It takes time to build customer value and loyalty in any industry. Customers and clients are at the centre of most if not all property activity; given that rule, you want prospects and customers to remember you at the right time as they consider property choices and change. How well do you know your clients and prospects now? It is a good question to consider as the business year progresses. (NB – you can get more client contact tips in commercial real estate right here in Snapshot – its free)
So, what is happening in your property market and where are the next opportunities? In commercial real estate, you have the added factor of competitive marketing and property location pressures. Top agents win the trust of clients and then they ‘open the door’ on leads and requirements as time and tasks generate. Constant contact with the right people works quite well with most clients and prospects.
Attracting and Converting Clients
Here are some valuable ways to attract customer interest and keep it flowing for the long term:
- Transactions by property type – when you know the types of property that a client prefers then you can focus on leads and off market deals. Give the client plenty of information about their preferred property type and the changes in that market segment over the year.
- Transactions by precinct – sales and lease transactions create trends and averages with prices and rents. Communicate those factors back to your prospects and clients so they can see and understand that you are the investment market specialist for the precinct.
- Referral business and repeat business – asking the right questions at the right time will always help with referrals and repeating business with the people in your database. Making calls and providing local information in a meaningful way will add more leverage to the process.
- New property acquisitions – look for the other properties that may suit your client and their investment needs. Many an ‘off market’ deal has been done through client awareness and ongoing contact. You do not want your clients or prospects transacting any property need through your competitors so keep the ideas flowing with all your clients.
- Changing property portfolios – it has been said by many top agents in our industry that portfolio diversity will help with investment stability. Diversity means different property types and different locations; when factors change in the property market, then the diversity of the property portfolio will limit damage or risk of income decline.
- Property market feedback and indicators – chart rents, prices, and current or future supply for property in types and locations. That then becomes useful information for client contact and any negotiations that may be active on a vacancy or sale. Information always helps with market awareness and transaction momentum. Most clients do not have the sources that you have with local property changes and transactions; use that information with all conversations.
- Resolving vacancy factors – it is a fact that a leasing of any vacancy will give future client leverage to an agent or broker in some ways. That leverage is valuable when it comes to future sales or property management activity; resolving a vacancy is an opportunity for something else to happen. What leverage can you create with your clients? What vacancy matters can you resolve with your clients for the coming six months? Good questions like these will help you get closer to the client and win their trust.
So, these are good ideas to implement in your brokerage business with clients and prospects. Set up your system so that the good people you know now are approached and served in special ways across all aspects of property performance. Be different and relevant in your contact processes.