Commercial Real Estate Client Lesson 101

It is easy to be overwhelmed with all of the things that should be done and addressed in commercial real estate.  Without a ‘plan of attack’ the industry can be very difficult for some agents.

It’s not unusual to get lost in the ‘actions of the day’ rather than working on the ‘actions of the future’.  Many things can happen every day that distract salespeople from the things that really matter.

You could say that there is a basic rule to the industry and it is centred on ‘clients’.   On a personal basis you need lots of clients both new and current.  From those clients you will get your listings, leads, properties, commissions, and referrals.

So ‘lesson 101’ in our industry goes something like this:

‘New clients must be sourced every day.  Current clients must be encouraged and nurtured’.    

This is not a negotiable thing; it is essential.

When you have plenty of clients, you have the foundations of business growth.  Understanding what those clients want by way of property help is the next phase of action.  Timing can be a big issue for some clients, so get to know your clients and how ‘timing’ may impact their property choices.

If you put this focus into your daily work plan you will see the importance of prospecting for new business.

So here are some rules to help new agents get their business and client base under control:

  1. Make it a point of talking to new people every day.  As part of that process, give out your business card as much as possible.
  2. Develop a prospecting program that works for your area and your diary.
  3. Ask for referrals where possible with all clients and contacts.
  4. Create a database where you log all of your contact records and activities.
  5. Learn and practice the skills of ‘cold calling’ and personal marketing to spread the word about your skills and relevancy.

These simple things are at the ‘front end’ of our business.  By focusing on these 5 things, everything else makes sense, and the commissions and listings are easier to attract.

Before I close on this point, have you profiled your ‘ideal customer’, so you know exactly where they will come from and what attributes they will satisfy?  Here are some questions to help you with that:

  • Are they property investors?
  • Where will they reside?
  • What properties will they own now?
  • Are they business owners?
  • Where will their businesses be located?
  • How will you service your clients and why is that relevant?
  • Why are you different than your competitors?
  • How can you stand out as the ‘best agent’ for the job?

When you know the answers to these questions you have the factors that will help you pitch and sell your services in any property presentation.

There is no point in being ordinary in our industry.  Strive to be the best in every thing that you do.

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