In commercial property today, the database system that you use will give you the opportunity to build market share and future commissions. Unfortunately the database process does require daily attention and accuracy to detail.
Salespeople are typically not well suited to the task of looking after their database and will avoid data entry at each and every opportunity. Unfortunately over time, this will have impact on their business and that of the agency.
It should be said that top agents typically take ownership of their database and build the information accurately every day. They know that the database will give them a listing and commission opportunity. Their database is authentic.
What is the best database to use?
Many agency principals spend weeks if not months considering the correct database to use as part of their business model. They will then spend significant money in purchasing the software, and then implementing the database process and the plan. The intention here is always good, but the reality is far different. When the agency principal hands over the database to the salespeople, their commitment to the process is usually less than desirable. Within a few months, the entire database is out of date and neglected.
Relationships! – they are critical
To establish a good customer relationship model in commercial real estate, it pays to have the complete commitment of the sales team to using the software before purchasing the final system. Today it is best to have some CRM software program that assists you in the following ways:
- The ability to split the clients and prospects into both property types, and locations is essential. Sub categories can then be established for price, rental, time requirement, and communication notes.
- Every database program should have the ability to broadcasting emails and HTML e-mail newsletters. The newsletter process should happen at least once per fortnight. Once per week is even better.
- Records of every client or prospect communication should be kept within the system for later reference. It is a sad fact today that many clients and prospects like to challenge us in what was said or done. Make sure you have all of the facts at hand.
- When you run a cold calling prospecting model, it pays to have a separate area in the database that allows you to categorize suspects and prospects that can be future business opportunity.
- All existing and previous clients should be in a priority zone of the database where you can give them special attention. It is not unusual to set up a VIP club or concept for those clients that you have done business with before.
Build your commercial real estate business with all the right tools and systems. Over time the use of those systems will help take your business forward. It is a personal process.