In commercial real estate brokerage it is essential that you know a lot of people and that you connect with them regularly. There is no better way to build a real estate business than in connecting with a lot of people.
Take the average town or city. Perhaps consider your location and then answer the following questions:
- How many businesses are their locally in your defined prospecting territory?
- What are those business owners looking for when it comes to property occupation or relocation?
- Where are the property precincts where businesses and investors like to act or occupy?
- Where are all the high quality buildings in your location?
- Who are the property investors in your region?
- What are property investors looking for in changing or upgrading their investments?
They are simple questions and yet the answers are so critical to your real estate business. When you focus on the answers, you will know who to meet and why those meetings should occur.
Connections Really Matter
Build your business around meeting more people every day. Create conversations and connections that can open up into sensible long term relationships with commercial property in mind.
So you can do a lot with this concept. Here is a communications model to help you create more meetings in this way:
- YOUR ADVANTAGES: Understand the services and advantages that you offer people in the property market. You can’t sell a concept or service unless you really do know what it is. To take that a bit further, you may say that you are a sales expert, or leasing expert. Perhaps you are a property management expert. I would then say to you, ‘Why should I choose you over any other agent?’ Unless you have a relevant and real answer, then things can get a bit tough. You cannot be generic in this industry. Specialize your services and get better at it. Market your points of difference within your specialization.
- WHAT DATABASE: Choose a database system that works for you in a comprehensive way. When you talk to a lot of people you must capture the results of good conversations. You can only do that with a database program that is well structured and flexible. A lot of agents have asked me over the years as to ‘What is the best database program to use?’ The answer is not simple. Everyone uses data differently. The things that work for me probably would not work for you. Do your research in choosing a good database software alternative that helps you track people and future opportunities.
- DEVOTE THE TIME: Set aside the time every day to grow your business momentum; that time allocation is about 2 or 3 hours per day. Whilst you may have plenty of things to do in your job now, there is absolutely no reason why you cannot and should not connect with more new people on a daily basis. Top agents keep up the connections and reach out to new people. That is the central part of their business model.
So the core message here is that you can build your commercial real estate business model around people. That is the fastest way to build market share; get out into your territory or patch and talk to new people.