In commercial real estate agency, you hear so many people talk about the importance of referral business. Top agents get most of the referrals and the repeat business available. Why is that? They were just too good in handling the property transaction, and the people that they helped were so impressed with the property transaction service, the marketing solutions, and the momentum.
You could say that referral business will come to you when you provide a top service with the people that you work with. It is not a complex matter but it is a definite service and solution mindset.
As an agent of some years in the industry I can look at the issue in reverse and decide what I would like from agents that could work for me on any listing that I may take to the market. You could say that I would be a hard task master; however that’s not a bad thing. 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 with the mindset to attract 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 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 a long way from the prevailing market conditions, the only way to help them is through third party evidence. Prices, rents, time on market, and improvements all have a relationship to any negotiation and comparable property. Get the full facts 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 solicitors can derail the interests and intentions of the parties to the deal.
In summary, top agents stay with the deal from the start to the very end. They know that the referral business is there, providing that they do a great job in helping their client.