How to Identify Important Clients in Commercial Real Estate Brokerage
Any commercial real estate business is one of variation and complexity. Good people with good ideas and skill are required in the team. There are clients and properties to understand as you probe the market conditions and changes. Somewhere in that equation will be the opportunity of commissions and listings in your town or city.
Are you a property specialist? Do the people of the local property industry regard you as a ‘specialist’ that they would trust in a property type or location? The answers to those key questions should always be ‘yes’. If you are not at that point of the market or in your career, then some effort in prospecting and client growth is required. Start working on a system of self-improvement.
The agents that work with focus and determination are usually those that get results or most them. Of course, the property market changes as do the economic cycles in any town or city, but sales and leasing transactions always exist in the property market for agents to work on. It is a matter of looking and digging for the leads and the action points.
Top Agent Rules
The best agents find the properties, the deals and the people to work with. Let’s put some priority on ‘people’, and particularly the important clients that you should be working with. Here are the ways I would do that:
- The owners of high value or large properties locally – it takes time to reach a level of trust and confidence with some of the larger property owners in any city. The process is however essential to growing a ‘quality listing bank’ of good properties. Research all the properties in your location, so you know exactly ‘who owns what’ when it comes to the better buildings in the prime locations. Make direct contact with your prospects and clients and stay in touch for the longer term.
- The portfolio owners in your town or city – the local property owners and particularly those investors with valuable property portfolios are ideal clients to work for over time. They will need help with property change factors like renovation, refurbishment, leasing, tenant mix, tenant attraction, purchase and sale. Get to know a good number of these people and build relationships with them over time. Help them see how you can help them with complex property challenges; set your fees for service on all variations of professional service.
- Property attorneys – these industry professionals have direct contact with the people that you would like to act for as clients. Property attorneys have not got the time to process sale and purchase decisions when a property is under some form of occupancy or performance pressure. That is where you can help. Offer your services to these industry professionals, so they know who to approach when property challenges exist with clients. Make their job easier; help them with their client property challenges.
- Accountants and bankers – similarly to the previous point, these industry professionals work on the properties owned by investors. The relationships there can help you with listings and professional services over time. Make a list of specialised services that these professional people may see as ‘client useful’. Directly market your services to these accountants and bankers, and build the trust with them over time.
From this simple list of important clients in commercial property, you can drive a good degree of property business. Some strategy will be needed, and personal marketing processes should be implemented over time. Keep up the contact, and you will find the new business with important clients in commercial real estate.
