Be a trusted partner.
That is the current motto for commercial real estate sales. So much speculation has been put forward about whether or not the broker will remain a vital part of the industry. But no matter how much automation can be built into the sales process, the broker will likely always have a role to play as an advisor. Most organizations only move or undertake significant property searches a couple of times a decade. Therefore, they are seldom current on important decision-making factors like the state of the market, current industry standards, and possible term options. The smart ones know what they don’t know. So, they choose to turn to an expert. The broker.
Being a trusted partner means creating rapport. Clients want to know what kind of person they are putting their trust, and more importantly their money, in. The more personal the communication, the better. In person is best, but is not typically cost or time effective. The humble phone has been helping salesmen in their search for real estate leads for decades, by allowing them to make deep personal connections. .
Many agents, especially younger ones, seem to have substituted text and email with phone conversations. Text-based communication is infinitely scalable, just add a new recipient to the search list. But, unless you have an exceptionally unique voice as a writer, it doesn’t have the same effect as a verbal exchange. Customers are more likely to buy from someone they connect with and like. It’s hard to achieve depth in personal connection via text on a screen. That’s why Reonomy’s ownership data is so crucial. The ability to instantly search for the property owner you’re looking for, find direct contact information, and connect via phone or email provides value to the busy broker. But when it comes to closing a deal, voice or in person meetings win every time.
There is another factor that disadvantageously prioritizes text and email over calls. Sales tools, or CRMs, only track our texts and emails. Even Salesforce, the tech juggernaut that has now taken over the business world, requires calls to be dialed and logged manually. In the world of automation, manual data entry feels as antiquated as using a calling card.
There is no substitution to hearing someone’s voice. It’s all about creating a personal bond than merely exchanging impersonal and lifeless emails or texts. Creating a bond is more important now than ever. While technology hasn’t eliminated the broker, it has allowed good brokers to get more done, leaving fewer deals for the lowest performers. It is time we started making phone calls as automated as emails and as casual as texts. Then using the data to discover what works best to book more listing and tenant rep pitch meetings so you can close more deals. Having systems like Reonomy automate your research tasks, gives you more time to make calls and organize what efforts work best.
Looking for up-to-date, comprehensive commercial real estate data? Reonomy offers CRE professionals real-time access to the data points they need to grow their business — from debt and sales history to zoning and building owner information. Try Reonomy National for free today.