When you start your career in commercial real estate brokerage, everything about the job seems full of opportunity and the freedom that comes with the role is equally enticing. Certainly there are plenty of opportunities and perks available for the agent that works hard; good things only come to those that put in the required effort.
To get the traction you need in the industry and particularly the commissions, listings, and clients, a real plan and strategy is required at a personal level. Are you up to the challenge? It doesn’t really matter what brokerage you work for, but the actions you take every day are fundamentally important to growing new business.
Property People Connections
Essentially you get more results in the industry by knowing and working with other property related people. You can become the solution provider to take things forward for many clients and business owners. When you specialize in parts of the industry, your skills become more valuable and specific for your clients.
Here is a list of the best people to connect with as part of growing your real estate business:
- Property Related Solicitors and Attorneys
- Business Owners of large local businesses
- Franchise groups locally and regionally
- Property Investors already active in the location
- Tenants occupying prime buildings and properties
Here are some ways to do it:
- Use a referral system – Many of your current contacts can lead you to other people with a property requirement. After a successful deal there is the opportunity to ask the right property questions.
- Create and nurture a group of VIP clients – Some clients will offer you a lot of new business and ongoing listings. Understanding who those clients are will help you get traction in the property market.
- Build a pipeline of contact in your database CRM program – You should make contact with every qualified prospect in your database at least once every 90 days. To keep up that contact momentum a reasonably high quality CRM program will help you capture information and conversations. One simple discussion today will lead to an idea in the future.
- Provide information of value and interest – To show the local business people and property investors that you are a specialist in your property market, carry with you a simple ‘market update report’ that you can hand out as part of a meeting or chance discussion with local people. Always attach your business card to the information that you hand out.
- Capture email addresses and contact telephone numbers – Get permission to stay in contact with the right people into the future.
- Build conversations – The best way to prospect for new commercial real estate business is to talk to people; don’t pitch your services unless required as there is nothing more off putting than an unnecessary sales pitch to a person that doesn’t know you and your relevance as an agent.
- Use your business card everywhere – The simple business card is the most powerful marketing tool that you have at your disposal. Carry plenty of cards with you and make it a target to give out a certain number of cards every day in your property market.
When you break things down in commercial real estate brokerage, just about everything comes back to connecting with people. The relationships you make with people locally across sales, leasing, and property management, will allow you to build a better pipeline of leads, referrals, and listings. Keep talking to people locally on a regular daily basis and you will find the things that you require to build a high quality commercial real estate business.