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Why More Appointments are Required in Commercial Real Estate Brokerage Prospecting

real estate appointment generation
Commercial real estate training by John Highman

 

In commercial real estate brokerage most of the new business that you create will be through ongoing prospecting and appointment creation. If you are finding that the property market is a bit tough or slow, then take a serious look at your prospecting model and activities on a daily basis.

  • Can your processes be improved?
  • Can you spend more time on connecting with the right people in the right way?
  • How will you show them your relevance as an agent for the location and the property type?

They are interesting questions that all require specific answers.

In this Appointments are Everything in Commercial Real Estate I have covered some specific ideas relating to appointment generation and direct prospecting in our industry.

The ideas will help you get back in to the key issues of the market and property opportunity existing. There will always be people looking for solutions and strategies surrounding office, industrial, and retail property. They need experts to help them move through the challenges and the stages of investment property improvement or occupation.

Why are you special?

The clients and the property prospects in the market today need to know who you are, why you are so special, and how you can help them specifically with property market trends and opportunities. The personal marketing process and requirement in today’s commercial real estate brokerage is very high and specific.

The skills required in selling, leasing, or property management activity today are quite specific and direct. Gone are the days of generic Property Marketing and openly listing properties. Exclusivity is the only way to dominate market share over time. Actively pursue the Appointments are Everything in Commercial Real Estate as part of your property presentation pitch and presentation.

You can get our free online Commercial Real Estate e-course right here.

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Experience Counts in Commercial Real Estate Sales Presentations

man wearing glasses.
Show your experience at a personal level in commercial real estate brokerage presentations.

In commercial real estate brokerage, the sales pitch or the presentation that you provide to the client should have plenty of character and commitment from you at an individual level.  You are the ‘first point of sale’.  Everything with the listing hinges on your ‘first point of sale’.

Here are some tips below from our commercial real estate broker newsletter.

First and foremost in any listing presentation, the client needs to commit to you as the ‘agent of choice’ before they will listen to you with your recommendations and marketing solutions.  Your character and commitment needs to flow into the presentation in a valuable way.  Your skills and knowledge need to be superior to your competitors when it comes to winning the listing.  Confidence and local property knowledge will help.

The presentations made by top agents are geared to personal involvement on the basis of an exclusive agency.  When you control the listing, you can control the opportunity of a valuable transaction over time.  Exclusive listings are easier to convert when you get involved in the marketing process at an individual level.

So how can you add ‘character and commitment’ to your listing presentation?  Here are some ideas to help:

  1. Connect with the client so that you can totally understand their property needs and priorities.  Question everything before you provide recommendations.  Drill down on the needs of the client to get to the true facts of the matter.
  2. Every client will have certain challenges when it comes to price, rental, and timing.  They will also have targets within their own mind as to what could be achieved.  Those targets may be totally out of the question when it comes to the current market conditions.
  3. Provide the correct recommendations to take the client forward, and put yourself into the marketing process at an individual level.  Let the client see how you will be taking the property to the tenants or the buyers in a direct way.  Forget about generic marketing; it simply doesn’t work.
  4. Show the client the results you have achieved recently when it comes to properties of a similar type locally.  Summarize the marketing solutions and the challenges in each case.  Tell the client exactly how you promoted the listing and reached the target audience.  Compare those actions to the subject property and what will be required to achieve inspections and negotiations.
  5. Your database is likely to be quite valuable when it comes to winning listings.  Keep your database up to date and use it as leverage when it comes to pitching for a listing.  Show the client the short list of prospects that you have already identified as part of marketing the property.  When the property is released to the market, the people on your shortlist should be encouraged to inspect the listing as part of a pre-release.  It is very difficult for a client to overlook or walk away from a prospective list of tenants or buyers.  Use your database and your short list as leverage in the presentation to the client.
  6. Any quality listing should be directly marketed to the local area.  That will be at a personal level in addition to any generic advertising you may be doing.  Prepare a suitable flyer or brochure to take to the property owners and businesses in the same general location as the listing.  As soon as the signboard goes on to the property, you can be door knocking the businesses and the property owners locally.

