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Choosing the Best Clients in Commercial Real Estate Brokerage Today

In commercial real estate brokerage there are plenty of clients to choose from when it comes to sales, leasing, and property management activity.  In saying that, it is important to understand the ideal client profile for your brokerage business.  Some clients are better than others.  Understanding the differences will help you focus your prospecting efforts in the correct way.

The suggestion here is that you should be selective when it comes to working with some clients.  Understand the ideal client profile that will help you grow your listings and commission opportunities.

Here are some ideas to adopt in this process.  You can add to the list based on your property location and your property speciality:

  1. Review your area and your sales territory so you understand exactly how many properties exist within your target market.  There will be differences in numbers between office property, industrial property, and retail property.  Some of your target properties will be widely spread and will therefore require complete understanding when it comes to prices and rental variations.
  2. Look at the history of the area to see what has been selling and leasing over the last two or three years.  You can add to that assessment the factors of supply and demand as they relate to your area and your city.  Is your market segment growing or contracting?  How can you adjust to these fluctuations?  What levels of commission are available for future sales and leasing activity?  Focus your prospecting on quality clients and quality properties.
  3. The best customers to work for are those that can bring you repeat business over time.  That business can be in sales, leasing, and property management activity.  Some of the best clients to work for include established property investors, larger companies and corporations, and franchise groups.  Get to know the right people within each targeted segment.  Understand who the decision makers are when it comes to each investor, company, and location.
  4. The suggestion here is that you treat your customers and prospects differently.  Those high value customers that you have identified for future business should be entered into a special segment of your database.  They should receive special treatment when it comes to contact and service.  You will also be approaching them more frequently with relevant market updates and changes within the industry.
  5. Some clients will require particular property types and improvements.  Special understanding is needed when it comes to identifying the right properties for them to purchase or lease.  The same can be said when it comes to the timing of an acquisition or relocation.

So there are plenty of things to do here when it comes to for client connection and prospecting.  The choices that you make of it comes to each client in your segment of the market will help you greatly with future leasing and sales opportunity.

Get to know exactly what the client requires and tap into that opportunity over time.  When you do this correctly, many of the transactions you create will occur off market and away from the pressures of agency competition.

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Systems and Mindsets of Top Commercial Real Estate Agents

Top real estate agents are easy to identify. They do the things that other agents avoid; they know how to tap into opportunity and the right clients.  The good thing here is that top agents a far fewer in number (2 in 10 is a typical ratio); there is plenty of room at the top of the real estate market for those agents that strive to get there.

So what do these top agents have that other agents do not?  I could summarise it really simply and say that it is ‘commitment and the right processes’.  They know what to do and they do it every day.  Over time they understand what works for them and they do those things every day.

Here are some ideas to help you get started on the road to being a ‘top agent’.  Whilst I will give you a basic system here and now, take it and refine it as you progress.  Adjust the system to your market and your property type.

  1. At least one third of your working day must be devoted to prospecting.  That ratio should not change and if anything it should increase towards 50%.  Track and measure your prospecting efforts.   Understand what works for you and how you can do more of it.
  2. How you think will impact what you do on a daily basis.  On that basis protect your thinking and your processes from the criticism of others. You are the person in charge of your business day.
  3. Watch what the top agents are doing.  Can you replicate their processes or improve them?  Success as an agent comes from doing a few specific things very well; not lots of things in a random way.  Determine the 5 things that will help you drive your business forward.  Decide how you can do those things every day.
  4. Quality properties should be converted to exclusive listings.  When you control the listing stock the enquiries will come to you.  Whilst it is good to know lots of other people that require a property to buy or lease, the top agents focus on listings.  Find and convert the listings.
  5. You should have a prospecting system that is easy to implement and stick to every day.  Do the required call research each night so you are ready to make the cold calls the next day.  Don’t waste prospecting time on research that can be done ‘out of hours’.

Find out what people are doing with property now and into the future.  A good client contact today can be a valuable client in the future.  Build on your contacts so they trust and remember you at the right time in the future.  That’s how you become a ‘top agent’.