Referral partners are people who can refer you to potential clients or opportunities in commercial leasing. They can help you grow your network, increase your credibility, and generate more leads. But how can you identify them and build strong relationships with them? Here are some tips to help you find and connect with referral partners in commercial leasing.
Before you look for referral partners, you need to know who your ideal clients are and what kind of properties they are looking for. This will help you narrow down your search and focus on the most relevant and valuable contacts. For example, if you specialize in office leasing, you might want to target business owners, entrepreneurs, consultants, or coworking spaces. If you focus on retail leasing, you might want to target store owners, franchisees, or e-commerce businesses.
Within the commercial real estate market there are many sectors and being the market expert in your sector is crucial. When someone comes to me about Healthcare real estate in my market I am well equipped to tell them the answer to their questions. But if someone was to come to me and ask me about industrial warehouses and that sector of the market I would not be a market leader within that sector and would steer them to someone I trust that is. If you want to be a generalist that is fine, but in my opinion specialization is key to survival.
Create your own network of other business to business individuals where we share the same types of clients. Have brainstorming sessions where you discuss who you all are working with and who you all are chasing. Think outside of the box, discuss how you all can help each other. Not all of you have the same resources. You could use some resources to find prospective clients for others and visa versa. When you find a business with a common focus, collectively use what each of you know and learn to help each other. You may walk away with no new clients one month, but the people you help remember, & next time you walk away with more than enough to follow up on. And report your findings. You may learn something that changes your direction.
The next step is to identify professionals who offer complementary services or products to your target market. These are people who can add value to your clients and vice versa. For example, if you are an office leasing agent, you might want to partner with office furniture suppliers, interior designers, IT consultants, or business coaches. If you are a retail leasing agent, you might want to partner with marketing agencies, signage companies, security systems, or inventory management software. These professionals can refer you to their clients who need commercial space, and you can refer them to your clients who need their services or products.
Movers, lawyers, designers, contractors, IT, insurance, furniture... I keep a active referral list for my clients so they don't have to! Reach out for a copy of you are considering a move!
Before I owned my own Commercial Real Estate and Dental Transitions Brokerage I was a Commercial Healthcare Banker. Within that role I relied on Brokers to call on me for their clients financing needs. I also relied on CPAs who knew their clients would need lending for projects, or needed to refinance previous loans, Section 149 depreciation acquisitions, etc. I also knew attorneys that would think of me if their client was planning on starting a new entity for a project, etc. So in that role I relied on my core partners of Brokers, CPAs, and Attorneys. Now as a Broker I exchanged my role with that of the Banker who asks me about acquisitions for their clients or new clients of mine that they can provide capital too.
Once you have a list of potential referral partners, you need to do some research and reach out to them. You can use online platforms like LinkedIn, Facebook, or Google to find their profiles, websites, or reviews. You can also ask your existing clients, colleagues, or friends for referrals or introductions. When you contact them, you need to be clear about your value proposition, your goals, and your expectations. You also need to show genuine interest in their business and how you can help them. You can use email, phone, or social media to initiate the conversation, but try to arrange a meeting in person or online to build rapport and trust.
Staying present is key, social media platforms can help do that, but a phone call is much better. Perception is reality in today's day and age (fortunately / unfortunately depending upon your outlook) but you can't fight it. Staying present on LinkedIn is a great way to keep on people's radar. But that is just a start, keep it old school and stay in contact with people, phone is best in my opinion, but emails, texts, etc., are also a way to do it. Find common non-work items to discuss too. Be different. Sending someone an invite to connect and then not doing anything isn't the answer. Calls, meetings, follow up, holiday notes and gifts, etc. Be present in what you are looking to accomplish with your relationships.
Have a conversation. Identify whether or not the potential partner has similar values to yours as this is the basis of a good, successful business relationship. Try to identify relevant common connections on LinkedIn, and reach out. These might serve as a reference point here. And take a chance! Ultimately words are a good starting point, but actions speak louder. You need to collaborate to see if you collaborate well. Start small and build trust from there.
The final step is to nurture the relationship with your referral partners and maintain regular communication. You need to provide value, feedback, and recognition to your partners and show appreciation for their referrals. You also need to reciprocate and refer them to your clients or prospects whenever possible. You can use newsletters, blogs, podcasts, webinars, or events to share useful information, insights, or updates with your partners. You can also invite them to join your network groups, associations, or forums where you can exchange ideas, leads, or referrals.
Finding and connecting with referral partners in commercial leasing can be a powerful way to grow your business and reputation. By following these tips, you can identify and attract the right partners who can help you reach more clients and opportunities in your niche market.