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How to Identify the Best Clients in Commercial Real Estate Brokerage

Hong Kong harbor at sunset.

You can waste plenty of time on clients and prospects in commercial real estate.  Some of those people are better than others, and that is where the qualification process is so important.

(NB -if you want more ideas in working with new prospects, you can get our Snapshot program right here – its free)

In this audio program I help you understand what clients are to you as a broker or agent, and why you should be selective with them.  Of course you can use a database to categorise your contacts, and make a list of people that would be likely to work with you in the future.

Learn how to make lots of calls and create lots of meetings.  Have a listen to this audio program and refine your client and prospect contact system.

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How to Win New Clients in Commercial Real Estate Brokerage

City view at sunset

In commercial real estate brokerage sales and leasing today, the clients that you know and work with are the foundation of your listings and commissions over time.  Your client list has to grow in a continual way and that should be the ‘top priority’ of your working day as an agent.

Note: if you want more client contact ideas as an agent or broker, you can get them here in our ‘Snapshot’ program – its free)

 

Client Focused Questions

Here are some key client questions for you to consider:

  1. What is the best type of client for you to serve locally?
  2. How can you ‘stand out’ as the agent of choice in your region?
  3. Why should clients remember you as an agent when they need property help?
  4. Why are you a better choice than your competitors from a ‘broker’ perspective?
  5. What is your service approach to ‘exclusive’ clients and how is that special?

As you strive to build market share as an agent, these questions are quite important.  Your database, and client interaction should be built around these core issues.  Your answers to these questions should not be ‘generic’ if you are to capture a good share of the local property market and client base.

In this audio program by John Highman, you can learn some more facts about client contact and conversion in commercial real estate brokerage.  You can get the audio below:

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The 80 20 Rule for Commercial Real Estate Brokerage

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.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

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.

 

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Checklist for Creating Clients for Life in Commercial Real Estate Brokerage

Laughing businessman talking on telephone uid 1280280
Make your client list a personal process.

In commercial real estate brokerage, the clients that you convert and work with can give you plenty of property business over time.  Get into your database and split it up into client categories, zones, property types, and budgets.  Update all of the contacts in your database and reconnect with the best people.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Look for the quality clients that you can work with productively and exclusively over time. They will be your VIP’s when it comes to contact and service.

Understand how you can add value to their property situation and exactly when they should need that special help in solving an investment or property occupancy challenge. Refine your services accordingly.  You are (or should be) the expert so build your brand with your clients accordingly.

Quality clients are good business

So your good clients should be with you for the life of your real estate business. If you like, that by definition is the window of your professional career. Over time your real estate business then gets easier and more consolidated; that consolidation comes from the quality of your client connections. How can you do that?

Do you have some good clients now or some targeted clients that offer more property related opportunity to you? Think about these things:

  1. Industry updates – Think about your location and explore the things that are happening. Visit the local planning office to see what new developments are coming up. From the list of upcoming development applications, you may be able to write or talk about precinct enhancements and changes.
  2. Market coverage – Most clients like to know that they are working with an agent or broker that really controls the market for the location. Specialization will help you do that. Drill down into a segment such as offices, bulky goods warehousing, investment performance, shopping center leasing, and then look at your opportunities in each. Write articles and editorials about the specialty segments. Share those articles and information editorials into your social media channels.
  3. Use Social Media with focus – Most agents and brokers don’t use social media very well at all. They simply do not lift their social media profiles enough using relevant and high quality comments and content. Consider how you can be of value to your clients and prospects. What do they want to know about? What are their local property interests? From those 2 questions you can write specific articles, share statistics, create charts, and take photographs. The increase of electronic media tools gives you a lot of alternatives to work with.
  4. Treat your VIPs differently – When you know that a client or prospect is of importance to you, consider how you will interact with them over time. Be personal, relevant, and real in how you contact people and talk to them. Ultimately you want your VIP clients to remember you as they get to the next property challenge. It is a simple recipe to remember and market your skills and knowledge with.
  5. Seek referrals and contact people often – At a basic minimum, contact all of your clients and prospects frequently. That will usually be once every month, or any period up to 90 days. After 90 days the client and prospect contact process is less meaningful. Build a contact process into your database that sets the right client momentum and awareness through personal contact.

Put clients at the center of your commercial real estate business. Create relationships with your top clients that will extend for the duration of your professional career in property.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

 

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Commercial Real Estate Brokerage – Appointments in Huge Capacity

business meeting
Create more appointments and meetings faster.

In commercial real estate brokerage, you will need a good selection of ongoing appointments and meetings locally to allow you to build market share, your client list, and commission opportunities.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)

Those special and ongoing appointments will only come to you through your direct prospecting efforts and new business focus. Don’t let a day pass without a deliberate and direct focus into new business opportunity.

There is one fact to remember here as you strive to improve your commercial real estate career. Our industry is usually based on local personal contact and individual trust. That is why meetings and appointments are so important.

So what about luck?

Certainly there will be a degree of luck helping you gain some market traction and listing opportunity, but most of the quality new business that you create will come to you through deliberate prospecting and client contact over time. There is really no other consistently good way to grow your real estate business comprehensively and directly.

Make quality choices

So you have some choices to make here. You can move through the industry slowly, or you can take the fast track to grow your leads and client list. If the fast track is for you, then consider the following facts and strategies:

  1. Exactly how can you reach out to new people in an ongoing and relevant way? The message here is that you cannot and should not be average when it comes to your prospecting and client communications.
  2. You will need some local market information and research to support your prospecting activities. In every connection and communication, provide that local market information professionally and specifically to the right people. Vary your market information presentation strategies using graphs, charts, statistics, photographs, and case studies. Allow those specific marketing tools to support your professional skills.
  3. What types of clients and prospects should you focus on? Always bias your prospecting efforts towards quality; the definition of quality would relate to specific buildings, specific clients, particular property precincts, and certain local businesses. Within your client and prospecting list, you should have a select group of VIP people that you will be connecting with more frequently and more directly. Action your contact into that list.
  4. Remember the opportunities evolving from asking the referral question. As part of every client and prospecting meeting, ask for existing and future referrals hence providing links to other people that may have a property interest. Some of your clients and prospects will know a number of other property people from the location. Ask the right questions relating to referrals at the right time in every meeting and in every client relationship.
  5. Remember the two sides of the property market and most particularly the property owners and the local businesses. You will get plenty of new business opportunity from both segments providing your prospecting model is adjusted accordingly. There are variations of new business that can be created from both property owners and business proprietors. Are you prepared to market yourself comprehensively into each group? How would you do that?
  6. What are your services? Typically, you can provide specialized brokerage services such as a seller’s agent, a buyer’s agent, a tenancy advocate, or investment specialist. In each case you will need a deliberate marketing approach and focus. You also need specific and supporting market information to help you penetrate the market.

So there are some good things that you can do here to create more appointments locally as a property specialist. Every day should be a special day when it comes to generating new appointments with new people. Start the day with a prospecting approach to new people.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)