Thursday, July 4, 2013

Top Gun 100 Prospects in Commercial Real Estate Brokerage

woman on telephone
Work and contact your VIP prospects daily.

In commercial real estate brokerage today, it is essential that you have a segmented database that allows you to focus on your top 100 prospects or clients.  When you do this correctly, you will generate more leads and opportunities over time.  It is a bit like having a VIP club within your database.

Your top clients or prospects should be those people that can offer you multiple business opportunities through repeat business, different property types, different locations, and referral business.  To work with these people, you need a track record of success and trust.  Choose your people and grow the relationships.

The trick here is to understand who you should place in your top 100 list.  What will be the criteria that you set as part of the filtering process to identify these key clients?  When you have identified them, how will you maintain contact?  Why should they do business with you?  These are all good questions and are quite important to the growth of market share in your area and industry.

Here are some potential filters that you can apply to the membership of your VIP club:

  • Those clients and prospects that own multiple properties in different locations.
  • The successful business owners in your local territory that are clearly requiring property expansion or change in the coming years.
  • Some property owners require multiple services across sales, tenancy mix, leasing, property performance, project leasing, and renovation.
  • Those property owners that could qualify for supplementary services such as property management, tenant retention plans, and property re-positioning.
  • Solicitors and accountants in the local area that may have a substantial client list of property related clients.
  • Property developers looking to engage a new project locally.

Many of the people we talk to will not have an immediate need or interest to undertake a property transaction.  Whilst they may need your services in the future, they fall into what I call the ‘ordinary category’ of networking and communication.   You should be connecting with those people once every 90 days.

Eventually they will open up with business opportunity related to sales, leasing, or property management.
The process of ‘constant contact’ has great benefits in our industry.  Relevance is the key to keeping the process underway.  Do you have a good database, e-mail contact system, direct mail process, and call contact system?  How often do you reach out into your territory to find more new prospects and potential VIP customers?

It is worthwhile noting that quality listings and dominant market share will help you with your prospecting and networking activities.  It is a compounding process that requires personal involvement in daily prospecting.

Get involved with the right people in your industry.  Set up a VIP club within your database so that you know how to improve your market share and listing opportunity.  Differentiate the way in which you work with your VIP club prospects.  Let those important people understand that they are being given special treatment and service.  Help them move to the next step of property action and involvement in commercial real estate.

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