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CRE Brokerage Management Challenge #3: Business Development and Marketing

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In my recent blogs we explored some of the bigger challenges of owning and managing a commercial real estate brokerage firm. The first was recruiting the right people for your team, and the second was managing these folks.

Today I want to address keeping your team productive and happy.

One of the best ways to retain your team members is to periodically give them good, quality leads. At the same time, you need to also ensure that your office has a strong name in the market. This increases your team’s credibility, and makes it easier for them to secure business.

Low-Cost Marketing Tips:

While there are a lot of ways to build a market presence, doing it for free will really boost your bottom line. Every time that your office signs a lease, sells a building, lands a management contract, or finances an asset — send out a press release. You’d be amazed how many of them get picked up by the local real estate and business papers. This strategy works even better if you already have a face-to-face relationship with the real estate reporters in your community.

Building a social network presence is another way to get your message out to hundreds or thousands of people at little or no cost. If you are with a national firm, your company is doing it — and at least some of your team member are doing it, but are you? Creating a blog, maintaining a Facebook page for your office, and tweeting about the market are all excellent ways to keep your office on the top of your prospects’ minds.

Generating Leads and Doing Business:

One of the easiest ways to help your producers win more business is to go on meetings with them. It sends a strong message to clients — that the firm cares about their business. It also gives you an opportunity to ensure that your marketing message is getting communicated to clients. It is likely some of your more senior team members will be resistant to this in the beginning, but if they see you helping less senior associates earn business — their attitudes will likely change.

Another excellent way to generate leads is to stay in touch with former clients. Whether you signed a lease with them, sold or refinanced a property for them, or just did a BOV or proposal — add them to your email list and social networking feeds. You can even check in with them periodically. This tool is especially powerful if the person that originally did business with them leaves your office, you can then hand the client off to another team member.

In my next blog I will expand on the fourth major challenge, Operating Your Commercial Real Estate Brokerage Firm.

Looking to increase your productivity, or that of your team? Join me Friday, June 29th at 1pm EST to learn how to find the time to focus on your most productive activities, specific prospecting approaches that are differentiating brokers and agents in today’s highly competitive markets, and SO much more. Spots are very limited for this FREE, high-impact session — be sure to reserve yours today!

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