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How One Top Commercial Real Estate Broker is Developing More New Business

By Jim Gillespie | May 15, 2012

You may have noticed something within recent years. The volume of commercial real estate transactions closing in most geographical areas, and probably within your own geographical area, isn’t what it used to be. But how can you develop more new business and more income for yourself despite this drop you may be experiencing in your transaction volume?

You can do what my coaching client Dan has been doing, which is finding opportunities to do consulting work, while he’s still working on closing his normal "commission" transactions.

Dan is a very successful broker, and he’s a member of both SIOR and CCIM. (Dan isn’t really his name, as I want to potentially save him many phone calls, E-mails, and questions about how he’s successfully accomplishing all of this.) While Dan, like so many commercial brokers, is having his challenges around closing transactions within this market, he noticed that his clients and prospects were having problems with their commercial real estate, even though these problems might not necessitate closing transactions. So Dan recognized an opportunity that he could capitalize on…

Some of these problems involved tenants wanting to reduce their rent, owners needing to reposition their properties within the marketplace, restructuring existing debt, and getting advice on both repositioning and restructuring entire real estate portfolios.

When Dan began approaching his clients and prospects about doing some of this work for them on an hourly basis, many of them really liked the idea, and they began paying Dan an hourly rate for his consulting services.

In addition, Dan has now located opportunities to speak in front of local chapters of building owner asociations within his area, and the response from these owners has been outstanding. During his presentation, Dan tells the owners about the consulting work he’s been doing with other owners, and the problems that he’s been solving for them. Since many of the owners who are in Dan’s audiences are having these exact same problems, they then often approach Dan right after his presentation to discuss hiring him to solve these same problems for them also.

So in addition to getting paid guaranteed money on an hourly basis to consult with all of these commercial real estate principals, Dan is accomplishing something else that’s also very important…he’s building a working relationship with these same principals, showing them that he’s an expert they can count on, and he’s positioning himself to work with them again on their "commission" transactions…whenever they have these transactions in the future.

So if you’re looking for opportunities to make more money in this market, and position yourself better to work on more "commission" transactions in the future, consider approaching your clients and prospects about doing some consulting work for them right now.

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If you’re interested in one-on-one coaching to take your commercial real estate brokerage business to the next level, click here to contact me.

"With Jim’s coaching I landed $1.7 million in new business in my first eight weeks!"

Mark Whitman
Dorin Realty

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