It’s no secret that commercial real estate is a competitive business. Brokers must be willing to work hard if they want to succeed, and even then there are no guarantees. Top brokers, those seemingly flooded with opportunities and referrals, cracked the code by applying a mix of hard work and smart tactics that ultimately lead to success. They approach each day prepared with strategic use of information, helping them work quickly and efficiently.
Here are five things top CRE brokers do every day to build success. Anyone willing to work hard can easily replicate this process to scale business.
Top brokers are highly responsive to customers
Top CRE Brokers are laser-focused on their customer experience, ensuring they are available and responsive to new and existing clients. Quick response times make customers feel valued and are essential to building trust. Customers who trust their brokers are more likely to engage them for future opportunities and refer new business, increasing the network of viable leads.
Referrals are a big part of CRE broker’s success, with a recent survey revealing that less than 20 percent of clients send referrals, but that 75 percent of a commercial broker’s business is generated by referrals. Considering referrals are such a huge part of a broker’s business, optimizing those relationships is clearly essential to long term success. It all starts with maximum accessibility.
Top brokers translate current events into new opportunities
It’s easier than it’s ever been to keep up with current events. Social media, industry publications that are updated daily (if not hourly), and news alerts ensure people are able to stay on top of the latest news. This isn’t just about being informed about the state of the world. Top CRE brokers use current events to their advantage, thinking creatively about how those events could translate to potential opportunities or challenges for clients and leads.
For example, a news alert might show that Amazon is scoping your market for a multi-story industrial complex to serve customers in your region faster. This presents an opportunity for brokers to help local retailers anticipate and navigate around potential opportunities and challenges.
Top brokers offer a visual presentation of research and analysis
CRE brokers are often dealing with complex information, and it can be difficult to explain that information to clients. Providing map-based visuals, such as those available using a geospatial technology platform, can help easily and efficiently communicate abstract information to clients. Seeing real estate opportunities laid onto a map, illustrating where the best opportunities are is a great way for people to quickly grasp complicated ideas.
Brokers dealing with out-of-town clients should offer visual analysis of a market illustrating demographics, changes to the landscape over a period of time, points of interest, land use, zoning, and other important data points, to help clients determine whether the opportunities they are presented with are worthwhile.
Top brokers are prepared with data when cold calling
Cold calling is an essential part of the job for top CRE brokers, and getting it right isn’t easy. Brokers have a few seconds to hook prospects and interest them enough to keep them on the line. Optimize those few seconds by entering the call prepared with information, using data to be targeted and efficient. For example, make a list of high net worth individuals and research their portfolios for a full picture of what types of properties they are investing in. Leverage a geospatial technology platform, and gather data on owner portfolios alongside information about potential commercial opportunities.
Top brokers use a CRM tool to track and monitor leads
Information is everything when it comes to commercial real estate, and top CRE brokers keep information organized so they can act on opportunities quickly. A Customer Relationship Management (CRM) tool allows brokers to efficiently monitor interactions with leads and clients, helping them sell to their market faster. CRM tools allow you to automate follow-up, set reminders, score leads, develop reports, analyze customer interactions, and much more.
Success as a CRE broker isn’t always about working harder than everyone else. Success is all about working smarter, leveraging the right tools and information to gain an edge over the competition. Replicating these five tactics that top CRE brokers do every day can help you land more deals and build a reputation as a market leader.