Commercial Real Estate Brokers – How to Amplify Your Commissions with a Good Database

city view of buildings

The database system that you choose in commercial real estate will help you drive new business opportunity.  If you are looking for more listings and commissions as part of your business plan, then the database creation and nurturing process should be part of the plan.

Most agents and brokers struggle with the process of client contact and database creation.  They simply do not spend enough time on growing their business in this way.  When the property market gets slow or becomes tougher, a good database is the only way to move through challenging economic conditions and any market slowdown.

Who do you know?

You simply need to know a lot of people in a relevant and ongoing way, and a contact management system will help you interact with your clients are the right time with relevance.  They need to trust you as the expert of choice, and remember you at the right time when it comes to property help and assistance.

Here are some specific rules to help you establish your contact management system in your real estate brokerage:

  1. The correct information – the information that feeds into your database needs to be correct in every way. When the information is captured, that is the start of the contact management system, and you will be connecting with the same person in a number of different ways over time.  Accuracy and regularity feature as part of a professional contact management.
  2. Segment your database – given that you will be working with a number of different clients and prospects, you do need to segment the database into the various levels of opportunity and also within property types and locations. The contact management system that you choose should offer you that flexibility in a simple and direct way.
  3. Cloud based storage – you must be able to get to your information at any time, and then use your database from a number of different computer platforms. Cloud based storage and access will give you the flexibility that you need in commercial real estate brokerage.  Make sure that the storage and access points for the database are reliable and secure.  Given that the data you collate and collect over time will be growing significantly in frequency and volume, you should be using the software platform that is well proven and reliable.
  4. Determine how you will be connecting – there are many ways to keep in contact with clients and prospects today. As part of your connection pipeline, establish some rules and systems of contact.  Every stage or step within the pipeline process will be a professional advancement on the last point of contact.  Understand how you can use social media, emails, telephone calls, and meetings as part of regular ongoing contact.  Relevance will be important to help you connect with your clients professionally.  What can you do or add to the contact process that will help with this relevance?  How can you connect with more people every day?  What can you do or provide as part of the contact process to build the client relationship over time?

If you’re looking to improve your commercial real estate business both as an agent and within the brokerage, then have a solid and direct look at your database activities and systems.  If you are not connecting with a lot of people in a new and relevant way, then you have a few problems to address.  Build a database system that works for you and keep the process going in every way possible.

(N.B. these ideas are also sent out to regularly to our friends in Commercial Real Estate Online Snapshot to help amplify brokerage results…. Get your access here)