It is the clients who pay your fees, and not the tenants or buyers that may want the listing, so be careful who you serve. Know your client comprehensively and then ‘drill down’ on what they need and how the property market change and churn will work for them.
When you have lots of listings, you have lots of clients and plenty of enquiry (usually). That is where the ‘dilemma’ of service starts in helping your clients move forward with real estate challenges and targets.
Open Listings Versus Exclusivity
The best way to break down the service challenges is in separating your real estate services for your ‘open’ listings versus ‘exclusive’ listings. The responses and market efforts applied in each situation of sales or leasing should be different. Spend most of your time servicing ‘exclusive’ listings.
First and foremost, define your client profiles and connect with those people who could or will be clients that you need over time. They are essential people in your business life, always represent yourself confidently, comprehensively, and your agent strength to them. Know your real estate strengths and work them into your prospects and your clients.
Be Diligent and Direct in Contact
Some agents struggle with market share and client base creation; it is a common problem. It should not be so, given that the way forward only involves talking to people every day diligently and directly.
It is not a pitch but a conversation that takes things ahead for you in brokerage. Become more ‘proficient’ at creating commercial real estate conversations with new people. Know who your clients will be by profile and start connecting with them
As people and organisations readjust their property portfolios to meet their new and emerging real estate requirements, they can continue to provide you with listings providing you spend time every day talking to them. Also, if they are satisfied clients, they will refer you to friends and family, and so provide you with more business.
Client Conversations and Ongoing Connections
Organised conversations and connection processes are the best ways to take your real estate business forward. Here are ways you can develop a client base as a real estate agent in your location.
- Systems are always first in getting started – Get organised in what you are doing every day with targeted new people locally and create plenty of new connections. There is a mindset to that and a good number of processes to refine and set up for yourself. That is where ‘systems’ become critical to your operations. Talk to new people and start filling your property pipeline with more people. Some will ‘fall out’ of the funnel, and others will stay for reasons that you will define.
- Set your client profiles, so you know who you are talking with and why – When you put some clarity into the connections, the conversations get a lot easier. Who then are your clients by type and location? Are they investors, business owners, developers, retailers, or franchise groups? Choose your groups. In each segment, there are plenty of people to connect with; so start asking your questions and connect to those new people every day.
- Track your progress daily – Understand just how many calls you are making each day and how many connections come from that. A changing property market is something that you can always work with. Look for the market changes and then work into the segments of people and business owners. Frequency is important in contacting people. You must talk to many people every day to find a few ‘snippets’ of opportunity. So, there is an equation within all of that to watch and work with. How many people do you talk to now each day, and how can that be improved?
The ‘formula’ of commercial real estate is not rigid; it is just consistent, and that is where many agents struggle. Consistency is not something that many people can work with. Every day it takes focus and personal drive to go back into the contact process.
Get yourself under control and dig deeper into your real estate systems. Do the right things every day and build your real estate skills around that.