We’re just a couple months away from the start of a new year — along with all the challenges and opportunities that surface every time we change the calendars. And, if you’re like most commercial real estate brokers, you’re probably hoping to squeeze in at least one more deal before 2022 officially ends.
Unfortunately, pulling off a new deal at the end of Q4 is much easier said than done. The time between now and Jan. 1 is chock-full of obligations and holiday celebrations for you and your clients, which means fewer working days and busier schedules.
But the good news is, it’s not impossible. To help increase your chances of closing out the year with one more deal in the books, we’re sharing a few proven tips.
It’s easy to focus on all the reasons it’s too late to find another new deal, but plenty of prospective clients are looking to sell or refinance their properties by the year’s end. And if you don’t take advantage of those opportunities, rest assured that one of your competitors will.
Of course, to close a new deal before 2022 ends, you have to find those eager sellers immediately — and that’s where it pays to have true owner research at your fingertips.
For example, Buildout Insights uses AI to identify which properties are most likely to sell or refinance soon and gives you reliable contact information for the true owner (not just an LLC). This way, you can reach out and land new deals fast. Insights also provides the most accurate sales comps to help you identify market trends and strengthen negotiations during the closing process.
The holidays are a busy time for everyone, which means more distractions that could derail or slow down potential and active deals. If you want to get your deal over the finish line before the end of Q4, it’s crucial you regularly check in with your prospects and customers.
Holiday greetings are a perfect way to remind current, past, or potential clients that you exist. For active clients, you might choose to send a gift basket or a nice bottle of wine. For previous or prospective clients, it may be more appropriate to send a card or make a personal phone call to wish them well. If the conversation evolves, let them know you’d love their business and referrals now or in the year ahead.
The timing of each client contact will impact whether your deal will close before the end of the year. Missing a follow-up by just a few days could push the timeline into 2023.
But technology can be your best friend when it comes to streamlining your processes, increasing deal velocity, and ensuring nothing falls through the cracks. If you don’t already have one, now is an excellent time to invest in a customer relationship management (CRM) platform.
Of course, it’s also crucial you select a CRM designed for the commercial real estate industry. Otherwise, you may end up paying for several functions you’ll never use while missing a few you need. For example, Buildout CRM was created by CRE pros who are intimately familiar with what brokers need to drive deals forward at every stage. That means you’ll have access to intuitive pipeline management, user-friendly dashboards, reporting capabilities, and customizable tasks and reminders.
Don’t give up on closing one final deal until you’ve exhausted all avenues — which means reaching out to every relevant contact through an enticing EOY campaign.
Start by using your CRM to segment your contacts into groups and create a list of anyone you engaged with earlier in the year who asked you to reach out before the end of Q4. While they may not have been ready to list their property months ago, an email today may be all the encouragement they need to get started.
If you’re struggling to earn qualified leads for an existing listing, consider investing in a solution like Buildout Marketing to promote your listings via easy-to-generate marketing collateral and amplify your reach through third-party syndication platforms. You can also integrate Buildout Marketing with email marketing tools like Mailchimp and ConstantContact.
Social media allows you to connect with a large audience, boost your credibility, stay in front of past and potential clients, and build new relationships. And while social platforms have become increasingly crowded, brokers who post frequently using a well-planned strategy are often rewarded with higher engagement rates — which can translate into many lucrative deals.
Here are a few suggestions to help increase your success on social media
For more tips, check out our blog post on social media for CRE brokers.
Before closing out 2022, revisit the goals you set for yourself and your business at the beginning of the year. Are you still on track to meet or exceed those goals? If so, how can you recreate more success before the quarter is over? If not, consider how you might shift your strategies now to ensure a better 2023. By using the tips above, you’ll be well-prepared to close Q4 on a high note and get a head start on your pipeline for Q1.