In today’s commercial real estate market, you really do need to have a specific strategy that relates to property referrals and client connections. Over time the referral business that you convert and attract will give you many leads and opportunities to work on. That being said, it is a specific process and it does require deliberate effort.
Property referrals only come when you ask for them. It is a specific business process that should be merged into your database activities. Every person that you talk to should have one or two leads or levels of contact to pass on to you.
Referral Strategies for Real Estate Agents
Here are some specific strategies to apply to the referral process in commercial real estate brokerage:
- Inspections – After every property inspection, ask the prospective buyer or tenant about any other people they may know who may also be looking for quality properties locally. Don’t be afraid to ask the question of the right time.
- Business Owners – Many successful businesses look to change location or expand their business profile and exposure. That then requires a few new property choices and decisions. As part of your prospecting model, connect with a number of local business owners in a regular and ongoing way. Provide those business owners with up-to-date information relating to new property developments, rental strategies, and property prices.
- Tenants – The tenants and occupants of the building will know a lot about the intentions of other tenants in the same location. In speaking to one tenant, ask questions about the others in the same location or building. Businesses today need to handle issues of expansion, contraction, and relocation. Tenants talk to each other and on that basis, the shared information between tenants may be valuable to you when it comes to a future property lead.
- Existing clients – Many of your clients today can provide you with high-quality referrals and property leads. Progressively work through your database to create meetings with existing VIP clients and quality prospects. As part of the meeting process, you can ask those specially selected people about others that they may know that have an interest in the local property.
- Solicitors and Accountants – Many industry related professionals can be great sources of referral opportunity. Within their respective databases, they will have clients and contacts reaching the point of activity or decision on commercial or investment property matters. Get to know locally based solicitors and accountants so that you can relate to them personally and professionally as the expert agent in your town or city. Most solicitors and accountants have not got the experience or the interest in getting deeply involved in property change and activity with their clients. They do however require the needs of an expert agent to help their clients from time to time.
- Current and recent transactions – A successful property transaction today can lead to a number of other referral opportunities in sales, leasing, and property management. In finishing one sale or lease transaction for your client, you can ask for further referrals and leads to other people. It is a lot easier to convert new business opportunities through the referral process.
The best commercial real estate agents are experts at professional business communication and client contact. Over time they build significant levels of trust and connection with the right clients in the right way. Simple processes like that lead to volumes of referrals and new business leads.