In commercial real estate agency today, we tend to overlook the value of the lists that we have in our office or in out possession. Lists can help focus our efforts when it comes to new business and commission.
When talking about lists, it is interesting to note that many commercial real estate agencies have a database that is well out of date. The results of any marketing into the database are therefore quite sporadic at best.
If you want results in our industry, take a look at the lists that you are working with and the accuracy of the information contained therein. Develop a good list process yourself, and work it on a daily basis. It is essential that you develop a habit when it comes to maintaining your lists and your client relationships.
The problem with databases and lists is that they need to be maintained. Many salespeople prefer not to do this work themselves. The result is that no one person then takes ownership of the database and the value of the process falls away.
Whilst I may be generalising, I would say that at least 75% of the commercial real estate salespeople that I have made contact with over time have databases that are sporadic at best, and in most cases quite random. You cannot build your commercial real estate business around a sporadic database.
Top agents tend to have lists that are completely up to date and worked on a daily basis. They know the people in the list and make sure that regular contact is maintained. After each contact process, the list is updated with accurate information.
Here are some ideas to help you build momentum and accuracy in your list process:
- In most cases, your personal list of contacts should be no more than 1000 people. Beyond that point it is very hard to keep contact with the right people at the right time. It is the quality of the 1000 people that makes all the difference in your career and industry. When you focus your connections into a group of this size, you will generate commercial real estate business. The key point is to focus your efforts of connection and communication on a regular basis to the right people. They need to know you as the expert that you want to be. In this way you can build your top agent profile over time. Regular contact sends the right message.
- You do not need to have a complex software program to support your cold call prospecting or client networking. You simply need something that works for you. Certainly there are some great software programs out there that can help you build very productive customer relationship models. When it comes to choosing the right program, I would prefer something that is simple to use and convenient. Access to the database anywhere by the mobile telephone and or a laptop computer would be an essential part of the list building process.
- It has been proven that a regular contact process to the right people will produce significant new business opportunity. That contact cycle should be at least once every 90 days. After that time people tend to forget you. When you make contact with clients and prospects, have some simple connection process and information that you can send on to them as part of the connection follow-up. You are the property expert, and they need to see that.
Leverage is one of the most important things to work with in commercial property and investment real estate. It is a people based industry and your success will be based on the size of your network, and the relevance of your skills. That is why your list is so important. If you are struggling in the property market now, take a serious look at your database and its relevance to today’s market. Start working on your database and the industry will open up for you.