In residential real estate, clients can oftentimes get lost in the deal, but take a page from the commercial pros and you’ll position yourself to not only meet your clients’ needs, but exceed them. Here, I outline three areas where commercial real estate agents raise the bar, and explain how residential agents can incorporate them into their business.
By implementing these fool-proof commercial tactics, you’ll set the stage for lasting and lucrative client relationships for years to come.
1. Do your homework
Commercial brokers come prepared. They often know right off the bat what buildings are available, as well as any restrictions, zoning and proposed developments the owner might not be aware of. The same should go for residential.
Residential agents can take customer service a step further by offering truly customized reports and solutions that help clients position their properties for success. For example, in the commercial sector, top firms offer asset services to help building owners enhance the value of their investments. Take that same concept and apply it to your residential clients.
Work closely with your seller so they understand the benefits of professional staging, photography, property improvements, landscaping, updated finishes, or remodeling. Build a list of trusted contractors you can count on. Have answers ready before the client asks.
Consulting on property improvements will not only help your seller gain greater returns on their investment, but will ultimately position you as the hero. The best agents, regardless if they are in commercial or residential, make the client’s goals their own, and deliver on that by offering customized plans and solutions that get the job done right the first time.
2. Expand your marketing
From neighborhood maps to aerial videos to in-depth marketing strategies, commercial agents are masters at securing long term clients because they level up when it comes to marketing.
Ask yourself, do I paint a picture of the lifestyle for my listings? Do I arm my sellers with detailed marketing plans? Do I go the extra mile to help buyers understand a property’s potential? If you answered no to any of the above, it’s time to revisit your marketing and start making improvements.
Create a sales packet with detailed information on neighborhood amenities, schools, and commute times. Offer in-depth market analysis that outlines why the property is a great buy. List the tools and resources you’ll use to get the property in front of the right buyers. Residential buyers and sellers benefit tremendously from having the facts in their hands and a clear picture of the lifestyle in their minds. Take a commercial approach to your residential property marketing and watch your results improve tenfold.
3. Add a specialization
Commercial agents understand the importance of broadening their experience and knowledge-base to offer greater value to the client. In fact, more than 70 percent of real estate agents polled by the National Association of Realtors have a specialty in a secondary real estate market – and for good reason. The majority of those specialists were brokers in residential real estate. Others included property managers, relocation specialists, and commercial brokers.
If you broaden your experience to include niche areas like second homes, land development, appraisals, or commercial property, you will eventually see a boost in your income. Not sure where to start?
Network with commercial brokers. Pick their brains on ways to improve the buying and selling experience. Get certified in a specialty to enhance your value in the marketplace, or better yet, bring a trusted commercial broker in-house that you can refer business to and vice versa. In the fast-paced world of real estate, if you aren’t thinking bigger picture, you’ll quickly get left behind.
Do your homework. Expand your marketing. Add a specialization.
Approaching the client relationship like a commercial agent will not only help you win the listing, but position you as an expert who earns their clients’ trust, and is deserving of their repeat and referral business.
Troy Palmquist is the founder and broker of The Address in Southern California. Follow him on Facebook, or connect with him on LinkedIn.