When it comes to working in commercial real estate agency in 2012, the relationships that you build with your customers and prospects will make or break your career. This industry is built on trust and knowledge. You need a high degree of both.
At the centre of the relationship selling process, will always be prospecting and cold calling. Without that momentum at the top of your sales pipeline, the business simply does not produce the results you desire and deserve.
So what is relationship selling and how can you use it in your commercial property career? First and foremost let's look at the people that you must get to know. Consistently and successfully you must connect with:
Property Service professionals such as solicitors, financiers, and accountants
So the list is probably quite logical to you, but it does require a business model and strategy. That is where relationship selling becomes foundational to generating opportunity in and through your local area.
Your ultimate target in relationships selling should be to generate quality listings as a commercial real estate agent. The agent or salesperson that controls the quality stock in the local area will always be the agent of choice. Those listings will give your database momentum and value, providing you keep the constant contact process underway. Those listings will also give you better signboard penetration and market dominance; the agent with the most signboards on the better properties will be the agent that gets the enquiry.
Commercial real estate is an expensive and complex level of investment. Knowledge will always need to be your partner in generating leads and opportunities. The people that we talk to and interact with are astute and knowledgeable when it comes to strategies and facts within commercial and retail real estate. The more local knowledge that you have regards the property market, the better value you are to your clients and they will have more reason to listen to you. Relevance is the key. Everyone needs to know about the changes and dynamics of the local property market; accumulate the facts and use them in your dialogue or sales pitch.
There are four distinct stages to the relationship selling process. Every prospect and contact should be taken through these distinct stages. It takes time but the rewards are significant.
Establishing good levels of trust with your prospects will be foundational to longer term relations. Most property transactions take months if not years to bring to culmination. The levels of trust allow this to occur. Constant contact with relevant information is the key to successful communication and connection.
Good levels of trust will eventually allow you to understand the property needs of the client. Those needs can be immediate or long-term and will be relevant to their business operations and investment needs. As part of this you will need to understand the types of property and location that best suits each client.
Many commercial property transactions are facilitated off market; presenting solutions is part of the process. These off market deals occur because an alert and high performing salesperson has put together the needs and opportunities of two different parties. Your database will allow you to do this providing you take personal ownership of its integrity and accuracy.
Constant contact with a wide variety of property owners, tenants, investors, and business leaders will keep your pipeline of opportunity moving. This is a daily process and forms the fourth and final part of the relationship selling model. Regrettably many salespeople in the industry struggle with an ongoing contact model and database maintenance. Discipline is the key.
These 4 facts will create significant opportunity in 2012 when acted upon and implemented as part of a successful property salespersons business model. They get more referrals and resales and move to the top of their field.