As a continuation of my posts Is Almost Every Building In The World Always For Rent Or For Sale and Self Serve Commercial Real Estate. This Cannot Be Happening let’s take a peek at the commercial real estate client of today.
That’s all we hear from every possible media source. There has got to be information overload. Individuals now have access to more information than ever and the only way to cope is to back away from that information. Walk away and detox reduce your stress levels. Seek the simple things in life. Work and life balance. Blah Blah Blah.
Commercial real estate clients today are not information overloaded in my opinion if anything they lack commercial real estate information. They do not have enough and will seek out any informational venue they see necessary to get that information. At this point that information sits where? Not with the brokers that is one thing for sure. Most likely it sits partially with the building owners but the best sources of information about commercial real estate are easily outside sources. Simple example: (GIS) Geographic Information System. Other examples: Public records, architectural data, construction management, facilities management, BIM and on and on and on.
The Heavy Lifting.
Commercial real estate clients are doing the data research on a potential lease or purchase long before they ever think about contacting a broker. Don’t think so? How much time did you spend online researching let’s say you last phone purchase? Wait,really you just walked into the phone store said hello to the pimple faced kid behind the counter and said ” just pick me out one that you think might work for a couple of years.” ” Five hundred and sixty dollars sounds good to me and no I don’t care about a maintenance program.” ” Just hit my card and put the phone in a bag, I will figure out how to work the thing later.” How about your last computer purchase? Take even less time or effort on that one?
So someone potentially making a long-term huge decision for their company is just going to call up a broker out of the blue and say ” hey we may be in the market what have you got that may work?” ” Just email me some flyers that should be all I need.” Ok alright I know it’s not that way really or in the delusional minds of some that’s the way they still hope it is. Let me restate this again.
Clients have already evaluated the building.
Clients have already evaluated the broker.
Clients have already evaluated the building owner.
Clients have already evaluated the tenants.
Clients have already evaluated the entire deal.
Clients have their own database.
Clients have always been connected to commercial real estate.
Clients have no need for face to face they don’t want face to face.
Clients have their own transaction management.
Clients have no need for white papers.
Clients have no need for consultative selling.
Clients have no need for relationship building.
Clients have already downloaded the information.
Clients have no idea what transactional means and could care less.
Clients have made your phone go quiet for a reason.
Let’s continue on……
Clients will only call you after they have done at least 60-70 % of the research.
Clients will most likely call you for information as a last resort.
Clients will only contact you when they think you are the only human that can answer their question.
Clients have changed the sales process.
Clients have change your role as a sales person.
Clients only need you for specific commercial real estate tasks.
Your New Client.
You already search research download transact connect and evaluate the exact same way your commercial real estate client does.
Who Does The Commercial Real Estate Heavy Lifting?
YOUR NEW CLIENT!