How to Get More Commercial Real Estate Referrals

Commercial Real Estate agency referrals and leads are very important to agency.  You really do need a referral program to help you build more leads and opportunities in the marketplace.

It is far easier to create leads and new business from referrals than anything else.  That being said, it is the correct clients and the correct prospects that will help you with referral business.  It all comes down to asking the right questions at the right time.

Here are some ideas to help you establish a referral based programme as part of your real estate agency structure.

  1. It is an established fact that sales or leasing, and property management are all linked.  This means that one transaction can lead to another.  A successful lease transaction of today can be a property management appointment tomorrow.  A successful property management appointment today can be a sales or leasing opportunity for the future.
  2. When working with clients and prospects, the level of connection and the outcome of the services provided will give you leverage for establishing referral business.  With the end in mind, all client connections and services provided by you and your agency should be of the highest quality.  When the transaction has been completely and successfully finalised, you can ask for the referrals.
  3. Every client in commercial real estate will usually have an accountant and a solicitor that supports them with property information and advice.  Ask those clients to give you introductions to their legal and financial support professionals.  It is a fact that those accountants and solicitors will have other clients that are likely to need property assistance from time to time.
  4. Most top real estate agents will ask for the referral business at the appropriate time.  Only you can judge when that time exists, although the question needs to be asked.  When it comes to a sale situation, it is likely to be after the settlement has been transacted.  When it comes to lease situation, it is likely to be when the lease has been completely signed and satisfied financially by all parties.
  5. Some clients and prospects will expect something in return for a referral, lead or an opportunity.  Gives an benefits may apply.  As to what you can do for them in return for the referral will be subject to professional business protocol, and the laws and legality of property transactions as they apply in your location.  There is nothing wrong with contributing to a charity on behalf of the person that gave you a referral.

It is interesting to note that many agents struggle with the referral side of the business.  They either forget the process entirely, or don’t do it very well at all.  Build your systems so that leads and opportunities can be generated from the people that know you and that you have served.

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