Your database in commercial real estate is perhaps the most important business tool that you have. That list of people and contacts should be accurate in every respect and growing in a continual way. (NB – you can get plenty of database tips in our ‘Snapshot’ course right here – its free)
If you are looking for more listings and clients over time, the opportunities will be in your database and your client list. Stay close to the list in every respect and ensure that it is growing daily.
You cannot and should not attempt to delegate the database process to other people; it is your list in every respect and should be enhanced through your daily telephone calls and meeting opportunities. The quality of the information that you capture and place in your list will help you grow your real estate career faster; respect the list for the opportunities that it provides you from a personal perspective.
Connections are Critical
So, this becomes a business strategy for each agent looking to grow market share and listing opportunities. In connecting to new people regularly through telephone calls or meetings, the following strategies should apply:
- Relevance to the local property market and the property types
- Information that is up to date and interesting
- Contact cycles that encourage ongoing communication
- A professional approach at a personal level
- A tracking mechanism to record conversations and communications in an ongoing way
Taking this to the next level, a good degree of loyalty and trust can be established with your clients and your contacts over time. Help them understand the business specialties that you can provide to their property challenge when it arises. Keep them up to date with meaningful information for the location, and in doing so provide them with the competitive edge that they may require with their portfolio and property investments.
The message here is that your client list is perhaps the most important business tool that you have, particularly so as you build your career and market share locally. Understand the opportunities that are available to you in commercial real estate brokerage; act on those things through direct and relevant communications with local people. Research the right local people and make contact through telephone calls, door knocking, and meetings.
Here are some ideas to help you build exceptional loyalty into your client list and database over time:
- Specialize into a property type and location. In that way, you can provide a high level of service to the people that you know. Provide market information that is deeply directed into your property specialty. That will help in building your brand as the local area specialist.
- When listing a property exclusively, canvass the qualified people in your database to ensure that they have the first opportunity to see the newly listed property and consider it as an investment or acquisition. Some of your existing clients will be VIPs for you from a business and relationship perspective. Provide a unique and special communication process to those higher-level people with the right listings at the right time.
- Split your database between ordinary people and high-level VIP contacts. The information and the service that you provide to each separate group should be carefully considered and structured into a pipeline of communication over time. Regular communication will help you build opportunity with local people in the location.
- Your experiences with property in the location will allow you to share relevant stories with qualified people locally as you pitch and present your services. Property stories offer a higher level of engagement and communication. That can lead to meetings, inspections, and conversions.
It is interesting to note how relationships over time can help you build a better real estate business. The top agents of the market will have a database that is built on the foundations of growth, relevance, loyalty, and trust.