In late 2005, fresh from getting shown the door at my last “real job” I entered the world of business brokerage. Eager to get after working I hurried to attend training in the Old Transworld Office in Fort Lauderdale. I sat in class with Frank Feiler and listened intently to the wisdom imparted from the likes of Tom Jones, Peter Berg, and Andy Glasgow.
In addition to the wealth of wisdom shared from these folks, my class of 8 got introduced to the Business Brokerage Press and the man known as “The Old Pro” Russ Wright. Wrights lessons cover cold calls, servicing, down payments, and seller financing. I consumed it like a thirsty camel storing up for a long trek into the deserts of Arabia.
Well now some 18 years ago, I am considered by some an “Old Pro” so I want to add to the lessons. This time it will be on Communication:
Classic Channels, Modernized:
- Phone: While it might seem old-fashioned, phone calls remain a crucial and personal way to connect, especially for important updates or sensitive conversations. Tools like call recording and transcription can enhance efficiency and documentation. Check out for Example Otter Ai which syncs to email and records transcripts of calls and meetings into text. But above all answer the phone. I continue to get feedback from customers who are shocked that I answer my phone personally.
- Email: Email continues to be a reliable platform for sending documents, sharing listings, and maintaining a record of communication. Utilize email automation tools for personalized mass communication and drip campaigns. Auto Reply, Auto NDA systems, Video Emails (Check out Vidyard).
- Text Messaging (SMS): Instant, convenient, and widely used, texting allows for quick updates, appointment confirmations, and informal communication. Consider platforms offering group messaging for streamlining communication with multiple parties.
- Messaging Apps: Popular apps like WhatsApp and Telegram offer features like voice messages, video calls, and file sharing, providing a versatile communication channel for on-the-go interactions. Very popular in other countries due to dynamics like the EU, you as a broker need to look outside your world and see how your consumer likes to communicate.
- Social Media: I am blessed to have children that range from 13 to 22. Do yourself a favor and observe how they communicate. Group Chats, Snapchat, Instagram Messaging, and the ever present and ominous Tik Tok are continuing to evolve and serve as messaging tools. Understand who your customers are (demographically) and recognize they communicate in ways comfortable to them…it is your job to receive the communication and not judge it.
Visual Engagement Platforms:
- Video Conferencing: Tools like Zoom, Google Meet, Teams enable virtual tours, consultations, and meetings, overcoming geographical limitations and offering flexibility for clients with busy schedules. We should take a lesson from our Realtor friends and develop video walkthroughs of listings to be provided upon execution of NDA and available on private links. I predict Video CIMS, Video Tours, complete with Audio and even seller video interviews to drive efficiency and speed.
- Social Media: Utilize platforms like Facebook, Instagram, and YouTube to showcase listings, share market insights, and engage with potential clients through visually appealing content. Some folks are already attacking these tools like Andy Cagnetta with The Deal Board and Jim Parker. Platforms like reddit, substack, and quora are other non-traditional information resources we can use to communicate to customers.
- Social Scheduling: Buffer, Hootsuite, Soci et al are scheduling tools we can use to proactively communicate to customers and audiences. We can even train and
Collaboration and Productivity Apps:
- Project Management Tools: Platforms like Asana, Slack and Trello help manage tasks, share documents, and collaborate with clients, ensuring everyone is on the same page throughout the transaction process.
- Client Relationship Management (CRM) Systems: These systems centralize client information, communication history, and tasks, facilitating personalized communication and efficient lead management. Deal Studio and Deal Relations are just a few of the off the shelf tools. But I tell you what… it is not the software, it is the process. There are ample tools within the Google Suite of extensions that you can efficiently manage our business through that economically.
- Virtual Reality (VR): Offer immersive property tours to remote clients, showcasing spaces in a unique and engaging way.
- Augmented Reality (AR): Utilize AR apps to virtually stage properties or overlay listing information onto real-world environments, enhancing client visualization.
- Bard/Gemini and Chat GPT: We have all heard of it and if you are not trying it out you are standing…strike that…laying down. It is here to stay and can create speed for you in your work products from CIMS, to Listing blurbs and correspondence.
Choosing the Right Tools:
The best communication tools will depend on your individual preferences, clientele demographics, and the specific needs of each transaction. But unlike the world, “The Old Pro” wrote about how our world is changing by the minute. New tools and trends for communication emerge and evolve and you must evolve your communication tools as well and master them early. Experiment with different options, track their effectiveness, and tailor your communication strategy to optimize client engagement and satisfaction. Remember, effective communication goes beyond just choosing the right tool; it involves building rapport, being responsive, and tailoring your message to each individual client.
By mastering these diverse communication tools, business brokers can become true masters of connection, building lasting relationships and achieving success in the ever-evolving digital brokerage landscape.
Michael Shea is a Senior Broker and Partner at Transworld Business Advisors. With over 400 businesses personally sold and $1 Billion in volume he is now an "old man" in the business.
Impressive insights on the evolution of business brokerage and the impact of digital tools—congratulations on the feature and your continued success in the field!