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Timeless Tips for Any Economic Climate

Business Services & Best Practices

Having faced unique challenges due to COVID-19, SIORs have been regularly sharing their tips on succeeding in difficult markets. Still, there are some keys to success that will stand you in good stead whether the market is strong, weak, or somewhere in between.

Every successful broker has his or her own keys to success, but many share similar strategies in what works best. The number one strategy that all have in common?  Having a strong emphasis on constant and open communication with clients.

“Number one is: be responsive in a timely way,” shares Frank Martin, SIOR, senior associate broker, Hall Associates, Inc., Roanoke, Va. “You will lose some time answering questions, but by responding you will build future business.” Martin says he gets back to people the same day “to show respect.”

If someone has trusted you with a listing, he continues, it’s important to report regularly—even if the news is not good. “It’s a very hard call to say, ‘We listed a month ago and we have not received one call,’” he acknowledges. “People will assume it’s a marketing issue. If it is, [gently] let them know things are going on at other properties, not just theirs.”

It’s also important, says Martin, to stay on top of what’s happening in the market. “Even if it’s not a transaction you are involved in, people like to talk real estate,” he notes. “You should be able to either tell them what’s happening, or say, ‘I’m curious about that too, let me get back to you,’” Martin advises. “One day they could be in the position of needing or referring you.”

Speaking of referrals, he says, “Don’t be afraid to ask for them. If I worked a successful deal, my greatest source was either social media or talking to someone who was happy with what we did.”

And finally, he advises, “Maintain a presence in the market. You want a person to say, ‘I see your signs all the time.’”

Read the full article in the Winter 2021 issue of SIOR Report now!

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Steve Lewis

Steve Lewis

Steve Lewis is a freelance writer and president of Wordman, Inc.