In commercial real estate brokerage your database will be a critical component of business generation and property opportunity. If you are struggling with commission activity now, it is highly likely that your database is not large enough and suitably structured for finding the right people and opportunities.
You really cannot be successful in commercial real estate without having a database model that is designed to drive future opportunity towards you.
Here are some important facts to understand about your clients and prospects:
- Some Clients will come and go from the market based on the pressures of portfolio ownership and the local economic trends. For that very reason, you need to remain in contact for the long haul and be there when the client needs you. You want the client to remember you at the right time when they require that property change or ownership challenge rectified.
- There are many different services and specialties in our industry. Understand the challenges that can arise from the variations of our business. Drill down into specialized segments such as income optimization, lease negotiation, tenant retention, vacancy management, vacancy marketing, and property upgrade.
- When you work the business segments of your town or city there will be specific trends and changes impacting industry groups and precincts. Some businesses will be successful where others will be struggling. Some industry groups will be under pressure, whilst others are thriving. The pressure points of the industry will give you plenty of opportunity when it comes to property ownership changes and business relocations.
- Get on the telephone and talk to businesses each and every day within your primary zone of prospecting. Make plenty of calls and talk to the right people. Soon you will have a valuable list of ongoing contacts for the region and for the various property types. Most importantly, you will understand what business are thinking when it comes to occupancy and ownership.
When you have a reasonable database of clients and prospects to work with, you can open up on specific marketing strategies and contact processes. Direct marketing activities will always be important to our business and our client base.
At a personal level, you need to get in front of the right people frequently through a series of meetings, informal gatherings, and specific marketing campaigns. All of that takes organization and that is why your database is just so important to where you are headed as a broker or an agent in your location.
Key Questions and Strategies
Here are some interesting questions to consider:
- Are you filling your database each and every day with new people?
- Are you repeating the contact process with your prospects at least once every 90 days?
- Are you finding some real reasons to talk to people in of repeat contact process?
- Are you tracking your conversations, meetings, and connections with everybody in your database?
- Have you got a VIP contact program within your client list?
- Do you have an active referral program as part of your client and prospect communication process?
As simple as these questions may seem, they are absolutely critical to the conversions that you need to achieve from your client list and client contact process. Establish the system that works you and make sure that you keep up the momentum over time.
Many agents and brokers overlook these simple questions and processes. On that basis they leave the opportunities on the table for others to identify and activate. Don’t make that mistake.