The deal is done, the commission received, and the client is pleased. Now the work begins — the work to ensure that your client comes back to you in the future. Here’s how several brokers succeed in these efforts:
They Mix Personal and Professional Lives
Bill Ginder, SIOR, senior vice president, brokerage services at Caldwell Companies in Willis, Texas, recalls some good advice he received from his father and grandfather. They told him: “You are going to have clients, and you are going to have friends, and they might as well be the same people.”
It’s not only practical to mix personal and professional lives; it’s also a good tactic for generating business. Paul Kluck, SIOR, first vice president at CBRE in Denver, emphasizes this in the SIOR course he teaches, entitled “Building a Commercial Real Estate Business.” He practices what he preaches, often skiing or golfing with his clients. Dan Granot, SIOR, executive managing director at Savills in Atlanta, takes a similar approach. He plays pickleball, runs, visits restaurants, and attends sporting events with clients.
To uncover common interests, be prepared to chat about topics other than business. When David Bassal, SIOR, vice president of Michael White Realties in Montreal, first entered the field, he joined his SIOR mentor at client meetings. At the time, Bassal felt frustrated by the first 20 or 30 minutes of every meeting, which typically centered on cars, families, sports, or restaurants—anything but business. Now he understands the purpose of these preliminaries. As he observes, “The most important aspect of any relationship is getting to know your clients.”
The most important aspect of any relationship is getting to know your clients.
Once you learn about your clients, make some notes. John Steinbauer, SIOR, president of Steinbauer Associates, Inc. in Miami, started his real estate career in 1974, long before the advent of CRMs. Whenever he met a prospect or potential referrer, he asked about family, children, and other personal information. Then he wrote it all down so he had a full “dossier” he could review. Today, CRMs make this process easier, but brokers should input any relevant information soon after a meeting takes place.
Friendships that grow out of client work are just like other friendships—their strength is tested through tough times. Real estate clients, for instance, may experience financial stress and may need to get out of a lease or sell their property. Kluck reminds brokers that “if you step up and help them in a situation where they’re in trouble, they’ll never go to another broker.”
They Make Sure to Stay on the Radar
The busier the broker, the harder it is to keep in touch with former clients. But it’s essential to stay on their radar. “Done right, cultivating long-term relationships is the key to building a sustainable business that doesn’t rely on constant prospecting,” says Bo Hargrove, SIOR, principal of Rich Commercial Realty in Raleigh, N.C.
Kluck recommends what he calls the “Touch Program,” in which brokers get in touch with customers four to five times a year. For Kluck, one of these touches is seasonal gifts that bear his company logo, and he delivers these in person. Soozi Jones Walker, SIOR, president at Commercial Executives Real Estate Services in Las Vegas, generally stops by her clients’ offices with a few cups of Starbucks or some cookies every six to 12 months after a transaction is completed. Bassal is another fan of stopping by on the way home from work to drink a coffee or espresso with his clients, “just to say hi.”
These brokers view in-person interactions as the most memorable and meaningful form of relationship-building. “If you want long-term relationships with clients, they need to see you and look you in the eyes,” says Walker. “People remember the people that they’ve seen and touched and broken bread with.”
But meetings can be interspersed with other kinds of outreach. Ginder borrowed a tactic from another SIOR and calls his clients on their birthdays and sings “Happy Birthday” to them on their voicemails. The clients typically call back, laughing, and tell Ginder not to quit his day job.
Scott DiGuglielmo, SIOR, executive vice president of brokerage at NAI Burns Scalo in Pittsburgh, checks in with clients every few months and sends personalized gifts, which might include a bottle of wine with a handwritten note, a birthday surprise, a small donation to a client’s favorite charity, or sponsorship of a sports team a client’s child plays on. He emphasizes that a gift “doesn’t need to be extravagant;
In commercial real estate—and really in any industry—the foundation of a sustainable, thriving business is the ability to build, nurture, and maintain relationships over the long term.
It just needs to be thoughtful.” He also keeps an eye out for news about a client, such as a new product launch or a board appointment, which presents an opportunity to reach out with a personal note or congratulatory message.
Newsletters, reports, social media, and other forms of content can be useful, too. Rich Commercial Realty spends a great deal of time and effort on LinkedIn, says Hargrove. DiGuglielmo regularly develops original content on a wide range of topics, and he believes it helps position him in clients’ eyes as a trusted advisor rather than simply as a service provider.
Regardless of the types and frequency of the communications, Granot suggests that brokers adopt a “system,” which prompts brokers to follow up with clients and prospects at regular intervals. CRMs, he says, can facilitate this process.
They Pursue “Client-Adjacent” Relationships
Beyond cultivating relationships with clients, brokers should focus on relationships with “client-adjacent” parties. For Andrew Somple, SIOR, senior vice president at NAI James E. Hanson in Teterboro, N.J., this means getting to know the different generations of a family-owned real estate business and educating them on the market, since descendants are likely to take over someday.
Steinbauer reminds brokers to develop personal relationships with fellow SIORs, who can be a source of referrals. Walker stresses the importance of relationships with other brokers in a market, noting that at any given time, at least 50% of her transactions involve a broker from another firm. She encourages younger brokers to work with older, more experienced brokers. “If you work hard and you work smart, they may hand business over to you when they retire,” she states.
They’re Nice
It seems obvious, but brokers who deal with difficult, unrealistic, or stubborn clients may need to remind themselves to be “business amiable,” as Walker terms it. “Be likable,” urges DiGuglielmo. “It’s the most fundamental and often overlooked piece of advice I can offer.” That may mean biting one’s tongue from time to time. If a client barks at you, resist the temptation to “bark back,” says Somple. “Hold your breath and keep your eye on the endgame. And check your ego at the door.”
Conclusion
The first secret of success in brokerage, of course, is to do a great job. But to maximize the opportunities that stem from strong performance, brokers should practice what Hargrove terms “relationship brokerage.” As he observes, “In commercial real estate—and really in any industry—the foundation of a sustainable, thriving business is the ability to build, nurture, and maintain relationships over the long term.”
This article was sponsored by the SIOR Foundation - Promoting and sponsoring initiatives that educate, enhance, and expand the commercial real estate community. The SIOR Foundation is a 501(c)(3) not-forprofit organization. All contributions are tax deductible to the extent of the law.
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