Referral Business Strategies

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1 Referral Business Strategies John Highman Real Estate Coach and Author

2 Referral Strategies In commercial real estate brokerage there are plenty of referral business opportunities around you that you can work on. If you are struggling to find new listings, start working on your referral strategies for the location and your client base.

3 Reasons It is a fact that referral leads and opportunities are easier to convert as part of a business growth model for a number of reasons. They are: Every client that you work with will know other property owners or business leaders for the locality. A sale or lease transaction can lead to a property management appointment (or vice versa). Ask the right questions of the clients and prospects that you are working for. People are inclined to create a referral situation for you if you have helped them in a positive way. You can give away a benefit as part of being given a valuable property lead or referral. Trust is a big part of a successful property transaction.

4 Look at what you have So to get started in this process of referral business generation you have to look at what you do have by way of relationships in your brokerage now, and also your client base or database of people. Start from the base of people that you currently work with or have served over time. Set up meetings with everyone that you have worked with or know in the location.

5 Some Ideas Leasing - Look at all the properties you have leased over the last 12 months. Contact the property owners again to see if you can help them further with their property and or have a meeting to catch up on current market trends. A successful leasing transaction should lead to other opportunities over time. Sales - From a sales transaction you will have established contacts with the seller and the buyer. Both parties are worth talking to so that you can understand what they intend doing with the property and how things could change for them. Property investors - A successful property owner will generally hold a number of properties as part of a portfolio of assets. Diversity is sometimes a focus of portfolio ownership to spread risk to the value and income exposure. Solicitors and Accountants - Get to know a few of these people and build up significant levels of trust. Help them with property information and updates. When they know that you are the best agent to help their clients, you will find that leads and listing opportunities will evolve.

6 Some Ideas Bankers or financiers - You can feed buyers towards trustworthy and professional bankers and financiers as part of helping resolve the financial side of a property sale. In a reciprocal way I would expect a few leads and referrals over time. Property management clients - From one property management client you should have a few levels of interaction over time across sales, acquisitions, disposals, and leasing. Make sure that you have the people and skills to help at the right time.

7 Asking the Right People at the Right Time From these simple levels of client interaction you can see how easy it is to get more property leads and opportunities with referrals. Asking the right people at the right time is really what it is all about.

8 IMPORTANT INFORMATION This information is prepared as general training information for commercial real estate practitioners globally. No part of this material may be regarded or relied upon as legal or specific advice for individual situations. Although all care has been taken in the preparation of this material, recipients: Must not alter their position or refrain from doing so in reliance upon this material; and Are urged to seek independent legal advice with respect to the matters traversed in this material; and Are urged to undertake further studies into legislation and practices that apply in their location. This is another quality resource from the Commercial Real Estate Training Online Series. Contact us below: John Highman