In commercial real estate brokerage, some clients are better than others for you in new business, commissions paid, and repeat business. You simply must understand that ‘value’ equation and the levels of ‘loyalty’ that some clients bring to your real estate market share. Make the right choices in just who you act for and work with.
Not all clients or customers are the same, and the property activities of some clients will change over the years. Knowing how you can work with those changes will help you establish a strong and relevant real estate business for your location.
So what can you do here with this idea? Set some rules as a ‘loyalty status’ indicator where you can identify and work with those better clients in relevant ways over time. Be a problem solver for your better customers as they work through property issues.
The top agents in the market, will usually have a small group of high value customers that they work with over time. Those people will be investors, or corporate by nature, and they will have numerous property challenges to work through over time.
Consider these questions and ideas to get this ‘client value indicator’ sorted and strengthened for your real estate business:
- Who are your top clients now? It is an interesting question, because it makes you think about the reasons why a client should be ranked higher above other clients that you know. If you work for corporate clients, then you could have a few people to consider inside the client’s business.
- What levels of new and current real estate business should you get from a good client? Consider all the variables of property business now per client across sales, leasing and property management before you think about commissions per transaction. You can be serving some of your clients in many different ways. There will also be some referrals coming your way from the better clients.
- How often do you serve your clients now? Some people will need your services in a frequent way. If you are the ‘agent of choice’ for the property type and location, you should attract this new business frequently.
- Why do they need you to help with property matters? Take your property services and knowledge base and look at ways that can help you lift your relevance on a client by client basis. Relevance will help you convert the property market and the listings more frequently and directly.
Given all of these things, remember this one single fact:
‘Your clients will give you the new business if you are the best person for the job in the location and for the property type.’
Do you qualify? If you can answer that statement positively, and fill that requirement, then it will be easy for you to attract the clients and the listings over time.
If you want to attract new clients, then take a serious look at the value that you bring to your clients as a commercial real estate professional. Be better than your competition and the others that are out there in the real estate market, and importantly make sure that you are marketing yourself at a personal level each and every day to the better clients and those that are higher on your ‘client loyalty’ index.