Some clients and prospects are more valuable to you than others, especially when it comes to commercial and retail property investment sales and leasing. (NB – you can get more tips about commercial real estate brokerage right here)
Develop a qualification process so that you can build directed momentum into your brokerage business across the better listings, the right clients, and the larger commissions.
What can you do?
Learn how to identify the best buildings and people that you should be converting to new property business over time. Comprehensively research your local market, the listings, the competitors, the owners, and the businesses.
The property market is always under change. Use the changes to your full benefit. Review the supply and demand factors from local businesses and investors. Connect with the local property developers as they look for land and older buildings to apply their development skills to.
It can take some months if not years to reach out to some clients and local business people to help them with their property and or property activities. Can you say that you would be ‘top of mind’ when it comes to your VIP Clients and their property choices and challenges?
Don’t forget to cross link your services in your brokerage, especially across things like:
- Investment Sales
- Owner Occupation
- Buyer’s agent
- Seller’s agent
- Leasing vacancies
- Tenant advocacy
- Property Management
- Property Performance
- Tenant Mix Optimization
- Tenant Retention
- Market Rent Negotiations
There is plenty of new business in these categories. Understand your skills and knowledge and then build your professional skills accordingly. Specialization is very important in all respects; there are too many brokers and agents that would be ‘generic’ at best when it comes to property knowledge.
Build your professional value for the clients that you serve. Relevance is the key to connecting strongly into your property market. How relevant are you? Here are some ideas to help you look at that and then potentially convert more new business as a broker:
- High profile marketing campaigns will always produce better levels of enquiry. Every exclusive listing should be subjected to a high profile and targeted marketing campaign. You will need vendor paid marketing to achieve that. When you have converted a client to your exclusive listing and marketing services, ask for the appropriate marketing spend and advertising dollars. Show the client why your targeted promotional processes are more effective than anybody else’s.
- Local listings will be of interest to the local property owners and business owners. When you have a listing for a location, send out details through the email, but also take the listing details personally to the people in the property precinct. The personal process of connecting and meeting the locals will help you with market intelligence and lead generation.
- Inspection activities and results will introduce you to other people and their property challenges. Learn how to ask the right questions as part of the inspection process with qualified people. Directed questions will allow you to cross pollinate your listings and leads to the right people as they look for investment opportunities and new business locations.
- Research into the better buildings and property precincts. There are plenty of good quality buildings in any town or city. Some of those buildings will be in your property precinct and territory. Review the tenant list in each of those buildings, so that you can connect with the business owners and tenants in occupancy. Understand the challenges that they face when it comes to business operations, contraction, and expansion. Provide some up-to-date market information supported by graphical material and statistics.
- Ask for referral leads and opportunities at the right time and with the right people. A successful transaction can usually be converted into a referral lead or opportunity over time. From every lease or sales transaction, ask for the opportunity of a referral to relevant people and friends.
- Over a period, maintain contact with qualified people in the location be they investors, business owners, developers, or tenants. Repeating the contact process will help you with building trust and personal profile. Ultimately you want the right people to remember you at the right time. That’s how commercial real estate really does work.
Simple solutions like these help you connect with the best local people in a meaningful way. Over time that can and should lead to the generation of more high quality leads and clients in commercial real estate.