How To Receive More Referrals in Commercial Real Estate

Thanks for checking out the 39th edition of The CRE Agents' Weekly. This is a LinkedIn newsletter made specifically for commercial real estate agents, brokers and leaders. If you’d like some specific and tactical advice that will accelerate growth in your business and elevate your motivation, you’re in the right place.

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How To Receive More Referrals in Commercial Real Estate

Getting more commercial real estate clients is not just about the slog of outbound prospecting; it's about building relationships, delivering unparalleled results, and setting up systems that facilitate a consistent flow of inbound referrals.

Growing your client base is aided by becoming a trusted adviser, one whose clients are eager to recommend to others.

Let’s go through how to receive more referrals that will build your pipeline of commercial real estate deals.

Delivering Value Beyond Expectations

Firstly, delivering work to the best of your ability is non-negotiable. Excellence in service not only satisfies clients but also creates measurable outcomes that set you apart from the competition.

Communicating this value effectively ensures that clients recognise the distinct advantages of working with you, making them more inclined to advocate on your behalf.

Fostering Long-term Relationships

The cornerstone of sustainable growth in commercial real estate is the long-term relationships we cultivate with our clients.

Being viewed as someone clients want to see succeed comes from building a foundation of trust and mutual respect.

This approach requires thinking beyond the immediate transaction, focusing on how you can add value to clients over time (including when there is no deal to be done), thereby generating loyalty and repeat business.

Streamlining Referral Systems

Creating an environment where it's easy for the right clients to find you and for your existing clients to refer new opportunities your way is crucial.

This involves setting up systems that not only attract ideal clients but also make it simple for satisfied clients to share their positive experiences.

Testimonials, case studies, and direct referrals form the backbone of such systems, providing tangible proof of your expertise and ability to serve others.

Leveraging Referrals for Growth

Referrals stand out as one of the most effective means to secure new business, offering pre-qualified leads.

However, ensuring these referrals are well-aligned requires a well-thought-out strategy.

Simply asking for referrals when the deal is done isn't enough; it's about seeking them at the right moments and in the right manner.

The Art of Asking for Referrals

The optimal time to request referrals is in response to when something happens, like when clients express their satisfaction with your work.

Whether it's through a proactive thank you at any stage of the deal, upon completion of a successful project, or a result of high scores on client satisfaction surveys, these moments offer a trigger for you to ask. But don’t simply ask for a referral.

Rather than making a generic request, define what your ideal client looks like; as we teach our members inside Top Performer, this means naming five attributes, which people could recognise in a prospective client, and communicating them so that others send you the right referrals.

Summing up

Attracting more clients in commercial real estate without outbound prospecting required a combination of outstanding service, strategic relationship building, and an effective referral system.

By positioning yourself as a trusted adviser and making it easy and rewarding for clients to refer new business your way, you create a virtuous cycle of growth.

Remember, the key to successful referrals lies not just seeking them, but in asking for them wisely and well.

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And finally…

Have a problem-solving mindset.

See problems as puzzles to solve, not obstacles in your path.

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About the author

Darren Krakowiak is the Founder of?CRE Success?and the author of?The CRE Agents’ Weekly?on LinkedIn. He works with commercial real estate leaders to accelerate growth in their business. Darren is also the host of?Commercial Real Estate Leadership; you can follow?CRE Success on YouTube.