In a commercial real estate agency you need clients and lots of them if success is something that you aspire to as an agent. Without a good base of clients you will struggle with finding listings and putting sales or leasing deals together.
There are issues to think about here. It is a very competitive industry so some of your clients will move agent from time to time, or possibly leave the industry. The cycle of commercial real estate is also quite long so it can take months if not years to get a client relationship to convert to a transaction.
You need lots of clients to move your career forward. Where can you find these clients? What are the rules? Try some of these:
- If you choose to work with the better clients and higher quality commercial or retail properties, you will generally have a greater level of property inquiry coming from advertising and marketing. You find that the tenants and buyers that can act in this market will make themselves known to you. On that basis you will have something to work with when it comes to inspections and negotiations. Your database will also be of better quality and more relevant to the property market of today.
- Why should a client or prospect do business with you? It is a real question that should have a solid answer. If you do not know the answer, then it is quite likely that the clients will also struggle to see your relevancy. Top agents have a real relevancy to the property market, and clients or prospects seek them out.
- Finding property owners to talk to and work with is a slow and tedious process. It takes time to find the right people that own properties and that may have a future need of your services. Many times I have been asked by agents to provide some 'short-cut' or 'magic bullet' to the process of finding property owners and clients. The fact of the matter is that there is no 'short-cut'. Prospecting for property owners to serve or work for takes time and real effort. Make it a target of your business day to find one new owner in the local property market. If you can find one new property owner per day, that average will help you build market share quite well.
- The easiest group of people to find and work with in commercial real estate, and that may need property help are the business owners and proprietors in the local area. Use the business telephone book for that process. You can also travel to the streets and business areas where good businesses are thriving. Get the names of the business owners and make the calls or send the letters.
If you want a solid and successful career in commercial real estate agency, look at your client list and build it on a daily basis.