It is easier to win a listing when you get personally involved in the marketing process.  That involvement can only occur with exclusive listings.  Help the client understand the difference and commitment that they and their property will receive when it comes to an open listing and an exclusive listing.

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Superior Prospecting Letters Really Work

address book
Send out prospecting letters to a system.

 

In commercial real estate brokerage, the use of prospecting letters will help boost your networking and new business efforts.  New clients and listings can be generated by a good prospecting letter system.  That being said, it is not just a matter of sending letters and hoping that results will occur; you need to develop a real logic to the process.  You should also follow up the letters with a telephone call whenever possible.

Why would you send these letters?  In most cases it is to achieve one if not all of the following:

  • More Sellers as listing prospects
  • More Landlords for leasing services
  • Better enquiries from the market
  • Buyers and tenants for your listings
  • Establish your brand as an industry expert

Looking at these things very simply, it is essential that you design your prospecting letters in separate ways for the market that you want to tap into; understand the new business that you are looking to attract back to you.  Write your letter accordingly.

Here are some rules to creating a marketing system of letters for commercial real estate brokerage:

  1. The letter process is a repeated system.  In each period of 12 months the letters should be sent every 2 or 3 months.  Each letter sent should have a separate message and theme.
  2. Understand the ‘pain factors’ that apply to the market today and reach into those issues as part of the letter layout and message.  Establish your brokerage as the ‘solution’ for all the pain and discomfort that a landlord or property owner could be experiencing.
  3. Focus on listing stock.  When you control the listings you control the market.  Exclusive listings should be part of your proposal and presentation process.
  4. Any of your competitors listings will be a trigger for prospecting letters in the same location.  Any other property owners looking to sell or lease may like to compete with the other property.
  5. Write ‘success letters’ for every sale or lease that you achieve.  Send them into the immediate vicinity of the successful transaction.
  6. Follow up all letters with a telephone call whenever you can.  The personal approach is really important to conversions.
  7. Purchase a good book on ‘copyrighting’ and ‘words or phrases that sell’.  These simple books are invaluable when it comes to attracting the eye of the reader in your message.
  8. Your marketing letters should be simple and composed over 3 or 4 paragraphs on one page only.  Enclose your business card with each letter.  Make it easy for people to get back to you.

If you want more listings in commercial real estate brokerage today, this strategy of sending prospecting letters really does work beyond the all too convenient ‘email’ strategy used by many.  Most agents only rely on emails for prospecting communication; in those situations the client or prospect will usually not even read the content.  The ‘delete’ button is all too convenient.

If you want some tips on prospecting, subscribe to our Newsletter.

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Valuable Referral Programs in Commercial Real Estate Brokerage

people in meeting at boardroom table
Create a Lead Generation System

In commercial real estate brokerage today there are many opportunities to tap into. In any period of 12 months, there will be changes to the sales and leasing aspects of the market that can open up into new listings and new clients.

Brokerage prospecting models should always focus on quality listings and quality clients. The word ‘quality’ is quite important here in that you will always get better inbound enquiry rates from quality listings.

It directly follows that a sales or leasing transaction successfully completed will give you the opportunity for repeat and referral business. It is also the case that those clients that have had business with you previously will give you leads and opportunities to tap into if you ask the right questions at the right time.

Consider the following rules that can apply to a referral lead generation system:

  1. If you consider the last period of two years as a point of reference, identify the clients and prospects that you have successfully served during that time. Open up the contact process with these people again and seek a personal opportunity for a meeting and market related conversation.
  2. You cannot ask for referral business over the telephone. Arrange a meeting in suitable circumstances where you can provide the client with a market update. As part of that process, ask questions about their current property interest and involvement, together with the appropriate referral questions.
  3. Within your brokerage, you are likely to have a number of clients that are serviced in an ongoing way. That may be through project leasing or property management services. Keep in regular contact with these people as they may seek to adjust their investment portfolio. They will also know other property investors that may be leads or referral opportunities for you.
  4. As part of your existing prospecting program, you should know plenty of local business owners and proprietors. Some of those people will own local investment property, or may seek to do so. Understand the intentions of these successful business owners as they consolidate their financial nest egg.

