See the picture below of this monstrosity that got mailed to our office today. The thing weighs ~5 lbs. All thick-cut paper with high-gloss sheen.
I just don't understand. This example isn't even the worst: I've been mailed hardcover book-bound OMs before as if these are first-run limited edition prints of a NYT #1 bestseller or something. They go right in the recycling bin.
I can sort of understand if the property is a private seller/high net worth guy and the brokerage shop is trying to stroke his ego ("look at how awesome your property looks!"), but the vast majority of these OMs are fr institutional assets sold by institutional sellers to institutional buyers. They care about returns, not cute OMs. What a waste of time, money, and paper. /end rant
Brokers, care to chime in on this? Am I overreacting?
Imagine going in for a listing presentation, where you're competing with 5 other firms, dropping that in front of the seller and letting them know that you'll mail it to all the big firms that could be interested in buying it. Basically just a way to beat out the competition, who most likely, showed up with everything printed on 8x11 paper.
Weird that they'd take the time to cut a half inch off of the paper width
Everyone's doing weird stuff with their paper these days.
You ever compared the business cards of all the large brokerages?
CBRE, CW & Colliers have similar heights and widths, JLLs are not very long horizontally, M&Ms cards are like an extra quarter inch longer than everyone elses and made of the cheapest paper in existence, and NGKFs look like a square.
Personally, I think this is going to go by the wayside soon. Most of the people I know that actually read the bound / hard copies are in the boomer generation. The only reason I've ever printed one out was so I could have the maps/floor plans/aerials on a tour. Otherwise I just view it on-screen. I would guess more people at the junior/mid-levels would agree with me. Waste of paper, effort, and space.
We spend a lot of time putting comprehensive packages together but we only print bound books to have for the client and around the office as a keepsake. I totally agree that sending folks hard copies for any other reason is idiotic.
I work in the private capital market and we typically just use 8.5x14" bound OMs with covers and backing. I've gotten nothing but complaints concerning hardback/superfluous OM's, even on our institutional sized deals. Rich people and small-mid investment shops do not give a shit, and you will never win a deal based on the quality of your book.
I've always found the digital copies to be much more important. You institutional guys are banana land
I think they're more important because you can send around a digital copy. I have 3 Eastdil books on my desk right now that I wish I had a digital copy of so that I could forward them to a friend.
My boss worked at JLL for 10 years as the broker's analyst. He said they'd generally spend $100,000 on the books. Crazy.
Look at the tasteful thickness of it...
"That's what she said" - Michael Scott
One of my favorite movie scenes
I don't have a big enough stapler to hold these books together. You ever try to staple an OM that is printed front to back with high gloss??? They get all slippery and you can't keep the paper even and steady when you want to staple.
I hate Binder clips because they are too big and cuts off part of the page when I'm flipping through.
I'm all for the broker spending $50k. That way, I don't have to deal with all of these very real issues.
I am surprised no one made a comment about your shoes or how nice the table is I know, my attention span is the same as a squirrel's
nice shoes +1
50k i. books lol . I have seen quarter billion dollar deals trade with a one pager.
I bet that book is a nice paperweight.
I'm still searching my email and RCM for "Domain" which I'm visualizing as the name of the property. Can't find it.
To add to what BRE said above, the brokers are competing against other brokerages for business. Do you walk in with the shotgun or the slingshot to win the business on a $50M listing? You show them your marketing will provide everything and the kitchen sink to potential buyers to achieve your pricing. I would never walk in to a pitch with the appearance that our systems are inferior to our competition or under-serves our clients. That would be career suicide. That is why you're receiving that big, nice shiny, paper weight.
What's the heaviest OM you've ever gotten?
Had one for a massive deal that was probably 12 lbs including the bound case that the book came in. People were walking over from a distance of several cubes to get a chance to see it in person.
It was the Dirk Diggler of OMs.
Non est dolorem quo in. Mollitia qui quia necessitatibus voluptatem nesciunt consequatur. Accusantium saepe eum consequuntur explicabo.
Est modi unde non non. Quia debitis consequatur sint voluptate ex autem eos. Soluta voluptatem rerum autem qui.
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