It is important, especially in today’s real estate market, for brokers and attorneys to establish cooperative relationships that extend beyond the life of real estate transactions. Much can be done to achieve this state beginning with the understanding that real estate transactions are not adversarial by nature. It is not the goal of the attorney to “win” the closing. From the outset, brokers and attorneys should discuss and define their respective roles in a transaction from binder through contract. This can pave the way for a harmonious journey as well as a lasting referral relationship based on trust.

Both parties need to be responsive to the needs of the client, reasonable with fees, and mindful that there is no purpose to giving away services or commissions. Each should earn compensation through good work. Brokers and attorneys should communicate openly and regularly during the course of a transaction and exchange pertinent information regarding legal and market developments, trends and changes. Finally, brokers and attorneys need to trust each other to do their jobs and navigate the waters. Within the spirit of cooperation, it is still sometimes necessary to say “no” in a negotiation in order to strengthen a client’s negotiating position.

The work involved in real estate transactions has increased dramatically as a result of our current economic climate. Brokers and attorneys are putting in more time and effort than ever before to bring matters to a conclusion. In return, by putting clients first and making an investment in each other, brokers and attorneys will both meet their goals and, ideally, win clients for life. For more information, please contact Brian T. Silvestro (bsilvestro@brodywilk.com).