Track and measure all of the recent sales and leasing activity through your region. That information will be quite valuable when it comes to establishing new meetings with clients and prospects. It is not hard to get a meeting when someone respects your skills and relevance as an industry specialist.

As part of your weekly brokerage sales meeting, insert into the agenda the topic of referrals and leads. That will focus the agents and brokers on to the issue as part of a regular reporting process.

Get many more tips like this at our main website at http://commercial-realestate-training.com/

 

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Commercial Real Estate Agents – Qualify Your Prospect the Right Way

In commercial real estate today you should be very careful to correctly qualify the prospects that you work with.  Mistakes can be made if you do not get all the facts and figures relating to the person or company that you are dealing with.  Here are some tips from our Newsletter….

Here are some common problems:

  • Lack of clarity on the improvements required in the property
  • Locational issues that hinder business activity
  • Price challenges that will not be resolvable
  • Rent and lease issues that cannot be compromised
  • Lack of money
  • Poor timing
  • Incorrect decision makers
  • Expansion requirements that cannot be satisfied

So the list goes on.  The fact of the matter is that you really do need to know what questions to ask and how to do that before you take people to the property.  Just because they may be ringing you from the signboard or the internet, doesn’t mean that they are already qualified to inspect.  Ask the right questions before you act on the inquiry.

Here are some good questions to ask as part of qualifying a prospect today:

  1. How did they get to you today?  What have they seen that is making them call you?  This information is really helpful because it lets you know what is working when it comes to marketing of listings locally.
  2. What do they know about the area?  It may be that you have to give them a local area briefing or brochure.  Plans and maps will also help.
  3. Have they seen other properties already?  Other properties may have influenced their thinking when it comes to the local area or the value of properties and rents.
  4. Are they working with other agents locally?  If you are up against other agents now, you might as well know that early in the process.
  5. What are the key factors of selecting a property?  Improvements, services, and amenities will all have something to do with property selection.
  6. What is the timing of negotiating and settling on a property?
  7. What improvements must they have?  There will be a ‘short list’ that must be satisfied over everything else.
  8. What transport needs do they have for their business and staff?  Public transport, highways, car parks, and street access are all factors to consider.
  9. Where do they get their raw materials from and how do they send off the finished products from their business location?  This could influence property selection.
  10. What communications systems do they need for their business to operate?
  11. Do they have special power, energy, environmental, or operational requirements?

You can add to this list based on location and property type.  Asking the right questions will help you close more inspections and negotiations.  Match the person to the property before you arrange the inspection.

Get more tips like this from our Newsletter for Agents.

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Commercial Real Estate Agents – Property Developers are Worthwhile Contacts to Have

two business men talking in street
Understand property developers and their priorities before you act for them.

In commercial real estate agency, you will come across many property developers.  They are useful people to know given that they will take on new projects from time to time.  New properties and new developments are a great opportunity for bulk commissions.  Project leasing work will emanate from new property developments.

Here are some tips from our Newsletter.

The focus of the property developer is to put the project together given the requirements of the local market.  They require the assistance of a good agent to solve the leasing challenge or the selling requirement as the case may be with the new property developments.

All of this being said, there are good property developers and some that are not so good (I guess they will say the same of real estate agents!).  If you are going to work with property developers, make sure that you have a valid and enforceable appointment to act and that your fees are well defined.

