In commercial property sales and leasing today, be selective when it comes to working with new clients and prospects. Choose the right people to work with, and particularly those with the relevance for your location and property type. (NB – you can get more commercial real estate broker tips and ideas right here)
Some clients are more valuable than others from a transaction and a portfolio perspective. Grow the relationships that you need with the right people so that your market share, your listings, and your commission opportunities begin to grow.
You can never really stop networking in commercial real estate brokerage today. Whilst we can all have a degree of luck when it comes to any brokerage sale or leasing transaction, most of the valuable commission converted will come from ongoing contact and client nurturing.
What is a Good Client?
So exactly who should you be working with over time? To achieve that knowledge and that direction in your real estate career, there is always a good degree of property research and market review necessary. A career plan can be structured from local market research. Most particularly you will need to review all the following:
- the better buildings
- the bigger companies
- the best property precincts
- the relationships between companies, investors, and developers
- the streets and suburbs
- the new developments under consideration
There is just as much work in a small property transaction as there is in a larger transaction. With the larger transaction, the commission can be considerable for the degree of the volume of work involved. On that basis, you can and should set real priorities when it comes to some substantial listings, some clients, and some transactions.
Simple and Proven Client Strategies
Here are some of the proven and valuable secrets to help you qualify the clients and the better prospects in your location:
- Review the current property holdings for investors and public companies locally. In that assessment, you will find major parcels of land and/or improved properties that will one day come to market. Create a specific list of properties and investors that you should be connecting with in preparation for that listing opportunity.
- It is a known fact that any good quality property listing will usually attract reasonable levels of inquiry. If you focus your property marketing and prospecting activities specifically on quality property listings in prime locations, then the inquiry momentum will help you lift market share and personal profile. The inquiry momentum will also bring to you other clients who may can act on high value assets and bigger properties. That is how the top agents in most towns and cities grow their market share over time. They focus on quality first before they focus on listing numbers and ordinary people. Be selective in the properties that you work on.
- Seek referral opportunities at the right point in any successful transaction. A satisfied client or customer will generally refer you to other people and or companies that may need specialized asset or property assistance. It is significantly easier to convert an inquiry or lead through a referral, then it is through a cold call.
These three items are not complicated, but they are quite specific and they will help you convert more business over time. They require a deliberate and direct involvement of the broker or the agent into the market and across client groups. Are you ready for the challenge?
In undertaking these three specific strategies, a valuable and productive group of VIP clients can be created as part of a database marketing initiative. VIP clients are those that can produce multiple levels of business, listings, commissions, and projects across different locations and buildings over time. Remember the links and the opportunities between sales, leasing, and property management as you work with the different customers and client groups.
Different levels of business exist with investors, owner occupiers, and company owners. Look at the multiple channels of business opportunity and qualify your clients comprehensively in all those channels regularly.