In commercial real estate brokerage, you can set a foundation of business growth around repeat and referral business with all of your good quality contacts. How do you do that? When a successful transaction is completed, the referral request should occur.
Know Your Database List
Repeat business should be a result of your ongoing database activities. That repeat business opportunity comes after a few years in the industry when you have done some deals and reached a stage of momentum in your business as an industry specialist. By that time, people know you and your relevance to them. They tend to seek you out to talk about the next property changes and opportunities.
What About Your Ongoing Marketing?
A good degree of ongoing personal marketing with existing contacts will also allow repeat and referral business to grow and thrive over time. Its time to grow your business around you in this way. Look at what you have done in your real estate transactions over the last year. Are there some people in that group of transactions that you can reconnect with and ask about business requirements or referrals? Revisit the idea and see what you can do and who may be willing to share information and contacts.
Start Your Referral Plan This Way
- Start the day with scheduled calls to people that you know.
- Any successful transaction is a reason to ask for referrals and leads.
- Create a social media platform of a few channels that you can use regularly.
- Track all your conversations with key people. Know who those key people are to you and why that is so.
- Send regular market updates via email and direct mail to people that you regard as quality contacts
- Know your ideal client profile and target group. When you specialise in that way, your prospecting activities can get better results.
- Work harder and smarter where situations allow. Property market changes will give you leads and opportunities.
- Know your client’s investment needs better than they do. Help them see what is coming up.
- Work all your lists comprehensively for referrals and repeat business. Those lists can be separately optimized in groups such as buyers, sellers, business owners, tenants, investors, and landlords.
- Use your listing inventory to talk to more people in the location or target audience. Soon your actions will be noted as special and different above those of more ordinary agents.