Here are some rules to apply to the project work with property developers:

  1. Trust is very important from both parts of the property equation.  They need to trust you and your skills in moving the property.  That’s why they focus on the choice of agent and will normally appoint the agent with a proven track record in project leasing.
  2. You need to trust the developer and his ability to pay your fees for the hard work that you put in.  They will usually ask you to do a lot of work ‘up front’ to help them get the project together with their financiers.  This work may be for no fee at all, but you should at least have a long term appointment signed on the property before you get involved in ‘free’ advice.
  3. They are likely to cut your fees and delay your fees (it’s a common problem), so be prepared for some difficulties there.  The basic message is do not work for a developer that is less than honest in payment of fees.  Over time they will usually self-implode because no-one will trust them.  They need a good agent more than you need them.
  4. Check out the other projects undertaken by the developer before you commit to serving them on an appointment to act.  A successful developer will have left a trail of good property projects locally.

When you get involved with these developers, be aware of the commissions you want and how you want to be paid.  Every part of the project sale or leasing should incur a commission that is fair and relevant for the work involved.  Do not provide discounts to the developer to win the work; he or she is likely to make you earn every dollar of your commission that you make.  Be prepared for a strong but challenging business relationship.

You can get more Commercial Real Estate Agent tips like this in our Newsletter.

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Key Prospecting and Networking Tips for Commercial Real Estate

Commercial real estate agent walking to appointment
Plan your prospecting and networking in commercial real estate agency today.

In commercial real estate today, the prospecting process is critical to your career.  On that basis, the earlier you start prospecting as part of your daily activities, the more successful you can be over time.  If you neglect your prospecting processes, you are doing yourself a lot of financial damage, and creating a loss of market share.  Over time you can be looking for another job!

It should be said that the prospecting process is quite hard for some salespeople and requires considerable focus.  It is hard in the sense that it is a process that not many salespeople are comfortable with or familiar with.  Essentially it is a new skill and requires discipline to create a new habit.  Prospecting does require a specific mindset that will allow the skills and momentum to improve into daily habits.

Finding the right people to talk to is all part of the prospecting process.  When you start talking to them, regular ongoing contact is the rule and not the exception.  This industry is based on personal ongoing contact and networking.  It is a people based industry.  It takes some time for the property owners and business proprietors to trust you sufficiently to help them with their property needs.  Commercial real estate is not an experiment; it is a specialized business process requiring expertise and knowledge.

Here are some tips to help you with your prospecting processes:

  1. The commercial real estate industry is built around local businesses and business people.  It is the business people that occupy the premises and pay the rental.  In starting your career, you can get a lot of information from local business proprietors.  They will also be excellent sources of leads and opportunity.  On a daily basis you should be talking to at least 10 to 15 business people as part of a new prospecting process.
  2. Property investors are on the lookout for quality properties and or future investments.  As you identify these people, your ongoing relationship with them should be nurtured for the opportunity and situation where you can help them.  In many respects, some of these investors are in contact with many agents at any one time.  For this very reason, your relationship needs to be stronger and more productive than those that the other agents may have with the same investor.
  3. Property owners will always be a target from a new business perspective.  The fact of the matter is that they are hard to find and hard to connect with.  In many situations the true owner of the property is hidden within a company structure or Property Trust.  Getting to the required person can be a frustrating process.  That being said, it still needs to occur and it is part of the prospecting process for each and every commercial salesperson.  Set yourself some simple benchmarks in regards to contacting these people and building relationships.
  4. Check out all of the significant local properties and local businesses.  They should all be entered into your prospects list and networked over time.  It may take some time for you to connect with the right person and or get the necessary meeting.  Persistence is the key to getting the results that you require.

Prospecting in commercial real estate does not need to be complex; it simply needs to be done.  When you establish your own prospecting system and merge it into your time management processes, you will find that the property market will open up with the opportunity that you need.

Need more tips for networking and prospecting in Commercial Real Estate Agency?  You can get them here at our main website http://commercial-realestate-training.com/

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How to Build Your Commercial Real Estate Market Today

Commercial Real Estate Agent giving Ok handsign
Develop the right systems to take your commercial property market forward with real momentum as a Commercial Real Estate Agent.

