In commercial real estate brokerage some clients are better than others. Some prospects are better than others. You have some choices to make here. Selectivity is required to get to the best real estate business and opportunities.
The best prospects and clients understand the value of a skilled and qualified real estate agent that knows the local property types and location opportunities in sales, leasing and property management.
Inside that simple fact of ‘relevance’ you will find great listing leverage as you refine your property presentation and listing pitch. Relevance above everything else will help you win new real estate business.
Find the VIP Opportunities
The message here is that you can and should work a VIP list of people in your database. Over time there will be plenty of relationships to nurture and open up. They say that, timing is an important factor in making contact; in commercial real estate it can take months or years for a client or prospect to get to the next level of property activity. You have to be ‘top of mind’ when they get to that point. They have to trust you and remember you. That can be a tricky position to create and shape. Top agents do it very well; can you?
Establish your System of Contact
There are many ways to get to a VIP strategy in your client list. Here are some proven strategies that have worked for me over the years:
- Connect – As a base rule, you have to connect with a lot of people in your local area each week and every day. From that connection process you will find people to work with, some to know, and others to discard. Through some carefully crafted conversations you will know if a new property contact is of value to you and if you are of value to them. There is no point in chasing down a person that is of little substance and potential within local property industry or investment market.
- Qualify – When you think you have found a person of interest, ask more questions about what they own, what they have done, and where they may be headed with their property ownership or occupancy. Look for leverage and timing factors. A good quality conversation can take you into many levels of property change. Some of your prospects will be VIP’s.
- Segment client requirements in your database – As logical as it seems, the data and facts that you extract about a client or prospect should be entered into a database in logical segmentation. That is where many agents fail due to a lack of attention to detail with their most important business tool. The accuracy of the information in a database must be high. The way in which you capture the information in your database will help you find the right people with any lead or new listing. A database that has not been correctly structured and maintained is useless to agents and brokers from a business point of view. If you want to rise to the top of your property market, your database is the main way (perhaps the only way) you will find and tap into the best opportunities that are out there.
- Call monthly & set meetings quarterly – As a base strategy, set some minimum contact strategies with all VIP contacts in your contact list. Over time you want that contact strategy to grow and expand to help you find the people with property changes and opportunities. Use the ‘to do list’ and or ‘diary contact system’ to record and repeat your contact processes with important people.
- Case studies for the zone and property type – Over time you can provide plenty of local information from recent sales, leasing’s, and property developments. Investors and property owners like to know what’s happening around the precinct with property change. You have that information so you can package it in regular updates and case studies. Always brand yourself heavily in any property updates and case studies. Tell a story that is of value to the people that you connect with.
- Market briefing nights for the selected VIP prospects – Every 6 months or so you will have enough local information that you can use in a property presentation for prospects and clients. That presentation can be held locally or even in your office. You can invite other property related specialists to speak on the night so the variety of content helps your prospects in many different ways. Make the ‘briefing nights’ interesting with facts about prices, rents, current and future supply, and business precinct changes. You can talk about the local precinct and where things are heading.
A base plan like this will help greatly in finding and then moving a VIP client or prospect in your database to the next level of commercial real estate activity.