Commercial real estate has always been a relationship-oriented business, and the best brokerages take advantage of this fact to drive repeat and referral business. The 2021 DNA of #CRE survey showed that relationships are the most crucial factor driving business—and that’s likely to continue for years to come.
In the 2021 DNA of #CRE – Broker Edition, 79.7% of brokers prospected for new clients through referrals from past buyers and clients. Brokers also heavily relied on referrals from other brokers.
Prospecting is an art—the lifeblood of generating new business. Referral prospecting, in particular, is the quickest way to fill your pipeline with opportunities. According to ThinkAdvisor, 82% of advisors say getting referrals is the most effective way to prospect new business.
Some of the biggest deals can take a long time to win, but opportunities often open over time when you consistently nurture relationships. Taking the time to cultivate a connection proves you’re genuinely interested and committed to working with your prospects—and you’ll eventually reap the benefits of your hard work.
For the fifth year in a row, nearly all brokers in the survey identified relationship-building as their top stimulus for winning new business. Regular phone calls and emails were the main ways brokers fostered their relationships.
50% of respondents mentioned regular phone calls being the most effective way to maintain relationships. Whether it’s a call to a client or other brokers, there are some things a phone call can do that an email or LinkedIn message simply can’t—interactivity, immediacy, feedback, and emotional connection.
Emails can be an effective tool, too. But with dozens of emails flowing through your prospects’ inboxes each day, it’s essential to make your email stand out. The best way to do this is to ensure the email is relevant and provides value—the better the experience, the happier your recipients will be. And the quality of experience you offer when forming and nurturing relationships can sway your prospects’ decision on whether or not to work with you.
Asked about new tactics adopted during the pandemic, survey respondents identified focusing extra time on cleaning up their CRM as the most effective. As brokers moved to remote work environments, newfound time meant new opportunities to enhance existing relationships with clients—but that’s only possible when you have a healthy database.
It’s essential to leverage client data, as it gives you insight into each client so you can personalize your communications with them. That’s why 74% of businesses improve customer relationships with CRM. Put simply, an effective CRM is critical to matching the right team to send the right message to the right contact.
Now, more than ever, long-term business growth depends on your efforts to build and nurture positive relationships. Developing relationships with clients and other brokers can be challenging, but the rewards are worth the effort.
Over time, the efforts you put in today will lead to increased loyalty, positive client experiences, and most importantly—word-of-mouth recommendations. To gain more insight into commercial real estate trends, download the 2021 DNA of #CRE survey report.
To see what Buildout can do for your brokerage, contact us and we’ll set up a call to learn about your business needs and identify the tools that can help you achieve your goals.