When you really understand the commercial real estate business, you will appreciate the value of particular clients to the commissions and listings that you really require. If you have spent the time in growing your client list and relationships over the years, you will find that the leads and opportunities tend to flow back to you consistently. Choose your clients with due regard to quality, location, and motivation.
The concept here is that the clients that you know now, and the relationships that you can nurture with new clients over time, should be at the centre of your real estate business model; those relationships can bring substantial value to you over time in the form of sales, leasing, and property management opportunities. Understand the skills of the people within your team so that you can move your clients through the different services and the different solutions to solve a property problem.
The word ‘collateral’ in this case refers to your client relationships, both new and established, and the value that can be extracted from those relationships. Look at how you can build those relationships in relevant and real ways for your location. You want your clients to remember you as the property specialist for the location, when they reach a property challenge and difficulty. You should be the solution provider.
Create some relevance with the clients that you service. Undertake a self-assessment of your real estate services now. Drill down into the following factors as part of that assessment:
- the types of service that you offer and how you are marketing those services
- the depth of service within sales leasing and property management
- the commission structures for each of the services offered
- the marketing alternatives to achieve better results to your clients in a shorter time
- the size, accuracy, and the diversity of your client list
It can easily be said that you will not be able to specialize in everything across the industry and your location. There are just too many things going on, results to tabulate, and deals to transact. So the message here is that you can drill down into specific segments, clients, and property types.
Take for example the leasing process and the property leasing services that you do offer now and can offer in the future. A specialist approach would allow you to understand, offer, and specialize in the following activities:
- improving market rentals for an asset
- leasing specialization for the property type and the location
- a database that comprehensively covers the local businesses and tenants
- resolving vacancy problems within property
- re-positioning the tenancy mix for improve occupancy
- introducing an improved rental or leasing strategy to a client
- improving property performance over time through proven initiatives
- introducing marketing solutions to attract more tenants
- resolving documentation issues relating to the existing tenant leases
- negotiate every lease and occupancy situation with a view to the clients targets as an investment
- tracking the critical dates relevant to the existing tenancy mix
- business planning a property so that the occupancy is optimized in every way possible
- provide the client with a comprehensive assessment of market conditions, leasing cash flow, and tenant enquiry
So there are some good things that you can do here when you really think about specifically providing leasing as a service and a solution to the clients that you work with. Look at how you can improve the client’s property and investment outcome financially, and physically.