When you work in commercial real estate agency, it is important that you have a prospecting model to support your momentum and market share.  This is a personal process, and has little to do with the agency that you work for.  The agency may provide you with some profile, but they would not normally produce the required levels of listing business that you require to be successful or gain the mantle as a top agent.

Here are some tips to help your commercial real estate activities in growing market share and listing activity.

  1. Determine the geographic area in which you can locate listings.  The geographic area should be split into two zones.  The primary zone is where you will get the majority of your listings, and the secondary zone is where you will get other listings.  All of your prospecting effort should be focused into the primary zone.  Anything that comes to you from the secondary zone is pure luck and a bonus.
  2. When you focus your marketing efforts into a specific zone, the area should have sufficient property types and property numbers to allow you to convert regular business over time.  As part of the process, look at the history of the area to ascertain the commissions and listings that have been transacted over the last few years.
  3. Within the primary prospecting zone, look at the business community and its current business sentiment.  What are the factors of change?  What are the things that are changing through their business community?  What can you do to attract property enquiry in your direction?
  4. Research the number of competing agents in your primary prospecting zone.  Who are the agents that are more successful than others, and why is that so?  Is there sufficient room for you to be competing with these other agents?  What will be the points of difference to differentiate you from these other established agencies?

In commercial real estate today, the general property market may be somewhat slower and tougher, however the opportunities still exist for those agents that can systemise their approach and drive some real momentum.

When you look at your average business day, there really are only two or three things that are quite important.  Those things should feature in your diary on a regular daily basis.

In almost all situations, prospecting will be number one on your list.  When that occurs each and every day, you will drive better market share and you will create more listings.  Over time that will help you become the top agent in the local area.  Action is more important than words in our industry, so set the rules to your business, and take consistent action.

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Getting Some Goal Leverage in Commercial Real Estate Agency Today

hi rise office building
Set some significant goals to build your commercial real estate career today. Move to the top of your market faster with a plan.

When it comes to winning business in commercial real estate agency, you cannot do so easily without having a reasonable plan and process to support you.  As part of that activity, you will need goals.  Goals are like the points of the compass that take you forward into the industry and will help you track yourself towards being a top agent.

It is notable that many agents and salespeople formulate goals relative to their property type and career from time to time.  Rarely will they stick to the plan; in most cases, the plan will be relegated to the bottom of the filing cabinet after it is created.

If you’re going to create a list of goals and a plan to achieve them, you really do need to stick to the process and keep the momentum heading in the right direction.

Established goals and targets should be reviewed on a weekly basis.  That will then allow you to adjust your processes and focus.  The commercial and retail property market changes throughout the year and on that basis your goals and targets will need to be adjusted.

There is no point getting to the end of the year and making a new year’s resolution with fresh goals and targets relating to your career and commercial real estate.  If you cannot stick to the goal process today, there is no point in doing it in the future.  That being said, there is massive opportunity in the industry for those that can get organized and focused.

The top agents of the industry work to a plan and that is why they are successful.  They understand what is required of them on a daily basis to consistently control property enquiry and attract the right listings.  It is all a matter of focus and the correct action.

Any goals we make in commercial and retail property are impacted by the following changes in the market:

  1. Listing opportunities in the local area
  2. The competitive agents that we must work against
  3. The amount of enquiry coming into your office from marketing
  4. Your local office business identity of your agency and office
  5. The supply and demand for property in the local area given the existing property and any future new developments planned
  6. The conversion rates that you achieve from sales pitches and presentations
  7. The stability of the local business community and the factors of property change that are resulting from that business community
  8. Your personal prospecting processes that are consistently implemented on a regular daily basis
  9. The size of your database and the accuracy of the information contained within it
  10. The regional and global economy as it relates to property ownership and investment.
  11. The availability of funds to allow businesses and property investors to purchase and or occupy commercial property.
  12. The amount of tenant enquiry coming to agencies in your local area.

