Interview ...
Jeff Finn President and COO
NAI - New America International

Pike: How will the Internet affect the brokerage industry?

Finn: The Internet will radically alter the brokerage industry. The business has long thrived on inefficiency and limited access to information. The Internet has already begun to open the floodgate of information, but we are still at the very early stage of this transformation.

The future will include a much more orderly and efficient transaction initiation, management and fulfillment process. Clients will be able to log onto a system and easily order the acquisition or disposition of space just like they currently order a stock or bond. All of the necessary due diligence and market information including real-time forms and required documents will be available on line. The brokers' role will migrate from "salesperson" to a higher level role as the strategist, analyst, deal structuror, negotiator and underwriter.

NAI has recently formed NAIdirect.com to lead our initiative to become the first on-line commercial real estate service delivery company. NAI Direct will provide intranet and extranet technology for each of our offices enabling them to provide their services on-line. It will also provide portfolio administration and project management technology to clients enabling them to order services -- to buy, sell or lease property anywhere and stay connected to the entire service delivery process in real time. This connection substantially streamlines and automates processes to reduce cycle time. It will also broaden our global communication communities and provide a wealth of highly researched databases to efficiently target market new listings or requirements. (Pike: The NAIdirect.com home page at www.naidirect.com announces, "Coming Soon! First Quarter, 2000.")

Pike: How do you help corporate clients manage their transaction processes?

Finn: Our current generation web site has both intranet and extranet platforms. The intranet wires all of our offices into a pipeline of information, communications and transaction management processes. Our extranet enables clients to initiate new business, monitor on-line portfolio level progress, manage project details and interact in real time with the entire team involved in the process. Both of these systems are being completely rewritten for the launch of NAIdirect.com to put even more tools in the client's hand and create greater efficiencies at the brokers' desktop.

In addition to the technology, we have teams of people who structure the client relationships, authorize processes and manage service delivery to assure consistent, quality service globally. We set up customized service delivery protocols for every client. Each assignment is then initiated with complete instructions and documentation. Our people work both in clients' offices and in the field to leverage their resources and expand their ability to structure, manage and administer national and global portfolios. We also have a team of people working behind the scenes to administer and process the vast information, monitoring and managing timelines and checklists to bring discipline and control to the service.

Pike: How should brokerage firms use Internet listing systems?

Finn: Clearly, brokers should put every listing, unless there is a requirement for discrete, confidential marketing, in a public Internet listing service. Their other marketing efforts should drive interested parties to that web site. The sites should provide basic information to determine preliminary interest and then, with proper registration and approval, unlock comprehensive details to enable decision making. Brokers can then focus their time on negotiating and finalizing transactions with only the most qualified prospects. ... (Interview date: September 22, 1999)

--Peter