It is very hard to get anywhere in commercial real estate brokerage unless you have a client list that you personally work and shape. Your list is your pipeline of focus and future business opportunity; be that in commissions, clients, or listings. A good client list will help you see what you can do next and why someone would need your professional services.
Interested in creating a ‘quality client list’? So let’s look at the typical problems with all of this first as it is those ‘problems’ and hurdles that you have to remove first:
- Frequency – A database is quite useless unless it is kept up to date. If your database is out of date then it is redundant.
- People contact – The people in your database should start to know you and your name because of regular ongoing contact. Connect with everyone in your database at least once every 90 days.
- Relevance – If you want your call process and database to grow, you must connect to your market and people with relevance. People must have a reason to remember you and listen to you. What are those reasons?
If you can fix these problems then you are ready to go with your high quality client list (or at least building one for the future).
Set Your Rules
Here are some rules to get you started with this:
- Quality Database Software Online – There are plenty of software programs to use in setting up and growing your database. Choose the package that you can afford and use easily. Get a cloud based system so you can get to your information at all times.
- Focus on Segments of business – First and foremost you will need to segment your list into sales, leasing and property management clients and prospects. From that point you should be able to break people into groups such as investors, property owners, business owners, tenants, sellers, buyers, and developers. You can also split people up into prices and rental groups, as well as locations. When you get your segments right, you can search for any criteria at short notice and find best people to talk to when you have the right listing coming up.
- Focus on Location – Most prospects will be interested or located in a part of your city or town. Segment your list so you know where people are located or want to transact property.
- Make plenty of calls every day – Grow your list every day. Spend 2 hours on your list growth and prospecting every day. There is no other way to do things if you are really serious about your real estate business.
- VIP’s – Some people will stand out as high value and repeat customers. They become your VIP’s. Have a special segment in your database where you can label these people and work exclusively with them.
- Relevant Information – Capture the right information from all of your call and meeting contact. Given that you should know lots of people locally, your notes in your database are the only way to keep tracking opportunity.
- Critical Dates and Follow-ups – Understand when you have to connect with your prospects and clients again and set up your software to give you those action triggers.
- Email auto responder – Auto Responders are very good business tools to use when you have lots of people to connect with frequently. Get a software package that allows you to integrate client contact into auto responder activity.
Commercial real estate is not a complex business. Get in front of the right people in a relevant way and keep the process going. If you are not winning enough business today, then you do not know sufficient people at a professional level; that’s the rule to understand and resolve.