If you look up the word ‘reciprocity’ in a dictionary and it has a definition something like ‘a mutual exchange or cooperation’ between people or groups. Others have written about the ‘law of reciprocity’ in business, and rightfully so.
It applies today in all that we do, however many salespeople don’t respect the situation or use it to the fullest of their potential. The top agents, however, know what to do with it and they are operating under that strategy right now with COVID-19.
Are you struggling with your real estate business at this time of change? Its time to understand ‘reciprocity’ and feed it into your daily business activities.
What Does It Mean?
All of it means ‘you get back what you put out’. At this time of change in the commercial real estate market, such a rule or business strategy is more critical than ever before. Many a business leader or sage has spoken about the idea or written some version of it.
What do you need to remember here? Your clients, your prospects, and the local people in commercial real estate need your help more so today than ever before.
As we enter the COVID-19 health event in commercial real estate, the ‘reciprocity equation’ is so important. It should be the foundation of your real estate business right now and for the next six months.
Put The Rule Into Your Business
How could you define the idea in commercial real estate right now? Try these for starters:
- If you want to find more clients, you have to engage with more people
- If you want more sales or leasing activity, you have to offer services that match the market
- If you want more market share, you have to be better than the competition with the real estate services provided
- If you wish to create more commissions, you have to be more relevant and innovative than the other agents in the location
- If you want people to remember you at the time of needing property help, you have to be at the top of their mind when it comes to professional property services
- If you want to win the new business, you have to be better than the competition locally
And so the rule can be interpreted in many ways, but the logic is there. You can take the philosophy and apply it to your location and property market.
What can you do today and from tomorrow onwards that will put you firmly and positively in the mind of your clients? How will they remember you at the right time? Are you top of mind now?
Some Ideas To Help Your Clients
Here are some ideas to move closer to your clients and build on the ‘rule of reciprocity’.
- Call on your clients to talk about property changes and situations in the location and your town or city.
- Give market updates and case studies that relate to the client and their investment intentions.
- Do something helpful like assessing a property for change and opportunity.
- Assess the tenancy mix and or redevelopment opportunities for the client’s property
- Keep the client briefed on zoning changes in the location that could impact their property and or investment plans.
- Provide your client or prospect with leads and information about new ‘off-market’ listings or transactions that may help their investment outcomes.
- Tell the client about ways in which they can change their investment results and strategies for more stability and or growth
- Offer accurate and effective marketing strategies that expertly tap into the location and the target market for the client (and not just some generic marketing approach)
All of this says that you can do more for your clients based on reciprocity. You can get back what you put out. Don’t be ordinary in this strange and changing property market at the time of COVID-19.
Be extraordinary as a real estate agent in every way possible for your clients. The new business will then find you. They need your help; are you ready to act on this?