Commercial Real Estate Agents – How to Attract Referral Business Today
In commercial real estate agencies, you hear so many people talk about the importance of referral business. Top agents get most of the referrals and repeat business. Why is that?
They were just too good at handling the property transaction, and the people that they helped were so impressed with the property transaction service, the marketing solutions, and the momentum.
Reputations are a Cornerstone
Reputations in commercial real estate are created over time. Professional and timely service will help you no matter the property market’s state and condition.
You could say that referral business will come to you when you provide top-notch service to the people you work with. It is not a complex matter but a definite real estate service and solution mindset.
As an agent with years in the industry, I can look at the issue in reverse and decide what I would like from agents who could work for me on any listing I may take to the market. You could say I would be a hard taskmaster; however, that’s not bad. Strive to improve in your real estate services today. Be better today than you were yesterday.
Principles of Client Connections
Some of the property investors and property owners that we work with are highly experienced business people; they know what they want and they know when they do not get it.
Here are some ideas to help you adopt the mindset of attracting referral business from every transaction in commercial real estate.
- Market knowledge will underpin all of your recommendations and communications. Market knowledge will help you build trust and relevance to the prospect or client. Gather the right market knowledge to help you with presenting, pitching, and listing, inspecting, negotiating, and closing.
- Most clients and prospects like to have solid recommendations to move ahead in the property transaction, but they also like choices. When you give them some choices with their listing situation they can feel as though they are in control.
- Check out the comparable property information and the market evidence that can be used to help the client make a solid decision. Help them in all decisions by removing the unknown factors. If the client is far from the prevailing market conditions, the only way to help them is through third-party evidence. Prices, rents, time on the market, and improvements all relate to any negotiation and comparable property. Get the full facts of any other comparable property and explain them to the client.
- Keep in constant contact with your client through all stages of the property transaction. When the deal goes to paper and is passed to solicitors, stay with the transaction on behalf of your client. Some solicitors are notorious for slowing down the property sale or lease; they say they will get to the paperwork when the ‘can’. Slow paperwork with property solicitors can derail the interests and intentions of the parties to the deal.
In summary, top agents stay with the sale or lease deal from the start to the end. They know that the referral business is there, and they do a great job in helping their client. Ask for referral business in the right way and at the right time.
