5 Best Practices CRE Brokers Use to Dominate Their Markets
The scope of commercial real estate (CRE) is incredibly broad, including tons of specialized facets that make up the greater whole. These niches give brokerages the opportunity to dominate a piece of the industry, thereby imprinting their name on the bigger picture.
Today’s market is full of major players who have successfully honed in on their area of expertise. So how did they get there, anyway? What did they do to cultivate so much success? These are questions everyone should have.
By following these five key practices, brokers can apply proven methods of success to their business model and start winning at CRE’s small-market game.
1. Know Your Market
Knowledge is power. To become a top player in your specified market, you need to know all the ins and out of that sector. As a broker, it’s vital to remain informed at all times. With social media’s immense connectivity, it’s easier than ever to stay current.
Keeping up with the industry’s latest news is something that all big-name brokers do, enabling them to always be on top of the game. By knowing your sector’s climate, you can make wise business moves and hone in on advantageous situations.
2. Practice High Responsiveness
Successful brokers always know that their current pool of clients is their most valuable asset. It’s not all about new clients, you need to tend to those you already have. The ‘honeymoon phase’ should not end as soon as their deal closes. Brokers need to demonstrate healthy levels of dedication and responsiveness.
Unwavering attention is an amazing way to build good client relationships that last over time, helping to ensure that they become repeat customers and send positive referrals. A recent survey showed that 75% of an agent’s business comes from referrals by previous clients, so this is no place to slack off.
3. Keep Up With Tech
Technology opens up so many opportunities for CRE. The best-known brokers all know that utilizing the industry’s latest tech tools is an imperative part of climbing the industry’s ladder. Tech can be applied to any facet of your business module, helping to streamline workflows and enhance productivity.
4. Build A Strong Reputation
Getting your name out there is the biggest challenge for brokers who are working to scale their business. In small markets, reputation is everything. Great care needs to go into your client relationships, business management and marketing plans.
Focus on building strong connections, networking in the field and getting people talking about you. When 88% of consumers place their highest level of trust in word of mouth referrals, more talking means more business.
5. Utilizing CRM Tech to Track Leads
In a fast-paced industry like CRE, professionals may need quick access to information at any moment, meaning that organization is a must. Using a CRM tool, such as Rethink, allows brokers to keep track of their communications between leads and clients, ensuring they’re always ready to make their next move. On top of this, brokers can automate follow-ups, set reminders, monitor interactions, and more.
By taking these 5 steps, brokers will reach new levels of success within their specific markets. If you’re interested in learning more about how Rethink can revamp your client relationships, click here.