Commercial Real Estate Investor

The Interactions – PART 2

This is a continuation from Part 1 of this 3-part series 10 “Must Do’s” to Land and Keep a Big Commercial Real Estate Investor as a Client . If you haven’t read The Mindset Part 1, please check it out here.

Every interaction you have with a client (or potential client) is imperative. I cannot overemphasize this enough. Below are four points of advice to keep in mind and add to your rule book:

  1. Spend time with investors in person. In today’s world of technology, too many commercial agents just work by email, phone and text messaging. That is fine if you’re dealing with other agents, contractors, or title companies, but that is NOT okay when you’re dealing with people who are entrusting you with millions of dollars in deals. Take them to lunch, invite their family to come with them, get to know them, and most of all, let them get to know YOU. Don’t ever let them pay for a lunch or dinner. That is taboo, and it is your marketing cost, not theirs.
  1. Don’t “sell” them on deals. You might think that your job is sales, but it isn’t. Your job is to be trust worthy, smart, and transparent. When you bring a deal to an investor, give them the pros, cons, and possibilities both good and bad. This instills their confidence in you, and lets them know that you’re on their team, not just in it for a commission. Even start out with what’s wrong with the deal, before you start talking about what’s right about it. This will help you earn their trust.
  2. Always, always, always communicate extremely well and promptly. Now, I’m not saying that you should make yourself available at 8:00 pm on a Saturday night to talk about something that is not time sensitive and relevant…Everyone needs personal time away from business. But, always pick up the phone when you can, answer the calls in person, and do your best not to send them to voice mail. Regardless of whether you have good news, bad news, or no news, NEVER, EVER dodge a call, text message, or email from one of your investors. Over the past 5 years, I have done a tremendous amount of business with one particular agent. That agent used to pick up my calls, talk to me, and keep me informed. As the years went on, the agent got worse and worse about it, to the point that my phone calls, text messages and emails would go unreturned for days if not over a week. Well, that wasn’t going to fly with me, considering it was my money that was on the line, not the agent’s. So, I completely stopped doing business with that person, and I’m happier for it. Any other investor will feel the same way. There is no excuse for being flakey and hard to get a hold of. I figure, as most investors will, that if my call or email isn’t important enough to you, then neither is my business.
  1. Do more than “your job.” Most agents think of their job as finding deals, writing and receiving offers, putting up signs and adding properties to the internet. Let me be clear, if you want to earn the undivided business of a big investor, that is NOT all your job entails. Go the extra mile…Help find and coordinate contractors, do your best to find ones that do good work at fair prices, and show the investor that even though your commission is earned, you are their “partner” and looking after them just as you would yourself. This is called integrity. It may also earn you a spot as their real “partner” one day.

 

 

Stay tuned for part 3 in this series – “The Business”!

Photo Credit: ell brown via Compfight cc

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