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Finding the Right Clients in Commercial Real Estate Brokerage

woman with laptop
Focus on quality clients and quality properties.

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:

  1. Open and honest
  2. Ready to act
  3. Understanding the current market conditions
  4. Are motivated to make a decision
  5. Will keep you fully advised of their intentions and changes
  6. 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.

You can get more tips for commercial real estate brokers in our Newsletter right here.

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Position Yourself as a Top Commercial Real Estate Agent

commercial real estate agent talking to tenant
Commercial real estate agency is a great opportunity today.

It is no secret that the commercial real estate industry is quite competitive.  Most of the clients and the listings that you work with will have some impact or involvement with competing agents.  This then says that you need to stand out as the best agent of choice with the correct amount of experience and knowledge to the property type.

Let the client make the choice when it comes to the best agent for the property listing.  Show that you have the confidence and knowledge that’s more relevant to the client than those competitors around you.

This then says that your presentation and sales pitch process needs to be of the highest quality.  This is a positioning process and requires ongoing daily strategy.  Here are some ideas to help you dominate your market share and increase your client or customer profile:

  1. Don’t be too eager to take on every listing that comes your way.  Look for quality properties and quality clients.  Stay away from the bottom end of the market where listings are too hard to move or distressed clients are not being flexible on price.
  2. Specialise in a property type in your local area.  Research the trends when it comes to time on market, supply and demand, pricing, rentals, and marketing strategies.  Understand what works and give your clients clear reasons for accepting that information.
  3. Use a checklist as part of your client meetings and client discussions.  Let the checklist improve your questioning process and responses.  In that way you will be more professional than those agents that rely on memory rather than establish systems.
  4. Develop a series of stories that relate to the local market and your property speciality.  Stories will always help you when it comes to the property presentation and the interest of the client.
  5. Carry with you a selection of marketing alternatives and marketing successes in the local area.  Chart the trends from the inbound property enquiry when it comes to each property type.
  6. Build your profile personally on the Internet through social media, blogging, and article writing.  Those three things would do a lot for your personal branding as an industry specialist.  That being said, they do require time and ongoing effort.
  7. When a competing agent puts a signboard on a listing in your territory, talk to the other property owners and the businesses in the immediate vicinity.  They may wish to compete with that property already listed.
  8. Build a database that you can use as leverage with your client meetings and discussions.  Is very hard for a client to ignore a large database of relevant and accurate information.  Show the client as part of your sales presentation that you have a number of prospects already available to inspect the property when the listing has been agreed.

Simple processes like these allow you to position yourself as a top agent of relevance and success.  The clients that we serve, like to work with the best agents in the local area; we need to give them the reasons to choose our services over others.  Develop the skills, the knowledge and the experience that will help the client work with you when it comes to existing property needs and challenges.

You can get more commercial real estate training tips in our newsletter right here.