In commercial real estate brokerage some of your customers and clients can bring you many opportunities with listings and commissions over time. Identifying and working with those customers is an important factor and with be very helpful in your business strategy. Split your database up so you have a different way of working those higher value clients then start finding them.
Connection Priorities for Client Coverage
Here are some ideas to help you reach out into your property market to find those better clients:
- Know the people owning and investing in property – Get a prospecting model underway so you are finding at least 5 new people every day that you have never spoken to before. A pipeline of new business will only happen if you create new contacts and grow business relationships. A top agent should be working around 600 prospects in a dedicated and direct way. In other words those clients and prospects will have some degree of trust and connection with the agent (they are not just names on a list). The only way to get to the magical 600 number is through dedicated prospecting.
- Why should they listen to you? – Why are you different as an agent? It is a relevant and valuable question if you are wanting to build your property business over time; you simply cannot be like all the other ‘generic agents’. Create points of reference and leverage that give you something to talk about as you reach out to new people. Make your conversations interesting and valuable.
- Research what they own and or occupy – Identify the local properties that are of some quality; be that in building standards or location. Better listings will always pull in greater levels of inquiry. Put some quality into your listing strategy.
- Analyse the status of their portfolio – Some clients have challenges and weaknesses in their portfolio of properties. Common challenges include tenant mix weaknesses, the wrong tenants, upcoming vacancies, rental declines, threat of vacancy, and lease volatility. Many clients need help with these things.
- Look for strengths and weaknesses – Some clients are better than others. Make sure you know why that is the case and prospect new business accordingly. You can find clients in that need help locally with property activities. Some clients are under pressure, whilst others are not. How can you help? When you know the answer, you will understand exactly how to prospect and network for lead generation and market share.
- Measure local property trends – You can track inquiry levels, tenant movements, sales, and listing activity. Understand what is happening in your location and delve into the trends for deals and listings.
- Get appointed to act – You can’t create commissions unless you have clients and those clients must agree to pay you commission. If you control listing stock then you have greater leverage in your market. Yes, I know you can conjunct with selling agents, but they have all the control of the client and that is not the best level of business to work with.
Are you ready to reach out to other clients and businesses locally? Chase the business and improve your skills at the same time; that is what commercial real estate is all about.