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.
[Tweet “There is nothing worse than losing a good client to a competitor.”]
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
[Tweet “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.
[Tweet “Stop referring to your clients as “past clients”!”]
Don’t have a “client retention and expansion program”? I will address this next week.
60% of my production are referrals from my clients, my network and repeat business from my clients. 40% are referrals from the Keller Williams Realty residential agents. With KW Commercial being an affiliate 1/2 of the 40% is from inside my own office with the other half being from other Keller Williams Realty Residential offices. But that being said, the 60% does not just happen. I have to work it. I stay in front of my clients by regular communication. In addition to quarterly market reports, I also send them information regarding their market and reach out and network, i.e. I learn about a firm with which they may have some synergy with and make the introduction. Do all of my “clients” use me again? No, that is a given, especially if decision makers within the firm change. I also follow a never say never rule and treat my clients with small square foot needs with the same respect and service as all of my clients. Ask me how many of my clients started out in 1200 SF and are now in 12000 SF…..quite a few.