In commercial real estate agency you need a database and a customer relationship process as an agent. Without these things you will struggle with client growth and listings.
Our industry is based on strong relationships and the building of them. The deal cycle can be of great length. It can take years for a client to get to the point of doing something with their property. When the deal starts it can take months of effort to move the property through the phases of listing, marketing, and negotiation. Resilience and focus are relevant skills for a commercial real estate agent.
Here are some priorities to help you with your customer relationship model or strategy:
It has said of databases that if you put rubbish in, you will get rubbish out. So many agents have databases that are well out of date and even irrelevant to client contact. The integrity and consistency of your data is really important. For that reason every day you should update it with the results of meetings and telephone calls. If you look after the data, it will look after you.
Be efficient in how you capture and maintain client and prospect information. Use a simple standard form that has all the fields of contact and questions that you require. Carry these forms with you during the day. Fill them out in or after any client or prospect contact. At the end of the day you simply enter the information into your software program.
Understand that sales, leasing, and property management are all linked. On that basis your questioning of prospects should be sufficiently broad to capture any variance of property need or requirement. Put those extra fields of questions onto your standard data form.
From the data that you collate, track key factors such as new leads, meetings made, listings created, exclusive listings, client contact, price adjustments, and time on market. Depending on your property specialty you may need a complex database CRM program. Choose wisely but don’t spend the money for the software until you know that you can and will use the program.
Email and mail merge requirements in our industry are high. Many times you will be sending out a email burst of current listings to qualified prospects. Make sure your CRM program can do that well and also track the results.
How do you grow your database? It’s an interesting question that some agents struggle with; they lack the system to move ahead every day. Set some habits here to get the momentum and growth that you require.
You can add to this list to suit your market and your property specialty. Importantly you really do need a system here to take you forward.
John Highman is a leading commercial real estate coach who has helped many commercial salespeople and agents around the World promote and grow their real estate business. You will find a full archive of helpful commercial real estate tips and strategies at New Launches Review.