In commercial real estate brokerage, the contact cycles that you create with your clients and prospects will help or hinder you when it comes to business opportunity and growth.
The creation and the management of your database is a very special process requiring a commitment of time and a commitment of skill development.
What do you need to do?
Essentially you need or will want to establish regular ongoing contact activities into the same group of people within your database. Frequency of contact is really important.
You want these qualified people to remember you when it comes to property changes and opportunities. Frequency of contact will help position you as a relevant local commercial real estate broker or agent.
So who do you have in your database?
To get into your database, those specially selected people would have been contacted and qualified. That is something you need to control and optimize over time.
Your prospecting model should reach out every day into groups of new people, new segments, and new locations. Some people will drop out of your database for various reasons. They need to be replaced.
Establish your contact system
That specific contact process needs to be relevant for the location and direct to the right people; it is a personal thing that you merge into your business model.
Some people in your database will need to have regular ongoing updates relating to the local area; other people will only reach a level of property activity and change a few times in a business life-cycle or lifetime.
Recognize that some of the relationships you create will take years to come to fruition. Be prepared to stay there for the entire time with the property people that you have qualified correctly and specifically.
Who needs you?
There will always be property people needing help in your location and within particular property types. On that basis you need to be there at the right time with the right information, and you want them to remember you at that particular time. That is why your contact system is so important, and the frequency of contact should be ongoing.
How do you do this?
So what can you do here with this important issue? Repeat the contact process with everyone in your database at least once every 90 days.
Segment those people into property types, locations, categories, timing factors, and property capability. Divide your client contact list logically and specifically for the location.
Implement your client contact through three simple strategies:
- Review your local area for expansion and change. Certain streets and certain suburbs will have more property related churn and opportunity. Some of those streets and suburbs will be more popular than others. You are looking for the best properties in the best locations.
- Identify the owners of the local quality properties and quality buildings. That research will get complicated, and the information required will be detailed. It takes time to research the specific property ownership details for buildings and or locations. Start with a list of targeted properties and gradually work through the list over time. It is realistic to research two or three property owners per day in an ongoing way. Gradually you will get through the list. As part of that you will build relationships with the right people at a personal level. That is how our industry works.
- Always ask for referrals and leads. The relationships that you establish with fresh contacts and new people locally can be expanded through a simple referral business strategy. Through any meeting, transaction, listing, or telephone call, there will be the opportunity for you to ask the question about referrals to other people and businesses. A simple question can take you to the next opportunity and business relationship.
So there are three simple things here for you to merge into your client contact process and prospecting model. Get involved in a relevant way with the people in your marketplace. Show your professional skills and levels of knowledge at each and every opportunity.