In commercial real estate today, most of your results (in commissions and listings) will be created through specific involvement with just the top 20% of your clients. Understanding just who are the clients in the top 20% is the important issue to work through. You could say that they are the VIP clients that you should be working with.
The 80/20 concept is called the ‘Pareto Principle’ and it was identified as a general business rule back in the early 1900’s. So what is it? It is a known fact of business and a proven equation when you are looking to covert more results from your efforts. You can use the rule quite comfortably in commercial leasing, sales, and property management.
So we move the concept into commercial real estate for your location and apply it to your business. It doesn’t really matter how many clients you have in your database now, it is the top 20% that you need to identify and then comprehensively service over time. Approximately 80% of your revenue activity will come from that group of elite clients.
In this audio program, John Highman talks about the 80/20 rule and how you can work with it. You can listen to the program or download it below.