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:
- 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.
- 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.
- 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.
- 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.
- 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.