There is absolutely no way that you can predict these factors 12 months in advance.  That is why the goals and targets process must be continually shaped and adjusted throughout the year.

Small adjustments to your plan that are regularly undertaken, will allow you to adjust your systems and daily prospecting systems.  The real way to achieve success in this industry is through prospecting on a daily basis, and supporting the prospecting process with personal professional skills and comprehensive industry knowledge.

If you really want to move ahead in the industry as quickly as possible, setting significant goals and formulating a plan should occur right now, today.

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Commercial Property Managers – How to Attract New Property Management Clients Today

property manager and client meeting
Attracting new property management clients and portfolios will help you build a good commercial real estate agency.

In the commercial real estate industry it can be hard to establish a property management portfolio as part of your commercial real estate business.  It is hard for the simple reason that most property owners see the change of manager or agency just too difficult to implement.

In simple terms the property owner or landlord wants to protect their cash flow and consequently will not disturb their tenant mix.  Many a property owner will put up with a poor property management service to keep stability in their property.  That being said, a poor property management service will eventually self-implode and the property will suffer.

If you want to win new property managements from clients that are using another agent, it is best to create the relationship with the client and stay in touch for the time that the property owner is ready to move.

So now let’s look at some other strategies to take matters forward and help you establish a good property management portfolio.  The stability of fees and clients produced from the property management process will help you when the sales or leasing market becomes slower or more difficult.

Here are some ideas for you:

  1. Sales activity will always be an opportunity to pitch for a property management appointment.  This then says that every property you sell to a property investor is a great opportunity to present and pitch for the property management.
  2. The sales activity of other agents will also be a good opportunity to pitch for a property management.  If another local property is sold publically (such as at auction), it is quite easy to find out just who the buyer may be.  Make the contact and see if they will take a proposal from you to manage the property.
  3. Leasing activity will be a similar opportunity to pitch for the management of the property.  If you served the client well in the leasing appointment, they should take a proposal from you to manage.
  4. New property developments are great opportunities for management.  Check out the upcoming developments regularly at the local planning office.  Most property developers require a professional property manager to help them, simply for the aspect of perception.  It helps them lease the property to new tenants; that being said you should also pitch for the leasing appointment.
  5. Portfolio owners in your local area may own a number of properties.  They may use a number of property managers, however they will have a preferred manager that stands out as ‘professional’ and of ‘high quality’.   Get to know who these portfolio owners are and connect with them on a regular basis. Eventually they may let you pitch on some new management requirement.

The property management part of the industry is quite special and requires the right people.  Do not employ ‘juniors’ for the process without having some other ‘experienced’ managers in the team.  It is the experienced managers that can win the business given their market awareness and property management skills.

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Laws of Prospecting and Cold Calling in Commercial Real Estate

business woman on a telephone headset
Build your commercial real estate prospecting into your diary and do it every day at the same time.

In today’s commercial property market, listings and commissions can be a bit challenging.  That being said, top agents know how to prospect on a regular basis and build their pipeline of opportunity.  It is the pipeline that helps them with quality listings stock and qualified buyers or tenants.

In any property market, the prospecting process or system that you adopt should be well managed and implemented on a daily basis.  Prospecting is not something that you can do once a week, or when you get sufficient time.  It is also something that should not be delegated over to someone else; far too many agents are remote and distant from their market for this very reason.

It is interesting to note that so many agents and realtors will overlook the prospecting process if they have other things to do that they consider more important.  This single one decision impacts their future business in a major way.

Top agents prospect every day regardless of market conditions.  They know that the prospecting process will reap benefits over time.  Developing the habit of prospecting and cold calling takes significant effort on a personal basis.  That is where many salespeople struggle and give up.

Here are some tips to help you establish your prospecting model in your local property market place.

