True story. A coaching prospect calls us and says “he just read in the paper that his client moved to a new building”. The prospect could not understand how this could happen; this was a past client of his and he assumed he had a great relationship.
Sound familiar? There is nothing worse than losing a good client to a competitor. For most commercial real estate professionals, getting a new client is the hardest part of the business. Think of how many calls you had to make, meetings you had to attend, and listings or engagements you had to pitch to finally get a signature.
By categorizing your clients as past clients, you are basically telling them “You’re dead to me!”
Here’s one simple rule to not lose your clients to your competitors:
PAST CLIENTS = PASSED CLIENTS
Stop referring to your clients as “past clients”. This simple mindset will change the way you treat your clients and the way you engage these clients going forward. They are YOUR client, no one else’s and no one better even consider to call upon them. You need to create such a bond with your clients, through your client retention and expansion program, so you will never read about them moving, selling, buying, financing, or doing anything without your representation, in the paper again.
Don’t have a “client retention and expansion program”? I will address this next week.