It pays to profile and short list your top prospects or clients in commercial real estate. That then allows you to devote special time and energy to helping them with property changes and needs. Those clients and prospects almost become a ‘VIP list’ of people within your database and on that basis you can give special service and devote more attention to them. Nothing is more frustrating than seeing another agent get the business of one of your top clients when you thought the business was yours.
So what do you need to know about these property people? Here are some good questions to get started:
- Who they are locally – This is a good question to consider when you first connect with any new person. All of the personal facts about the person including who they are and how to contact them directly will be really important. In the case of companies and corporations, the decision maker can be a difficult person to connect with especially if there are layers of management and a few ‘gatekeepers’ to go through.
- What they are active with by property type – Some people prefer owning, buying and selling certain property types. Perhaps they understand the property type (eg industrial, office, or retail), or perhaps they prefer a certain location. When you know what they currently have by way of property, ask plenty of questions. Trust developed with the client will help you ask better questions, and for the answers that they give to be more relevant and real to their situation.
- What they currently have now – Diversity in property types is something that some property people use to spread risk. It is rare for one property to be peaking at the same time as all other property types. Diversity can be achieved by both property types and locations. The client can own a number of properties in various locations and situations. Every property will be impacted by age, tenant mix, supply, demand, and improvements. Specialisation will help you identify the strengths and weaknesses of any property or client owning property.
- When they could require upgrade or change – Some clients know when they need to move on the next property change or upgrade; other clients may not. That’s where you can be the ‘eyes and ears’ for the client watching for the next opportunity to buy, sell, or lease.
The property market is quite simple and it centres on clients. I go back to the important point that as an agent, you should know your clients comprehensively, and within that group of people some will be VIP prospects and clients for all types of reasons. Look for the next opportunity that you can introduce your clients into.