In commercial real estate brokerage today, you must know lots of people and, in doing that, build strategic alliances and trust. Commercial real estate brokerage is built around knowing the people and finding the property situations.
Before finding any property situation or change that will trigger a transaction or listing, you must know the people. It is a simple formula to work to each day. Get to know the people, and everything else will follow.
So, just who should you build ‘strategic alliances’ with? To answer the question, consider what a ‘strategic alliance’ is. Then investigate your town or city to find the significant people, the properties, and the locations. Set priorities in your list, so you have something to start from. The premise here is that some people are more important than others.
Alliance Strategy List for Agents
Here is a list of people below that you can and should build strategic alliances with for the long term. In giving you the list, recognise that any property transaction opportunity is something that takes months and years to ‘take shape’.
When you open the door of a conversation or connection with these people, be relevant, professional, and aligned to a location or property type. Generic agents don’t win much real estate business—start building real estate relationships with these people from today to the next few years.
Local Property Owners
It takes time to find these local people. Set a primary target of finding five new property owners daily in your ‘priority precincts’. Over 90 days that creates an average of 300 people in your database.
You can build some progress around that type of approach. Over 12 months that becomes around 1200 people. You can thrive as a real estate agent with that size database.
Real Estate Investors
These people are your VIP’s and they are likely to do business with you in multiple ways and at times where you least expect the ‘request’.
Property investors like to buy and sell. They also want to lease or change a tenancy mix. Be prepared to offer comprehensive leasing and sales services to investors and have an array of solutions and services locally to suit.
Local business owners, will require property help from time to time. Knowing local business owners will give you plenty of momentum in leasing, buying, and selling local commercial real estate. You can also act as a tenant’s agent with properties of suitable size and businesses a suitable need.
If you were going to work as a buyer’s or tenant’s agent, ensure that you are working with the people looking for more significant properties of a quality location. Ensure they are also prepared for and capable of completing the eventual transaction. You want them to pay your commission for the property you will locate.
Accountants and Financiers
Accountants or financial advisors in your town or city can be an excellent source of clientele. You will have the property knowledge to help clients proceed with their transactions or solve property problems.
They are a good market segment to connect with. That is why ongoing contact with local accountants will be a productive prospecting process to help your business thrive and grow over time.
Accountants or financial advisors in your town or city can be an excellent source of clientele. You will have the property knowledge to help clients proceed with their transactions or solve property problems. That is why ongoing contact with local accountants will be a productive process to help your business thrive and grow over time.
Builders and Developers
Throughout the year, more local properties will be considered for development and others for renovation or repositioning.
What is happening with developments locally? Understand where you can go or whom you can talk to when you need that certain information regarding potential projects or redevelopments. Understand how those developments can be processed or approved.
As a special note, there will be a planning process and a planning approvals office where these developments can be found or tracked.
Strategic Alliances Summary
So, you can create strategic alliances with all these people. Over time those alliances will help you find the following transactions you are looking for. Around that, you can position yourself as the agent of choice for local property investors and business owners.
As a general priority with all these people, make contact daily and build relationships where you have identified needs and opportunities.