  1. Take charge of your time and commit to prospecting for 2 hours every day.  Choose the same 2 hours where you believe you can connect with your group of prospects and business owners.  In the space of 2 hours you should be using the telephone as the primary and introductory point of contact.
  2. When you make the cold call over the telephone, you are simply seeking to understand if the person has a need or an interest.  Many people will not require your services now or in the future.  The cold call that you make should filter those people out of your database list.
  3. As a general rule, you should never pitch or sell your services over the telephone.  That does not work in commercial real estate given that the services you offer are quite complex.  To help you here I go back to the point that your telephone call is simply to see if the person has a need or an interest.
  4. The dialogue that you use in the telephone call should be friendly and conversational.  To achieve this advantage you will need to develop your script and practice the words.  When the words you use become natural as part of the conversation, your conversions to meetings in and from the telephone call will escalate.
  5. Set yourself some targets to be actioned as part of the call process.  That will normally be the number of outbound calls, and the number of meetings achieved.  Typical ratios will be one or two meetings from 40 or 50 calls.  In making 40 or 50 calls you will not get through to that many people.  In fact you will only get through to maybe 20 people at the most.  On that basis you need to be prepared for the well-known rejection factor.
  6. Keep your prospecting and call processes organised so that you can follow up old clients and people spoken to previously.  At some stage in the future, they are likely to be prospects for active property activity.
  7. When you have done your daily calls, you can get out of the office and into the sales territory for any meetings that can occur.  Meet more people at every opportunity.

The prospecting process in commercial real estate is quite specific and specialised.  That is why it never pays to pass the task on to someone else.  Passing the ‘buck’ and avoiding the issue simply doesn’t work.  Top agents do their own prospecting on a daily basis understanding that they can achieve significant market knowledge and advantage from talking to other people.

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Commercial Realtors – Get Referral Leads from Old Clients

business man and woman talking
Ask for the referral business with your old clients. They know valuable people to make contact with.

In commercial real estate we need leads and lots of them.  Every avenue of opportunity should be taken to see what listing or transaction is possible.  In this market we should leave no stone ‘unturned’.  A sale can lead to a lease (or vice versa), and either can lead to a property management appointment.  Good service and quality follow-up with our clients always positions us for the future.

One of those very valuable sources of opportunity is ‘old clients’ from closed and completed transactions.  If we served those clients well from the very start, it is likely that two things will happen:

  • We will get some referral business
  • We will get some repeat business from the same client

We can do a lot with established relationships with clients and old clients.  It is just a matter of deliberate focus.  So the question is how do we keep the relationships active and fruitful?

Here are some ideas to help you build a ‘pipeline’ of relationships with clients and keep the ‘doors open’ for the long term.

  1. Industry briefings are always useful.  So much is going on in the market that clients find up to date information on trends and strategies very useful.  Guest speakers can be sourced to speak at quarterly events or evening property briefings.  Those speakers could include a property solicitor, accountant, developer, financier, and taxation specialist.  When you add people from your team to the group of speakers you have a very powerful selection of experts to talk about the local property market today.
  2. Newsletters should be sent monthly to all clients and contacts.  That will also include new people that are being contacted as part of the teams prospecting activities.  The newsletters can be sent by email or post.  The choice is yours and should be based on what works for you.  Quality is the key to maintain readership.
  3. Property listings should be sent weekly by email to those people that have agreed to get the information.  It is best to send no more than 8 listings in each email sent.  In that way you have a greater chance of the content being read.  If you work with different property types, you could send the property emails in groups based on the interests of the reader (retail, industrial, or office property).
  4. Constant contact every 90 days with clients and previous contacts.  It has been proven that the constant contact approach every 90 days converts to meetings quite well if you keep the contact up.
  5. Cross sell your services from sales, to leasing and property management at every opportunity.  One transaction will lead to another if you keep the doors open and the discussions on track.

If you have not kept in contact with your old clients, then now is a good time to start.  In difficult property markets every lead should be encouraged and built on.