In commercial real estate today, every agent should have an ongoing ‘client loyalty’ program to help with growing market share. In this way you can stand out as a relevant and top quality agent. It is then difficult for the client to overlook your presence and availability when it comes to taking a property to the market for sale or lease.
So what can you do to structure a ‘client loyalty’ program? Here are some ideas:
In the first instance you should give it a name. Without a name the client does not know or feel that they are any different to others in the local area that you may be working with. In the absence of anything else to use, you can call your program the ‘VIP Client Connect’. Tell the client that they are part of this ‘exclusive’ group. Show them what will be happening and why that will be of benefit to them.
On what basis will you be selecting ‘VIP’ members for the group? Will the criteria be based on property location, size, value, portfolio type, or frequency of business?
The program should be about the client and on that basis they should get something out of it. There is no point in structuring a program if you are going to do nothing with it. What can you do for them as part of their membership in your group of ‘VIP’ clients? How will they know that they are ‘special’ and that you are doing extra things for them?
Focus on ‘loyalty’ with these clients and not ‘discounts’. Professionalism should be the backbone of the program; discounts have no place in a commercial real estate client relationship if professionalism is your goal. Ensure that you are sending a message of high quality and comprehensive services in sales, leasing, and property management.
Provide market updates that are comprehensive and regular. They can be sent directly to the client with links to supporting resources and research on your website.
Your database should segment these ‘VIP’ members from the others that you work with. The database should also have the ability to capture the details of ongoing contact.
Establish a special newsletter for the process of ‘VIP’ contact. Brand that newsletter uniquely and personalise the text with specially selected properties.
Set up monthly or quarterly industry briefings that can be held in your office for selected clients. Invite other industry professionals (solicitors, accountants, and planners) to complement your presentation.
Provide a private access part of your website so the ‘VIP members’ can get to regular industry updates.
Make it easy for these special people to make contact with you 7 days per week. Give them the mobile cell phone numbers to use in the event of questions or concerns.
You can do more with this list based on your property speciality and your location. Make your clients and prospect feel special in your business. The rewards will be many.
In commercial real estate agency today, it is essential that we take all necessary steps to understand the potential of the property transaction and the client. A complete and comprehensive understanding will help you when it comes to a successful outcome for both you and the client.
This then says that you should really take the time to know the key facts that relate to the particular property situation and the requirements of the client. Here are some questions to help with that process:
Define the property from a legal perspective so that any listing and negotiation process can be correctly implemented and documented. Copies of supporting documentation, titles, owner representations, deeds, and conversations will be central to the accuracy of the listing. Look for any missing documentation or confusing circumstances. Resolve any of these challenging issues as part of the listing process. Review all of the property ownership documentation prior to any marketing campaign commencing.
Many properties will have extended issues to investigate. They could relate to rights of way, easements, encumbrances, orders or notices. The leases on the property may also have an impact on any sale or property investment situation. This then says that you must be accurate and detailed in the property listing process. Any errors made in documenting the listing can come back to ‘haunt you’ later during the negotiation or due diligence process. Learn how to interpret property documentation, leases, and factors that relate to the tenancy mix.
The local property planning process will have impact on building usage, improvements, tenant occupancy, future developments, and capital growth. Take the time to understand the local property development plans as they apply in your region and for any particular listing. Look for any changes in the development plan that could have an impact on the property in the future.
If you review the history of the area, you will see certain trends that relate to prices and rentals. You will also see factors that have impact on marketing, listing, negotiations, and time on market. Stay ahead of the current trends in property activity and the history of prices and rentals as they apply for each property type.
Every client or prospect will have factors of focus when it comes to property ownership and portfolio development. Some clients will own a number of properties or seek to do so over time. This then says that some clients can be very valuable from an ongoing business perspective for a real estate agent. In saying this, the cycle of activity in commercial real estate is relatively long. It can be many months if not years before a client is ready to take the next step in their property investment and ownership plan. You need to stay with the client for the long term, nurturing the relationship wherever possible with relevant and real information.
A client or a property investigation can be quite complex. Look for the potential that the client or a property can offer you as real estate agent. Position yourself for ongoing service and support to the client. The business, new listings, and commissions will soon be easier to attract.
In commercial real estate agency today, you need to manage the most important roles that help you build your listing and commission business. When you do this efficiently and effectively, market share and client growth will get a lot easier.
The generic approach to commercial real estate agency really doesn’t work. Today each and every agent needs to be quite specialised and focused when it comes to the services that they provide, and the sales territory that they work.
The roles that are central to your real estate business and your sales territory will be all of the following:
Prospecting through the local area to identify the right properties and the right property owners to act for. Connecting with new clients and prospects should be a daily event. The prospecting process will take approximately 2 or 3 hours per day from your diary. Regardless of that time commitment, the process needs to be implemented and maintained. That is how you grow market share.
Maintaining a profile locally when it comes to your specialized property skills as a real estate agent. Personal branding is a central part of a real estate agents profile.
Tracking the activities of other agents when it comes to competing properties in your sales territory or patch.
Helping clients when it comes to solving property challenges in sales leasing or property management.
Understanding the activities in the market today relating to prices, rentals, time on market, and marketing solutions.
Building a personal profile on the Internet that will help you to be recognized as a relevant and specialized real estate agent for the local area
Taking a client and their property through the requirements of listing, marketing, negotiation, and property documentation.
Understanding the factors of property performance that will help you package an asset for improved income and potential sale.
You can probably add to this list based on your area and your property specialty. Clarity is important when it comes to understanding your roles as a specialized property agent. The generic approach to real estate agency really has no place in this market. Generic agents lose a lot of money and waste a lot of time as part of the process. Top agents drive much more business and deliberately so.
Some of the things in this list above will be much more important than others if you are to be a top agent. When you set the right priorities and stick to the process of implementation, the business gets a lot easier. This then says that you must protect your time as it is the most important resource that you have as real estate agent.
When you look at your average business day and the tasks that need to be undertaken, three and four issues will be far more important than the other things on the list. Recognizing the differences in the tasks and taking the right action towards them will help you consolidate your market and listing growth. Control your day and control your agency efforts. The rewards will soon come.
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