s/f of transactions valued at $8 billion. Growth is accelerating, as the network has added more than 20 affiliates worldwide in the past four years.