Adapting to Evolving Client Expectations

This is the 60th edition of The CRE Agents' Weekly. We aim to deliver specific and tactical advice for commercial real estate agents, brokers and leaders who are serious about accelerating their revenue with high levels of motivation.

Last week we discussed how artificial intelligence is revolutionising the way we can predict market trends. Today, let’s build on that topic by exploring how you can adapt to increasingly sophisticated client expectations in the industry.

FREE RESOURCE?FOR READERS OF THE CRE AGENTS' WEEKLY

Start sending impactful text messages to your clients and prospects so you can elevate relationships and accelerate your deal flow.

1. Activate another channel
2. Get your communications noticed
3. Do it on friendlier terms

Find out how with the Top 10 texts for commercial real estate agents. Grab it for free at cresuccess.co/text

Adapting to Evolving Client Expectations

The way commercial real estate professionals should deliver value to clients is evolving rapidly, driven by technological advancements, economic shifts, and changing client expectations.

As clients become more informed and demand more from their advisors, CRE professionals must adapt to meet these new expectations.

Here’s how you can stay ahead of the curve and ensure you are meeting - and exceeding - your clients' needs.

1. Embrace Technology

In 2024, clients expect a high level of efficiency and transparency, which technology can provide. Implementing advanced CRM systems, virtual tour software, and data analytics tools are a few ways you can enhance the client experience by offering real-time information and streamlined processes.

• Virtual Tours and 3D Modelling: Many clients appreciate the convenience of virtual tours and 3D models, which allow them to explore properties remotely. This technology not only saves time but also expands reach and provides a more immersive experience than traditional photos or videos.
• Data Analytics: Use data analytics to provide clients with detailed insights into market trends, property performance, and investment potential. This information can help clients make more informed decisions and see you as a knowledgeable advisor who is armed with the latest approaches.

2. Enhance Communication

Effective communication is key to understanding and meeting client expectations. Today’s clients expect timely, transparent, and personalised communication.

• Regular Updates: Keep clients informed with regular updates on market conditions, property status, and any relevant changes. This can be done through newsletters, personalised emails, or a dedicated client portal. If clients with active projects are calling you for updates, that’s a sure sign you need to be more proactive.
• Feedback Mechanisms: Implement systems for collecting client feedback regularly. This can include surveys, follow-up calls, or feedback forms. Don’t just collect surveys; make sure you use the information you received to improve your services and address any issues promptly.

3. Focus on Customisation

Clients are looking for solutions tailored to their specific needs. A one-size-fits-all approach is insufficient.

• Personalised Services: Just like Netflix serves up different recommendations to each profile in a household, you can offer personalised property recommendations and investment strategies based on each of your client’s needs and preferences. This may involve creating customised reports, tailored marketing strategies, and bespoke financial analyses – but technology can help you get this done faster than would have been possible in the past.
• Flexible Solutions: Look at flexible lease conditions, tailored payment terms, and enhanced property management services that can adapt to changing client needs. This flexibility can be a significant selling point for clients looking for a more personalised experience – and you recommending these options shows your clients that you can create innovative solutions.

4. Prioritise Sustainability

Regardless of your personal views on the topic, it is a fact that sustainability is becoming increasingly important to clients. Many are looking for properties that not only meet their business needs but also align with their values and sustainability goals.

• Green Building Practices: Understand and highlight the sustainability features of your properties, such as energy-efficient systems, green building certifications, and environmentally friendly materials. This can make your properties more attractive to eco-conscious clients.
• Sustainable Investments: Provide insights into the long-term benefits of sustainable investments, such as reduced operating costs, improved tenant satisfaction, and potential tax incentives. You don’t have to be a certified green building practitioner – but you should be aware of the issues.

5. Offer Comprehensive Services

Clients expect more than just property listings; they want comprehensive services that add value to their investments.

• Full-Service Offerings: Consider vertical integration by expanding your firm’s offerings to include property management, maintenance, and financing. Being a one-stop-shop can enhance client satisfaction and loyalty. If that’s not feasible, develop a reliable network of referral partners – I recommend prioritising the reliability of these service providers to take care of your clients over any referral fees they may offer.
• Expert Guidance: Position yourself as a trusted advisor by providing expert guidance on all aspects of commercial real estate. This includes market analysis, investment strategies, and risk management.

6. Build Strong Relationships

Building and maintaining strong relationships is crucial for adapting to changing client expectations.

• Client-Centric Approach: Adopt a client-centric approach where the client’s needs and preferences are at the forefront of every decision. This involves active listening, understanding their goals, and delivering on promises.
• Long-Term Partnerships: As we recommend often in this newsletter, focus on building long-term partnerships rather than just completing transactions and collection commission. This can lead to repeat business, referrals, and a strong reputation in the market.

7. Stay Informed and Educated

Staying informed about the latest trends and developments in our industry is essential if you want to excel.

• Continuous Learning: Engage in continuous learning through industry seminars, webinars, and courses. Staying up-to-date with the latest trends and best practices allows you to provide the most relevant and effective services to your clients.
• Industry Involvement: Participate in industry associations and networks to stay connected with peers and stay informed about market changes.

TL;DR

Adapting to changing client expectations in commercial real estate requires a proactive and client-centric approach.

By embracing technology, enhancing communication, focusing on customisation, prioritising sustainability, offering comprehensive services, building strong relationships, and staying informed, you can meet and exceed your clients' expectations.

These strategies will not only improve client satisfaction but also position you as a leading go-to expert in your market.

And finally…

Build your knowledge.

Stay informed about market trends and industry news. Learn more by reading newsletters like The CRE Agents’ Weekly. Knowledge is power.

?

About the author

Darren Krakowiak is the Founder of?CRE Success?and the author of?The CRE Agents’ Weekly?on LinkedIn. He works closely with commercial real estate principals to accelerate growth in their business. CRE Success has a program for commercial real estate agents who want to invest in their own success. Darren is also the host of?Commercial Real Estate Leadership.