Go the extra mile when building CRE relationships
Developing lasting relationships in commercial real estate means going beyond business as usual
In the current business environment, with the vast array of communication options and the revolving door of clientele, strong relationships play an integral part in success.
It is one thing to have incidental relationships, those that are a common occurrence with the functions of day-to-day interactions in the real estate world, but it is another thing altogether to have ongoing, lasting and profitable business relationships. This type of business function is even more vital in the commercial real estate environment, where there is a built-in leaning toward businesses by default, such as those that exist in the commercial real estate habitat. With this in mind, it is easy to recognize why capturing lasting and tangible relationships can help to sustain a business where commerce is an everyday undertaking, and clients have numerous options battling for their loyalty. But how? Build a network and track your relationships These lasting vocational relationships can be fostered through local and state real estate associations, where best practices in developing and maintaining business connections are used both to successfully serve and provide value to commercial practitioners. This format can naturally cultivate a peer-to-peer base of connections that can prove to be sustainable in commercial real estate development, investment, sales, leasing and property management. The next step? As this business cycle is repeated and relationships are established, some real estate licensees have found it helpful to go beyond simply organizing a database. This has spurred deeper and varied strategies where many commercial real estate professionals have invested in the implementation of customer relationship management systems. CRM software can be utilized in various aspects of the client interaction to track data commensurate to strengthening a lasting relationship in a business setting. But there should be more to it.
Where the aforementioned steps may be described as the “mechanical” functions of building lasting relationships in commercial real estate, to be truly successful a “manual” side must also be engaged. The key to successfully building lasting relationships, those that go beyond one-time interactions, is to work at providing value to the core base of clientele in a consistent and ongoing manner. This requires business practices that engage the client in more than a “cookie cutter” process, and is one where clients feel their relationship is unique — something software, a program, or an app simply cannot provide.

Think about it this way, the more personal value that one is able to offer one’s commercial real estate clients, the more one will come to be viewed as a resource they need, and will feel like more than just a number. This engenders a feeling of a partnership with clientele, working toward the goal of a long-lasting business relationship, not just a single transaction.
By Richard J. Gallegos
Close the revolving door
Contacts are a staple in the business world, but turning a business contact into a business relationship can be the difference between a revolving door of clients and a sustainable base to build a strong commercial real estate company. Building lasting relationships are not undertakings that occur easily, but the effort and work put in can go far in separating a commercial broker in a frenetic business environment.
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EDITOR'S NOTE: Richard J. Gallegos, DREI, CDEI, a licensed associate broker, is the education manager for real estate, OnCourse Learning. A licensed commercial real estate instructor, Gallegos has published and copyrighted 13 CRE course booklets. He is also a CRE instructor, has served as overseer on several CRE projects and consulted on many across the country.
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Go the extra mile
Commercial real estate relationships require extra care.
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