The quality of your client base in commercial real estate brokerage will have a direct reflection on your commissions. So the real issue is how do you attract and serve the top clients of the market? How do you get those clients to change agent or broker?
The answer to these questions is found in persistent process. You could say that these factors come together:
- Identifying the top properties and clients to connect with in the local area
- Finding reasons to make the approaches to these ‘high end’ people
- Using a contact process that is effective and regular
- Tracking the calls and the connections that you make
- Building trust and relevance with every contact
Far too many agents think that the prospecting process is easy. It is not. It takes real commitment and strategy to build a quality database of good clients with top properties. It also takes time.
It really doesn’t matter who you work for in real estate brokerage but it does matter what you do about it. Most quality leads and client contacts will occur through the efforts of individuals. A good brokerage is only the start.
This week I asked some salespeople in an industrial based real estate agency this question:
‘How many totally new people did you talk to in the last few days about their property needs?’
The answer was as expected and typically less than 2 new people per person. Some agents had not spoken to any new people. What a disaster! You cannot make commissions by talking to yourself. You must talk to new people every day to find the opportunities.
It should also be said that talking to only your existing client base will place limits on your results and market share. You can do something with this and you do have choices.
So I go back to the fact that the quality of your client base will radically impact the commissions that you make over time. If you deliberately chase down the best clients and property owners in a relevant way, you will eventually make some good contacts; over time that leads to leases, sales, and property management appointments.
If I was starting off again in commercial real estate I would make the following rule a daily personal commitment:
‘Find 5 new people to talk to about property each working day’
Over time it is not hard to contact 5 new people each day, but it does take total focus and system to get the job done. Every day some research is required to make the calls and connect with the right people.
You want more commissions, correct? The choices that you make are really important.