Relationships that can be built in commercial real estate are important for a number of reasons the greatest of which is being able to fully understand the client’s needs and property challenge or targets.
Every client is different and every property is unique. A marketing strategy can be built around those differences. Real estate opportunity sits within.
The underlying opportunity of a good client relationship is obviously a future business, property leads, and referrals. Be aware of all the variations of how you can do business in commercial real estate today and how you can attract new people.
What Can You Do?
These ideas and initiatives below will encourage a positive relationship to reap the maximum benefits:
- Maximum involvement and understanding – good commercial real estate agents encourage a solid foundation of activity with the client so that they are close to the client when any decisions need to be taken. Sometimes that maximum involvement can include tools such as marketplace information, details of leasing and sales activity, and details from other markets. How you deliver the material is up to you but technology can support the process.
- Ethics and You – Ethical business practices and good business processes are fundamental to the foundation of success in commercial real estate. Given that the larger volume of customers and clients are business experienced people, it is essential that the commercial real estate agent is very familiar with presentation matters, computer technology, property performance analysis and forecasting methods, and written reports and documentation.
- Protect your Information – Confidentiality is an essential element of dealing with commercial real estate. A customer or client dealing with a commercial property will appreciate your confidentiality, diligence, knowledge, and tenacity in the overall transaction.
- What Do They Want? – Your clients and prospects need to understand their overall targets and future opportunity. Sometimes this process requires clarity and the real estate agent can assist. Through asking the client or customer key questions, it is possible to understand the best type of commercial property which will suit their investment needs. Once this has been decided, methods of approach and acquisition can be decided.
- Dig Deeper – The most successful commercial real estate agents are continually exploring the market for new opportunities for their clients. It is common in commercial real estate for sales and leasing transactions to occur off-market and away from the public eye of publicity and public sales such as auctions. Indeed the largest sales are commonly transacted in this method.
Any transaction whether it be a sale or leasing would involve a number of all variables such as rental, lease documentation, tenant’s business details, etc.
Understand the Variables
It is important to explore all of the variables of a local property prior to the client or customer making a final decision. These variables will affect the cash flow well into the future and are not just simply a deal to be accepted or declined.
A lease and a tenant mix has an effect on the asset for a number of years and therefore must be fully understood before the final clients signature occurs. That’s your job.