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How to Engage with More VIP Clients in Commercial Real Estate Brokerage

city buildings on edge of harbour

In commercial real estate brokerage it is important that you segment your client list into groups and opportunities. As part of that, you should identify the VIP clients that you know and those that exist in your local area. They should be the primary targets of your prospecting model in an ongoing way. (NB – you can get our free commercial real estate training right here)

In this audio program, John Highman talks about the strategies behind VIP database management and the professional skills of commercial real estate sales and leasing today.

Learn how to improve your real estate business and grow the opportunities with the right clients in the right way.

You can access the audio program right here:

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How to Build a Network of Commercial Property Investor Clients Faster

city building

Local property investors will and should be an important part of your real estate business in commercial and or retail property.  The important thing here is that you are building your network of investors in a constant and relevant ongoing way.

(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)

 

Know the uniqueness of investors

Commercial and retail property investors are unique when compared to those others investing in residential property.  Commercial and retail owners have challenges and opportunities arising in property ownership and development; they work from a base of logic and opportunity.  Tenants, market conditions, and rentals are quite volatile and can disrupt property cash flow; I call it the ‘disruption factor’.   You can control those things.

 

What do they know and want?

Investors shift and change assets based on the market conditions and how they are placed in that from an asset perspective.  Get to know your clients and their assets from a strengths and weaknesses perspective.  It’s really important when you are looking for listings and commissions.

So how can you work with this ‘disruption’ factor in a positive way?  You can be the solution provider, by staying ahead of rentals and occupancy issues locally.  Your database of businesses, tenants, and property owners will help greatly with that.

 

Your database and client list

Look at your database now.  How comprehensive is it?  More importantly, how up to date is the information and contact detail in it?  Put your database at the center of your real estate business, and you will then find leads and opportunities to act in sales, leasing, and property development.

 

Fast formula for investor services

So how can you build a local network of investors and then keep them as property clients for the long term?  There is a fast formula here to create.  Think about these things:

 

  1. Market rental updates – Rental changes will happen in precincts, property types, and particular buildings. Stay ahead of those rental changes and chart the gross and net rents for the asset classes.
  2. Supply and demand assessments of the local area – Why are businesses and people moving in and out of an area when it comes to business operations? Look at the historic supply of land and property, and then do some projections in looking at the next 5 years.  There will be some property redundancies and new developments to work with if you delve deeply enough.  Research your property market comprehensively for both supply and demand and tell your clients what is expected to happen locally.
  3. Regional zoning changes – Pressures of the community, the environment, and local business growth will create situations of zoning change. Roads and local transport activity will also create that change.  Stay ahead of zoning activity at the local property planning authority.  A simple zoning change will likely create business movement.  Look at that factor for listing and commission development.  Get copies of the local zoning maps so you can see what property changes are possible in locations.  Show your clients the local zoning maps and keep them appraised of what developments are coming up on the ‘investment horizon’.
  4. Tenant movements in and from local buildings – When you know the tenants that are moving locally, you are of real value to the property investors that you serve. Market your professional services on the basis of tenant movement and coverage.

 

All of this says that you should have a precinct focus for new business and investment service.   Don’t spread yourself too far as a property expert; you simply cannot cover every location and property type and then be aware of what is happening in rents, sales, and the supply and demand for the zone.

Be the specialist for the location, and on that basis you will be far more useful to the investors that you serve.  It’s not ‘rocket science’.  Keep things simple in commercial real estate brokerage and understand how you can serve the investors locally.

(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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Checklist for Creating Clients for Life in Commercial Real Estate Brokerage

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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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6 VIP Management Tips for Commercial Real Estate Brokerage

In commercial real estate brokerage today, the clients that you serve are not all the same.  Some are better than others.  You will know the criteria for that segmentation.  They may have more buildings, better buildings, or be more motivated to act in commercial real estate soon.

(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)

Here is a video to help you establish your VIP client management system at the start of 2106.

 

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How to Build More Client Collateral into Your Commercial Real Estate Business

business meeting
Put more clients into your commercial real estate brokerage business.

If you want to get anywhere in commercial real estate brokerage, you will need good clients and plenty of them.  Those clients should be assessed for long term value and opportunity.  Then you will have to make some choices as to who and how you will work with those clients.  It’s a simple and yet important equation to watch and shape.

(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)

Brokerage Facts to Remember

Think about these facts:

 

  • Some clients will transact commercial real estate many times over a period of years
  • Some clients will need varied services to stabilize and improve their portfolios over time
  • When you consider the different prospects and clients that you can work with, the value of their property and business will vary
  • Commissions will vary between property and client types
  • Some of the people that you deal with will be more realistic than others when it comes to marketing, inspecting, and negotiating. A degree of conditioning will always be required to move most deals ahead.

 

Establish Your Client System

 

If you take these issues and work with them, soon you will move into some facts and key decisions regards clients.  I like to look at things this way:

 

  1. Set up some client value plans – they are plans that assess how you can provide special value and services to special clients. The object being here that you can grow trust and relevance with your clients.
  2. Know your client’s business – when you can show the client and particularly the client that owns a business that you really understand what they do and how they do it, you can position yourself for better leads and listings over time.
  3. You can systemize your contact cycles – if you have different client types and levels in your database, you can devote different levels of contact and service. That is where your VIP clients and your database become really important.
  4. Think regional and think local – there are always two levels of business to tap into. The local people that are looking for local property, and the regional people looking to move into the area.  You should have a marketing process for both.
  5. Seek referrals from all – If you work with many new clients, don’t forget to activate the referrals questions at the right time. Soon you will see new relationships start with new people.

 

When you focus all your business efforts on clients, the commercial real estate market place makes a lot more sense.  You can find the leads and the commission opportunities faster and more directly; in some cases, you will avoid the threat of competition in converting the listing.  Are you ready to build your real estate business?