Why not make your commercial real estate business a bit easier? When I say easier, I mean in finding listings and generating leads. There are always some good ways to approach the property market and the opportunities that exist. Referral strategies are part of that. (NB – if you want more client strategies as a broker or agent, you can get them in Snapshot right here – its free)
In any town or city, there are better ways to do things in commercial property brokerage. There are ways to find new business, and some are more effective than others. Understand the property market for what it is and where it is headed. Watch your competitors and clients; see what is happening and how it is happening. Learn from the best people locally, and then build on your strengths and their experience.
Generate real estate growth for yourself through many specific systems and strategies. A good way to do that is to use the referral process and the relationships of your existing clients and prospects. Asking the right questions of others at the right time will lead you to more listing stock or property people that need help.
Specialization in Your Real Estate Business
Specialization is the key to converting more business through referral activity. A successful transaction is always a reason to convert referral business with others. If you specialize as an agent, you can always speak and negotiate at a deeper level.
The existence of one client relationship is the valuable foundation for connecting with other clients and prospects. Given that we should know lots of people in our locations and buildings, the referral process is complementary to everything else that you do with clients and prospects.
- Easier conversion of leads and opportunities – it is a fact that referral business opportunities are always easier to convert to new listings and services. It is easier to ‘open the door’ on a new lead or opportunity. There are others in your location looking to sell, lease, and manage commercial real estate. Ask questions as part of your normal client contact and in every meeting.
- Bonus transactions from established relationships – look through your database of existing clients and prospects. Some of those people will be more trusting of your services and will be firmly connected to you; you can do something with that business relationship. Establish groups of people within your database with a bias towards future opportunity, ongoing service, and referral relationships.
- Gaining the trust of another prospect much faster – trust is a big thing in commercial real estate brokerage, and you should use that fact as leverage in connecting with others. You can use all your trusting and established client relationships to connect with others locally. Rank your client list on a ‘trust’ indicator to identify those that may help you with new clients and relationships.
- Rewards for ongoing contact – you may choose to establish a referral bonus or gift system to provide to others when a new client or listing is converted. It is a way of showing gratitude to your established clients when a positive referral has been made with others.
- Allowing professional service and results to drive new business – the idea here is that timing is important in asking for links and connections with others. When you complete a valuable transaction and a successful one, ask for the link through to others. One transaction leads to another.
There are things that can occur here. They are simple things that will help you with your real estate business.