In commercial real estate today, every agent should have an ongoing ‘client loyalty’ program to help with growing market share. In this way you can stand out as a relevant and top quality agent. It is then difficult for the client to overlook your presence and availability when it comes to taking a property to the market for sale or lease.
Here are some tips from our main commercial real estate training website.
So what can you do to structure a ‘client loyalty’ program? Here are some ideas:
- In the first instance you should give it a name. Without a name the client does not know or feel that they are any different to others in the local area that you may be working with. In the absence of anything else to use, you can call your program the ‘VIP Client Connect’. Tell the client that they are part of this ‘exclusive’ group. Show them what will be happening and why that will be of benefit to them.
- On what basis will you be selecting ‘VIP’ members for the group? Will the criteria be based on property location, size, value, portfolio type, or frequency of business?
- The program should be about the client and on that basis they should get something out of it. There is no point in structuring a program if you are going to do nothing with it. What can you do for them as part of their membership in your group of ‘VIP’ clients? How will they know that they are ‘special’ and that you are doing extra things for them?
- Focus on ‘loyalty’ with these clients and not ‘discounts’. Professionalism should be the backbone of the program; discounts have no place in a commercial real estate client relationship if professionalism is your goal. Ensure that you are sending a message of high quality and comprehensive services in sales, leasing, and property management.
- Provide market updates that are comprehensive and regular. They can be sent directly to the client with links to supporting resources and research on your website.
- Your database should segment these ‘VIP’ members from the others that you work with. The database should also have the ability to capture the details of ongoing contact.
- Establish a special newsletter for the process of ‘VIP’ contact. Brand that newsletter uniquely and personalise the text with specially selected properties.
- Set up monthly or quarterly industry briefings that can be held in your office for selected clients. Invite other industry professionals (solicitors, accountants, and planners) to complement your presentation.
- Provide a private access part of your website so the ‘VIP members’ can get to regular industry updates.
- Make it easy for these special people to make contact with you 7 days per week. Give them the mobile cell phone numbers to use in the event of questions or concerns.
You can do more with this list based on your property speciality and your location. Make your clients and prospect feel special in your business. The rewards will be many.
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