In commercial real estate brokerage, you need a plan and a system to build market share. The process of building your property business takes time, and a system will support you in progress and results. The same rule applies in sales, leasing, or property management. (NB – you can get plenty of market focused tips and ideas in Snapshot right here)
Connecting with your property market in the right ways will help you find the people that you require as clients. In all facets of the industry, you need a contact plan for your clients and prospects. Contact in a relevant way over time produces results more than any other business process. Brokerage business thrives on a process of personal contact.
Your Contact Plan?
So, what is the contact system that you could use? The message here is that you can choose a few tools that are right for you, and then act; monitor the actions that you take and refine the processes over time. Improvements can always be made in the real estate business at a personal level.
There are many tools and ideas that you can use here, so choose the strategies that you are comfortable with and can refine and improve over time. Here are some ideas to start you off:
- Cold call – make a good number of cold calls via the telephone every day before you leave the office. The best time to do that is first thing in the morning. It is a process that takes practice, however it is the fastest and most cost-effective way to generate new business. Learn how to make plenty of direct calls to the property people in your city.
- Cross-selling – a client from one type of transaction can be a client in the future in other ways. Understand the linkages between sales, leasing, and property management. Ask about the extra help that a client or prospect may require over time.
- Door-to-door – this process works quite well with local businesses. Drop off your business card in all the local businesses as you logically proceed through streets and property zones.
- Face-to-face – you must connect with people as the business is largely relationship based. Create meetings with people, so they get to know you at a personal level.
- Field selling – this is a variation of understanding your territory or precinct. Know all the properties and buildings in your location and approach the business owners and tenants directly
- Mailshot – the traditional direct mail piece is of real value and has a reasonable impact. You can use the process with new listings and local area updates.
- Email marketing – you need a database and website to make this process work. Build your database list over time and make sure that you are sending out meaningful and relevant emails to those people that have permitted you to do so.
- Personal selling – your brand is a personal thing. People must trust you and believe in your capability to serve them. It goes back to the point that people locally should be met and connected with. Face to face marketing is critical in commercial real estate brokerage.
- Upselling and referrals – when you offer one service such as leasing, look at the variations such as sales and property management. Some clients have many buildings and thereby challenges in property activity. Help them see how your services in the future could work for them.
- Existing listings – the existing listing stock that you have today will be a good reason to talk to others in the location. Use all your existing listings as a base of conversation with others.
- Websites, social media and online marketing – these all fall into the same group and are increasingly a good way of marketing real estate services, properties, and opportunities. They do not, however, replace the traditional ‘face to face’ requirement of the industry.
From these things, practice and confidence will support the process. Mix and match the networking tools that you can understand and optimize in your location.
Make the process yours in all respects; own the process and make it happen at a personal level. It has been said many times in commercial real estate that ‘the results in the industry are many for those that can get their prospecting processes established and improved over time.’