In this property market it pays to work with the clients that are open and honest with you. Secure those clients on an exclusive listing. You will find all types of clients in the market today. Those clients that give you an ‘open listing’ are quite likely to be more difficult to deal with; so understand the differences and pressures of the listing types.
So what is wrong with an ‘open listing’ approach? Most of the time you will see that it is influenced by other agents and brokers talking to the client; frequently a client in that type of agency relationship is ‘closed’ to the realities of the market today. They want their price and fail to accept the facts of the recent market evidence.
So what does a ‘good client’ look like? Try some of these:
Open and honest
Ready to act
Understanding the current market conditions
Are motivated to make a decision
Will keep you fully advised of their intentions and changes
They give you some leverage in negotiating and closing on a deal
It is a fact that clients of this nature are more likely to be secured on an ‘exclusive’ listing for a reasonable period of time. Providing you get that listing, you can really drive the marketing process at a personal level. Exclusivity helps you believe in the listing and marketing process. You can then easily see the results at the end of the marketing ‘tunnel.’
It is worth noting that prospects and clients will come to you in a couple of ways. Some will feed to you through the office or brokerage leads. Others will respond to your prospecting activities. Lastly and most importantly many more good clients will convert to you by ongoing contact and relationship building. They are the ones that will likely be the ones to give quality to your market share and new business. For this reason your database and prospecting model is really important.
When you serve a top client well, it will ‘open the door’ on referral and repeat business. Look at those clients that you have helped over the years. Have you placed them into a ‘VIP’ process of contact in your database? Have you differentiated them from the general contacts and people that you have in your pipeline?
So the message here is quite clear. Focus on creating great client relationships that encourage ‘exclusive’ listings. Over time that will give you traction in building your market share with quality listings.
In commercial real estate agency and brokerage today, it pays to understand the needs and requirements of all of your top clients. Those issues will change for those clients throughout the year with the seasonal pressures of property activity and the economy.
Put yourself into the position of the client that you serve, and provide tactical and strategic property information to optimise ownership opportunities; in doing so help their investment performance.
Here are some other variables that will have an impact on your top clients:
The supply and the demand for property locally within the property type
Upcoming new property developments within the region
Vacancy factors impacting tenant enquiry with investment properties
Changes to the zoning or development regulations as they apply to the precinct
Property redundancy and or change
Changes to the roads and infrastructure supporting property occupation and use
Shifts in business sentiment applying to a property precinct or property type
Taking all of these factors into account, the prices and the rentals within your territory will change significantly throughout the year. As the local property specialist, your clients really do need your assistance with the knowledge and intelligence that you can bring to their investment performance.
Sometimes we tend to overlook some of the key clients within our market place. Quite soon the competitors and the other agents in our industry are grabbing a significant slice of our market share.
Within your database today, establish a special service process for high value customers and property owners. It is almost like having a VIP club within your database. Service those special clients with highly specialised property information; that can be through regular updates on supply and demand, and tips regards property performance. Over time you can become the agent of choice when it really matters most.
Here are some ideas to help you with client communication and servicing:
All of your clients and customers should be asked to join your database. As part of that process, ensure that they are comfortable in getting emails from you together with newsletters on local property activity.
Your VIP clients should be spoken to personally at least once per month. Stay ahead of the local property changes within the precinct and around their particular property location. Give the client updates regards the location and the precinct.
Identify any competing properties nearby that could have an influence on the performance of your client’s property investments. Look for any exposures or risk that can flow back to the tenancy mix or the income base for your client’s asset.
Write a regular industry update or blog regards local property activity, and changes. Link that update or blogging process back to your social media activities and your database. You can also link your informative blog to the regular newsletters you send out to your clients and prospects.
The best client relationships in our industry are built on trust. That trust takes time to establish however it will bring you significant opportunity over time. Top agents build and encourage good client relationships.
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